Network Function Virtualization (NFV) Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2024
The Network Function Virtualization market size is projected to grow from USD 12.9 billion in 2019 to USD 36.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period. The major factors driving the growth of the NFV market include the demand for network virtualization and automation, increased emergence of cloud services and server virtualization, and need for advanced network management systems.
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Among end user , the enterprises segment to grow at the highest CAGR during the forecast period
Enterprise customers are rapidly adopting NFV architecture, as it offers significant benefits such as improved network efficiency through centralized management, enhanced IT agility, and network customization through fast and reliable application services. These customers have been categorized into various verticals, including Banking, Financial Services, and Insurance (BFSI), manufacturing, retail, healthcare, education, IT-enabled services, and government and defense. In the present scenario, the deployment of NFV is prevalent across IT-enabled services, BFSI, and retail verticals.
Under services, the implementation segment to grow at the highest CAGR during the forecast period
Implementation services add value to the network infrastructure of businesses. These services assist end users in optimizing their network operations effectively. In addition to this, they help enhance service delivery and manage network performance monitoring and management costs. They support companies in efficiently deploying and managing the implementation of new solutions. NFV vendors are also providing migration services that play a vital role in integrating and deploying NFV.
End users such as telecom service providers face a skills gap when it comes to implementing NFV, thereby paving the way for new players with niche capabilities in executing virtual networks. These players offer implementation services, which include the implementation of NFV solutions in users’ infrastructure. With the increasing awareness of the capabilities of various vendors in the NFV market among end users, the demand for implementation services is expected to increase. As already witnessed, with the move toward LTE and 5G spectrum, NFV has already become the invariable choice of network architecture for most end users. Some of the leading NFV implementation service providers are Huawei, Nokia, and Cisco.
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Unique Features in the Network Function Virtualization (NFV) Market
Network Function Virtualization (NFV) substitutes software-based operations on conventional servers for hardware-based network appliances. More flexibility and scalability are offered by VNFs, which might incorporate firewalls, load balancers, and routers.
NFV enables service providers to deploy network services on generic hardware, cutting costs and improving agility, by separating network functions from proprietary hardware.
NFV facilitates the formation of service chains, which are composed of several VNFs connected to provide end-to-end network services. Service provisioning can be done more dynamically and efficiently thanks to this functionality.
NFV allows network services to be deployed more quickly than with conventional hardware-based methods. Rapid service instantiation, scaling, and decommissioning enable a quicker time-to-market.
Dynamic resource allocation and optimisation are made possible by NFV. Depending on demand, network resources can be scaled up or down to ensure effective use and minimise waste.
Major Highlights of the Network Function Virtualization (NFV) Market
Virtualized customer premises equipment (vCPE), virtualized evolved packet core (vEPC), virtualized radio access networks (vRAN), and other use cases are among the many that NFV is being used to. Because of its adaptability, NFV is a vital component of contemporary network topologies.
NFV solutions, which integrate on-premises and cloud-based resources, are being implemented in hybrid and multi-cloud systems more and more. This strategy provides enhanced disaster recovery capabilities, cost optimisation, and flexibility.
The vendor ecosystem in the NFV market is growing, with several technology companies providing cutting-edge NFV solutions. The intense competition in this market propels ongoing development and innovation of NFV technologies.
NFV systems are not complete without advanced analytics and monitoring capabilities, which offer real-time insights into the health and performance of networks. This makes proactive management and prompt network issue troubleshooting possible.
With the help of NFV platforms’ multi-tenancy capabilities, several clients can share an infrastructure while yet keeping it secure and isolated. For service providers who offer virtualized network services to a range of clientele, this feature is essential.
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Top Companies in the Network Function Virtualization (NFV) Market
Major NFV vendors include Cisco (US), Ericsson (US), Huawei (China), VMware(US), Nokia (Finland), HPE (US), Dell EMC (US), Juniper Networks (US), Affirmed Networks (US), NETSCOUT (US), NEC (Japan), Ribbon Communications (US), ZTE Corporation (China), Fujitsu (Japan), Ciena (US), ECI Telecom (Israel), Metaswitch (UK), Mavenir (US), Radisys (US), and Wind River (US). These market players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to expand their presence in the NFV market. Partnerships, collaborations, and agreements have been the most adopted strategies by major players from 2017 to 2019, which helped companies innovate their offerings and increase their customer base.
Cisco is one of the global leaders in the NFV market. The company offers solutions and services across the globe. Huge spending in R&D has helped Cisco in developing a robust portfolio of network-specific solutions and services. The company has been continuously upgrading its NFV portfolio to keep up with the pace of the market with regular innovations in terms of products and solutions. It is focused on both organic and inorganic growth strategies to maintain its position in the NFV market. In line with inorganic growth strategies, the company is more focused on collaborations and partnerships. Recently, Cisco partnered with PLDT and Rakuten with an intent to devolve and deploy advanced technologies for 5G and Software-Defined Network (SDN). The company also collaborated with Vodafone Idea Limited to help it in designing a multi-cloud enhanced network. Cisco believes in delivering integrated network architectures and solutions, which help its end users to increase revenue and expand their businesses in the NFV market. It also focuses on maintaining market leadership by developing innovative networking solutions and looking for new avenues in emerging economies, such as Asia Pacific (APAC) and Middle East and Africa (MEA).
Huawei has established itself as a global leader in the NFV market by providing a comprehensive NFV portfolio to all its customers and pushing global NFV adoption. The company invested 14.1% of the total annual revenue in 2018 in R&D. Moreover, its 45% workforce is deployed in R&D. It has R&D institutes in several countries, such as India, China, Pakistan, Germany, and Finland. According to its 2017 annual report, it had invested USD 58.02 billion in R&D in the past decade. Huawei is focused on strengthening its growth in the NFV market through organic and inorganic growth strategies. For instance, in March 2019, Huawei launched a new solution, Telco Cloud Networking. The solution will empower 5G, IoT, and Virtual Reality (VR). The company is upgrading its solutions and helping companies deploy 5G networks in local areas; for instance, Huawei helped Deutsche Telekom launch a 5G network in Poland in December 2018.
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