Published Date: 31-Jul-2022
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According to a new report, published by KBV research, The Global Network Functions Virtualization Market size is expected to reach $94.1 billion by 2028, rising at a market growth of 24.8% CAGR during the forecast period.
The Services segment has shown the growth rate of 27.7% during (2022 - 2028). The growth of the segment is driven by an increase in the implementation of virtualized software across enterprise data centers, encompassing internet service providers as well as cloud service providers. Moreover, VNF communicates with the service orchestrator without the need for a cross-domain network orchestra. Due to the ease and convenience, the growth of the segment is expediting.
The Service Providers segment acquired maximum revenue share in the Global Network Functions Virtualization Market by End User 2021 thereby, achieving a market value of $39.7 billion by 2028. The network infrastructure of the service providers is under a lot of pressure from growing data volume and diversity, connectivity for IoT / M2M devices, along with rising smartphone penetration leading to increased data consumption per user. As a result, the service providers can easily increase capacity to match the growing demand.
The Small & Medium Enterprises segment is showcasing CAGR of 26.9% during (2022 - 2028). The increase in the growth of this segment is attributed to the rising demand by these enterprises to maximize their growth. In order to grow more rapidly, small and medium-sized enterprises are significantly adopting new and advanced technologies, which is also complementing the growth of the segment.
The Virtual Appliance segment is generating highest revenue share the Global Network Functions Virtualization Market by Application 2021 thereby, achieving a market value of $53.9 billion by 2028. Virtual appliances are generally used for a range of network functions, including domain name services, traffic forwarding, security, monitoring, and caching. The virtual customer appliance is mostly used to send these processes over the edge.
The North America market dominated the Global Network Functions Virtualization Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $32.9 billion by 2028.The Europe market is exhibiting a CAGR of 24.3% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 25.5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Intel Corporation, Oracle Corporation, Huawei Technologies Co., Ltd. (Huawei Investment & Holding Co., Ltd.), Ericsson AB, Hewlett Packard Enterprise Company, Juniper Networks, Inc., NEC Corporation, Amdocs Limited, F5 Networks, Inc, and Alcatel-Lucent Enterprise (China Huaxin Post and Telecom Technologies Co., Limited).
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