Market Synopsis
Network function virtualization is a natural progression of server virtualization and network virtualization, where network functions that were traditionally performed by hardware appliances are increasingly being virtualized as virtual appliances. This trend is creating a brand new market and generating interest and momentum in both virtualization platforms and cloud services . NFV allows network operators to manage and expand their network capabilities on demand using virtual, software-based applications where physical boxes once were used .
The Virtual Network Functions market is projected to grow from USD 32.06 Billion in 2023 to USD 176.9 Billion by 2032, exhibiting at a CAGR of 23.8% during the forecast period (2023 - 2032).
The increasing demand for digital infrastructure that incorporates private and cloud systems is propelling the adoption of virtual applications technology. Virtualized software has been optimized to run on virtual infrastructure, offering more mobile, agile, and secure IT infrastructure, which presents lucrative opportunities for market growth . Additionally, the emergence of ideas such as multi-cloud platforms-based virtualized software has been gaining popularity, enhancing the adoption of virtualized software among enterprises, including service providers and data centers .
Key Players
Some of the market players of Virtual Network Functions (VNF) Market include,
- Alcatel-Lucent (France)
- Cisco Corporation (US)
- Ericsson (Sweden)
- Huawei (China)
- Tech Mahindra (India)
- Ribbon Communications (US)
- Telefonica (Spain)
- Trend Micro (Japan)
- Verizon Communications (US)
- Fujitsu (Japan)
- HP Enterprise (US)
- NEC Corporation (Japan)
- F5 Networks (US)
- Aricent Incorporation (France)
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Drivers and Restraints
The major factors driving the demand for virtual network functions include the rising need for advanced network management systems to handle the increasing complexity and complexities of networks. The virtual network function market is expected to experience a rapid growth as network virtualization technologies enable companies to reduce the costs associated with hardware equipment procurement and maintenance. Compared with traditional networking approach, the technologies help deliver network services in a more scalable way. The enterprises quickly embrace network virtualization solutions as they promote faster server delivery and rapid deployment of network services. SMEs are projected to experience a heavy use of virtualization solutions as they allow server device consolidation and enhance disaster recovery. They can also handle multiple workloads with maximum uptime and improved performance by deploying those solutions. Rapid investment to market 5 G networks will also drive demand for solutions to virtual network functionality. Implementing the virtualization system would greatly improve the practical and technological feasibility of the 5 G network including improved mobility and decreased capital expenditure.
On the flip side, service providers' lack of quality as per the normal policies and safety requirements regulated by the European Telecommunications Requirements Institute (ETSI) is expected to be a major challenge factor for the virtual network functions over the review period.
Segmentation
The Virtual Network Functions (VNF) Market is differentiated by component, organization size, deployment, and end-user.
By component, the Virtual Network Functions (VNF) Market is sub-segmented as software, hardware, and services. The hardware sub-segment comprises switches, storage, servers, and others. The software sub-segment comprises network security, application software, and load balancing. Furthermore, the service sub-segment is categorized as consulting service, training support, integration implementation and others.
On the basis of deployment, the market is bifurcated into on-premises and on-cloud.
Based on the organization size, the market is divided as large enterprises and Small Medium Enterprises (SMEs).
Furthermore, on the basis of end-user, the market is classified as IT telecom BFSI, healthcare, manufacturing, government, and others.
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Regional Assessment
The Virtual Network Functions are geographically segmented into four different regions, namely North America, Asia Pacific, Europe and the rest of the world.
In the market for virtual network functions North America is presumed to have a significant growth. The United States and Canada are the region's premier countries. That is due to the region's advanced telecom services. Europe is also projected to see substantial demand growth.
It is expected that the United Kingdom, France and Germany will be leading countries due to the increase in service providers, which will focus mainly on virtual network platforms in the coming years.
Asia Pacific is also projected to be the fastest-growing region in the market for virtual network functions over the review period. Japan , India, and China are the leading countries on the Virtual Network Functions (VNF) Market, owing to the increased use of tablets , laptops, and smartphones, as well as the increased availability of IP content.
The remaining segment of the world is also expected to witness significant growth over the review period. The the number of data centers in countries like Mexico, Brazil and GCC increased the use of virtualization server solutions to run heavy workloads and cloud applications. As well, growing investments in 5 G technology creation would fuel market growth. Countries including Mexico, Saudi Arabia, Dubai and Kuwait are exploring 5 G technology in this region and undertaking 5 G live tests on speed, equipment and latency. Telecom operators in the region are therefore preparing to switch to technology for virtualisation and SDN-based solutions for flexible and scalable network management.
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