[NEW REPORT] Network Function Virtualization Market is estimated to be US$ 292.5 billion by 2032; Growing adoption of Digital Technologies to Fuel Market Growth - By PMI

Prophecy Market Insights latest research report on the Network Function Virtualization Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market's size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.

Covina, May 11, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of Network Function Virtualization Market accounted for US$ 25.08 billion in 2022 and is estimated to be US$ 292.5 billion by 2032 and is anticipated to register a CAGR of 26.3%

Network Function Virtualization (NFV) allows the virtual network function to run on a standard generic server, which is likely to propel market growth. Wide benefits such as the requirement of fewer appliances, lower operational costs, and scalability where additional hardware is not required have provided lucrative opportunities in the network function virtualization market's growth. Growing adoption of virtualization technology is further expected to boost demand for Network Function Virtualization in the coming years.

What are the recent news in the Network Function Virtualization Market?

  • In August 2018, Array Networks Inc., launched new upgrade of its NFV (Network Function Virtualization) hardware with new features that provides security, application delivery, high throughput for encrypted traffic and support for 40 GbE interface.
  • In May 2019, Nokia helped to transform PLDT and Smart’s nationwide network to standardize virtualization environment across Philippines by supplying its Airframe servers, Cloud Infrastructure Software and Digital Operations Software.
Base year for estimation2022
Forecast period2022 – 2032
Market representationRevenue in USD Billion & CAGR from 2022 to 2032
Accounted in 2022US$ 25.08 billion
Estimated to be in 2032US$ 292.5 billion
CAGR         26.3%
Market SegmentationBy Component - Solutions and Services
By Enterprise Size - Small Enterprises, Medium Enterprises, Large Enterprises
By Application - Core Network, Virtual Appliance
By End-Users - Data Centers, Service Providers, Healthcare, Banking, Manufacturing, Retail, Education, Defense and Others
Regional scopeNorth America - U.S., Canada
Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America - Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Report coverageRevenue forecast, company share, competitive landscape, growth factors, and trends

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What is Prophecy’s Analyst View on Network Function Virtualization Market?

Wide applications in data centers, service providers, healthcare, banking, manufacturing, retail, education, defense, and others have become a key factor in target market growth. Growing adoption of digital technologies and demand for cloud-based services are likely to propel Network Function Virtualization market growth over the forecast period.

What are new trends and innovations in Network Function Virtualization Market?

The Network Function Virtualization (NFV) market is constantly evolving, with new trends and innovations emerging. Some of the newly emerging trends in the NFV market include cloud-native NFV, network slicing, multi-cloud NFV, edge computing, security-focused NFV, AI-driven NFV, and open source NFV. These trends are driving innovation and growth in the NFV market, enabling organizations to build more flexible, scalable, and secure networks that can meet the evolving needs of their customers and business.

What are Growth Factors of Network Function Virtualization Market?

The growth factors of the Network Function Virtualization (NFV) market include increasing demand for agile and scalable network infrastructure, growing adoption of cloud computing and virtualization technologies, rising need for cost-efficient network solutions, increasing adoption of software-defined networking (SDN) technologies, growing demand for NFV solutions in the telecommunications industry, increasing demand for NFV solutions in other industries, and growing investment by key players in the NFV market. These factors are driving the adoption of NFV solutions across industries and regions, and are expected to continue fueling the growth of the NFV market in the coming years.

Who are the Top Key players operating in the

  • Intel Corporation
  • Ericsson AB
  • Juniper Network Inc.
  • Huawei Technologies Co. Ltd.
  • Oracle Corporation
  • Opera Software
  • Nokia Solutions and Network
  • Alcatel-Lucent
  • Amdocs Inc.
  • ConteXtream Inc.

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What are the key benefits of adopting Network Function Virtualization?

  1. Cost Reduction: By virtualizing network functions, organizations can significantly reduce costs associated with hardware, space, power, and cooling.
  2. Scalability: NFV allows organizations to easily scale their network functions up or down as needed, without the need for additional hardware.
  3. Flexibility: With NFV, organizations can deploy and manage network functions quickly and easily, without being tied to specific hardware.
  4. Increased Agility: NFV enables organizations to respond to changing business requirements and customer needs quickly, by allowing them to deploy new network functions or modify existing ones on the fly.
  5. Improved Resource Utilization: NFV allows organizations to make better use of their existing resources, by allowing multiple network functions to be deployed on a single server.
  6. Better Service Quality: By deploying virtualized network functions, organizations can improve service quality and reduce downtime by providing greater resilience and redundancy.
  7. Faster Time-to-Market: With NFV, organizations can rapidly deploy new services and applications, enabling faster time-to-market and competitive advantage.
  8. Simplified Management: NFV simplifies network management, making it easier for administrators to deploy, configure, and manage network functions.

Key Reasons to Purchase Report:

  • Comprehensive analysis of the NFV market
  • Industry insights from experts and stakeholders
  • Market segmentation based on component, application, organization size, and region
  • Detailed analysis of the competitive landscape
  • Insights into the latest trends and innovations in the NFV market
  • Future outlook, including market forecast, opportunities, and challenges
  • Clear value proposition for adopting NFV solutions

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Frequently Asked Questions:

  • What is Network Function Virtualization (NFV) and how does it work?
  • What are the benefits of NFV and why are organizations adopting this technology?
  • What are the key components of NFV architecture and how do they work together?
  • What are the major applications of NFV and which industries are driving the growth of this market?
  • What are the key trends and innovations in the NFV market, and how are they shaping the future of this industry?
  • Who are the key players in the NFV market and what are their market shares and competitive strategies?
  • What is the future outlook for the NFV market, and what are the key factors driving growth in this industry?

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