New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Network Function Virtualization Global Market Report 2023" - https://www.reportlinker.com/p06443905/?utm_source=GNW
, Affirmed Networks, NetScout Systems Inc., NEC Corporation, Ribbon Communications US LLC, ZTE Corporation, Fujitsu Limited, Ciena Corporation, Amdocs, Mavenir, and Radisys.
The global network function virtualization market grew from $18.85 billion in 2022 to $23.16 billion in 2023 at a compound annual growth rate (CAGR) of 22.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The network function virtualization market is expected to grow to $49.24 billion in 2027 at a CAGR of 20.8%.
The network function virtualization (NFV) market consists of revenues earned by entities by providing virtual network functions such as tunneling gateway elements, signaling and switching.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Network function virtualization is a method for network operators to accelerate service deployment by decoupling functions such as a firewall or encryption from dedicated hardware and moving them to virtual servers.The network function virtualization model helps network services to be installed and controlled by software running on standardized compute nodes that were traditionally running on proprietary hardware.
It incorporates virtualization and cloud technologies to drive new network service development with elastic scale and automation. The network function virtualization (NFV) is used to improve network responsiveness, flexibility, and scalability.
North America was the largest region in the network function virtualization market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the network function virtualization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of components in network function virtualization are solutions, orchestration and automation, and services.Solutions refer to a unique system that combines people, processes, information, and technologies to support a set of business or technical capabilities that solve one or more business problems.
Solution providers are hired by various industries to solve business problems.The infrastructure utilized consists of hardware resources and virtualized resources.
The different applications include virtual appliances and core networks and are employed by several end users such as service providers, data centers, and enterprises.
Increasing demand for cloud-based services is significantly contributing to the growth of the network function virtualization market going forward.Cloud refers to servers that are provided over the Internet and the software and databases that run on those servers.
Network operators can get new network services dynamically using cloud solutions rather than installing new hardware. For instance, according to the 2022 State of the Cloud Report by Flexera, a US-based software company which surveyed 753 technical professionals, revealed that overall small to midsized businesses (SMBs) cloud spend had grown substantially to 53% reaching $1.2 million spend annually in 2022, which was up from 38% in 2021 . Therefore, the increase in demand for cloud-based services is driving the growth of the network function virtualization market.
Technological advancements have emerged as a key trend gaining popularity in the network function virtualization market.Major companies operating in the NFV sector are focused on developing the latest technologies to sustain their position in the market.
For instance, in February 2022, Mobileum, a US-based telecom analytics company, and VoerEir, a Sweden-based cloud technology company, partnered to create a powerful test platform for network function virtualization infrastructure. The combination of Mobileum’s SITE active test solution and VoerEir’s Touchstone test suite provides a vertically integrated solution that allows communication service providers to fully automate testing of services from the lab to the live network, as well as virtual and cloud-native network functions.
In June 2020, Microsoft Corporation, a US-based technology company, acquired Metaswitch Networks for an undisclosed amount.This acquisition will support Microsoft’s virtualized networks along with data, voice, and communications solutions for service providers.
Metaswitch is a UK-based software company that develops telecommunications software.
The countries covered in the network function virtualization market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The network function virtualization market research report is one of a series of new reports that provides network function virtualization market statistics, including network function virtualization industry global market size, regional shares, competitors with a network function virtualization market share, detailed network function virtualization market segments, market trends and opportunities, and any further data you may need to thrive in the network function virtualization industry. This network function virtualization market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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