The global Network Function Virtualization (NFV) market is expected to grow at a significant CAGR of 23% during the forecast period (2024-2031). The major factors contributing to the growth of the global NFV market include the ever-rising demand for cloud-based services and enterprise mobility.

Network functions virtualization (NFV) refers to methods for virtualizing network services that were previously available on proprietary, specialized hardware. It uses cloud and virtualization technologies to provide scalability and automation in the creation of new network services. It entails detaching network operations from proprietary hardware appliances and executing them in virtual machines as software (VMs). The global IT sector has received enormous benefits from NFV in terms of transforming its corporate networks. It may virtualize traditional network operations such as switching, routing, firewalls, and so on.

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The key players contributing to the growth of the global NFV market by adopting various strategies such as product launches & developments, mergers and acquisitions, partnerships, and agreements, include Cisco Systems Inc., Ericsson AB, Huawei Technologies, VMware, Nokia, among others. For instance, in November 2019, VMware and Nokia expanded their cooperation to make large-scale, multi-cloud operations more efficient. This collaboration seeks to increase investment, along with technological collaboration and advanced research and development, in order to produce integrated solutions.

For instance, in October 2019, Ericsson and NVIDIA partnered to deliver 5G radio access networks (RAN). Both organizations will focus on creating technology that will enable communication service providers to create virtualized 5G RANs as part of this partnership.  The partnership will facilitate the rollout of new AI and IoT-enabled services.

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Market Coverage

• Segment Covered- 

o             By Component

o             By Virtualized Network Function

o             By Applications

o             By End-User

• Competitive Landscape- Cisco Systems Inc., Ericsson AB, Huawei Technologies, VMware, Nokia, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominates the market in base year?
• Which segment and region will project fastest growth in the market?
• How COVID-19 impacted the market?

o             Recovery Timeline

o             Deviation from pre-COVID forecast

o             Most affected region and segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Network Function Virtualization (NFV) Market- Segmentation

By Component

•             Solutions

•             Orchestration and Automation

•             Services

By Virtualized Network Functions

•             Compute

•             Storage

•             Network

By Applications

•             Virtual Appliance

•             Core Network

By End-User

•             Service Providers

•             Data Centers

•             Enterprises

o             Banking, Financial Services and Insurance (BFSI)

o             Healthcare

o             Manufacturing

o             Retail

o             Government and Defense

o             Education

o             Transportation and Logistics

o             IT-Enable Services

o             Others

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