Global Network Function Virtualization Market to Reach $49.24 Billion by 2027
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, GREATER LONDON , UK, November 9, 2023 /EINPresswire.com/ — The global network function virtualization market is poised for substantial expansion, with the market size projected to grow from $18.85 billion in 2022 to $23.16 billion in 2023, exhibiting a compound annual growth rate (CAGR) of 22.9%. Despite the challenges brought forth by the Russia-Ukraine conflict and the ongoing repercussions of the COVID-19 pandemic, the market is anticipated to witness significant growth, reaching $49.24 billion by 2027, with a CAGR of 20.8%.
Key Driver: Increasing Demand for Cloud-Based Services
The growing demand for cloud-based services is playing a pivotal role in driving the expansion of the network function virtualization market. Cloud services involve the provisioning of servers over the Internet, along with the software and databases running on these servers. Network operators can access new network services dynamically through cloud solutions rather than relying on the installation of new hardware. A recent report, the 2022 State of the Cloud Report by Flexera, a US-based software company, surveyed 753 technical professionals and revealed that small to mid-sized businesses (SMBs) witnessed a substantial 53% increase in cloud spend, reaching an annual spend of $1.2 million in 2022, up from 38% in 2021. This surge in demand for cloud-based services is a significant driver propelling the growth of the network function virtualization market.
Notable Trend: Technological Advancements
A key trend gaining prominence in the network function virtualization market is the rapid advancement of technology. Leading companies in the NFV sector are focusing on the development of cutting-edge technologies to solidify their position in the market. For example, in February 2022, Mobileum, a US-based telecom analytics company, and VoerEir, a Sweden-based cloud technology company, joined forces to establish a robust test platform for network function virtualization infrastructure. The integration of Mobileum’s SITE active test solution and VoerEir’s Touchstone test suite delivers a vertically integrated solution that enables communication service providers to automate the testing of services from the laboratory to the live network, encompassing virtual and cloud-native network functions.
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Network Function Virtualization Market Segments and Leading Players
The global network function virtualization market is segmented based on:
• Component: Solutions, Orchestration and Automation, Services
• Infrastructure: Hardware Resources, Virtualized Resources
• Application: Virtual Appliance, Core Network
• End User: Service Providers, Data Centers, Enterprises
Major players driving the network function virtualization market include Cisco Systems Inc., Ericsson, Huawei Technologies, and VMware Inc., among others.
While North America currently holds the largest share in the network function virtualization market, the analysis encompasses a comprehensive evaluation of various key regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
For a comprehensive analysis of the global network function virtualization market, access the complete report here:
https://www.thebusinessresearchcompany.com/report/network-function-virtualization-global-market-report
Network Function Virtualization Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Network Function Virtualization Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on network function virtualization market size, network function virtualization market drivers and trends, network function virtualization market major players, competitors’ revenues, market positioning, and market growth across geographies. The network function virtualization market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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