Network Functions Virtualization (NFV) Market worth USD 228.4 billion by 2033

The Market Statsville Group (MSG) publishes the new report on the "Network Functions Virtualization (NFV) Market by Component (Solutions, Orchestration and Automation, and Professional Services), by Network Function (Compute, Storage, and Network), by Application (Virtual Appliance and Core Network), by End-Users and by Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global Network Functions Virtualization (NFV) market size is expected to grow at a CAGR of 22.7% from 2023 to 2033.

The increase in the complexity and size of networks, with surging data traffic, has created a demand for the adoption of advanced network management systems. Also, the surging demand and adoption of virtual appliances across various sectors lead to the rise in the growth of the network function virtualization market. With the advent of virtualization, there comes the need for a new software delivery system that leverages all the benefits of virtual infrastructures. The conventional approach to software delivery is both costly and complex, especially in enterprise software and hardware-based appliances. Virtual appliances offer a new model for software delivery that improves the experience for developers and customers alike by packaging pre-configured, virtualization-ready solutions in a single software package that is secure and easy to distribute and manage.

Compared to traditionally used firewalling devices and routers, modern NVF solutions are highly versatile, as they can be deployed on multiple hardware platforms. They are typically used in combination with a range of other services, including domain name service (DNS), network address translation (NAT), firewalls, and caching. The architecture of an NFV system typically comprises an element manager, a virtualized infrastructure manager, an orchestrator, and an operation support system. That makes it demanding by the increased adoption of virtual appliances.

The increasing use of virtualization, in addition to standardization efforts, and the emergence of cloud computing are all driving factors for the rapid adoption of virtual appliances. They are entering the mainstream at a rapid pace. A large environment of virtual appliances has emerged quickly, and many customers recognize the benefits of using virtual appliances to evaluate, deploy and manage company software. With the use of open standards, the growing demand for slimmer, purpose-built operating systems, and the advent of cloud computing, virtual appliances are now assured to transform the software delivery experience for both developers and customers. This demand drives the need for NFV and helps enhance the market growth.

Global Network Functions Virtualization (NFV) Market Segmentation

The network functions virtualization (NFV) market has been segmented into component, network function, end-users, application, and region.

• By Component (Solutions, Orchestration and Automation, and Professional Services)
• By Network Function (Compute, Storage, and Network)
• By End-Users (Solutions, Orchestration and Automation, and Professional Services)
• By Application (Virtual Appliance, and Core Network)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

IT-enabled Services segment is projected to witness the highest CAGR during the forecast period

IT-enabled Services segment is expected to grow at the highest CAGR of 24.5% during the forecast period. As IT-enabled services continue to evolve, the demand for NFV is increasing rapidly. With the growing adoption of cloud computing, virtualization, and software-defined networking (SDN), service providers are looking for ways to manage and automate their network infrastructure more efficiently. NFV provides a flexible and scalable solution for this challenge, allowing providers to deploy new services and applications cost-effectively and easily.

Another driving factor for the growth of NFV in IT-enabled services is the increasing demand for 5G networks. 5G requires a highly virtualized and flexible network architecture, which can be achieved through NFV. With NFV, service providers can quickly deploy new 5G services and applications without the need for additional hardware resources, enabling them to stay competitive in the rapidly evolving market.

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Asia Pacific accounts for the highest CAGR during the forecast period

Asia Pacific is expected to witness the highest CAGR of 26.1% in the network functions virtualization (NFV) market. The surging demand of mobile devices and the growing popularity of social media platforms in Asia are driving the need for enhanced network performance and improved user experiences. NFV solutions can help service providers improve network performance and deliver better user experiences by enabling them to automate and virtualize network functions.

This research report includes a study on the development and marketing strategies and a study on the product portfolios and winning strategies of the leading companies operating in the network functions virtualization (NFV) market. It also consists of the profiles of leading companies such as Affirmed Networks, Cisco, Nokia, HP Development Company, L.P., Huawei Technologies Co., Ltd., VMware, Inc., Telefonaktiebolaget LM Ericsson, Juniper Networks, Inc., Netcracker, and NETSCOUT. The key players' growing research and development activities for innovative solutions are expected to drive market growth.

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