Network Function Virtualization | 2021 Scope Of Current And Future Industry
The global Network Function Virtualization Market By Component (Hardware, Software, Services); By Organization Size (Large Enterprises, Small and Medium Businesses); By Deployment Model (On-Premise, Cloud-Based); By End-User (BFSI, Healthcare, Retail, IT and Telecom, Manufacturing, Others); By Region, Segments & Forecast, 2018 – 2026. The Network Function Virtualization Market is anticipated to reach over USD 125 billion by 2026 according to a new research published by Polaris Market Research. In 2017, the hardware segment dominated the global market, in terms of revenue. North America was the leading contributor to the global market revenue in 2017.
The growing demand for mobile broadband services, and increased demand for mobility has boosted the adoption of network function virtualization. The rising penetration of mobile devices, and increasing trend of BYOD further support the network function virtualization growth of this market. The rising adoption of virtualization, cloud, and big data analytics has fueled the market growth over the years. Increasing investments by vendors in technological advancements coupled with advancements in the 5G network technology would accelerate the network function virtualization market growth of the network function virtualization market during the forecast period. Growing demand from emerging economies, and technological advancements are expected to provide numerous growth opportunities in the coming years.
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North America generated the highest revenue in the market in 2017, and is expected to lead the global market throughout the forecast period. The increase in demand for mobility services, and increasing demand for data center consolidation drive the network function virtualization market growth. The growing trend of BYOD, IoT, and big data analytics further increase the demand for Network Function Virtualization. The growing penetration of mobile devices, and technological advancements further support network function virtualization market growth in the region. The growing demand for cloud services, and reducing telecom carrier costs further boost the market growth. Asia-Pacific is expected to grow at the highest CAGR during the forecast period owing to growing demand from the developing countries of the region.
The key players in the network function virtualization market include Juniper Networks, Inc., Brocade Communications Systems, Inc., Cisco Systems, Inc., Intel Corporation, Big Switch Networks, Inc., NEC Corporation, Hewlett Packard Enterprise Co., AT&T Inc, Citrix Systems, Inc., and Oracle Corporation. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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