Network Function Virtualization Market in Service Segment is Expected to Grow At A CAGR of Over 52% Over 2018 – 2024

The service in Network Function Virtualization Market is projected to register the fastest growth between 2018 and 2024 with a CAGR of over 52% due to the large-scale adoption of managed services for effectively managing virtualized network infrastructures. Deploying and managing virtualized network architecture requires a high level of technical expertise. Updated skills are a critical element for enterprises in the move toward NFV. Organizations, in the short term, are relying on vendors, managed service providers, and consultancies to address the skill-gap required for the successful implementation of the NFV infrastructure. Virtualization requires a multi-disciplinary, horizontal approach where different teams (network, application, security) must collaborate to achieve the strategic objectives. Consequently, the uptake of training & consulting services as well as managed services for ensuring successful deployment and optimum performance of virtual network functions is likely to accelerate consistently over the forecast timeline.

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The Network Function Virtualization Market is projected to exhibit an accelerated growth between 2018 and 2024 due to the growing demand for data center virtualization and server consolidation among enterprise customers and the benefits of reduced CAPEX and OPEX for enterprises through the virtualization of networking functions. Enterprises can significantly reduce their investment in procuring hardware and networking components by virtualizing their essential network functions on dedicated hardware. This offers unprecedented agility and optimized network scalability to the enterprises.

The scope of the expansion of the Network Function Virtualization Market is not only limited to the IT & telecom sector but also has huge growth potential from the healthcare, BSFI, retail, manufacturing, and government sectors. The heavy investments pertaining to the 5G technology implementation across myriad geographies is further poised to proliferate the regional growth of the global Network Function Virtualization Market. For instance, the Asia Pacific Network Function Virtualization Market is estimated to grow with the highest y-o-y rate of around 50% over 2018-2024, given the large-scale adoption of cloud-based computing technology by SMEs & business ventures & heavy investment in 5G testing and commercialization.

North America is expected to hold a majority share of the Network Function Virtualization Market in 2017 due to the availability of an extensive data center ecosystem in the region, widespread adoption of industrial IoT (IIoT) in different industry verticals, and a major presence of leading global cloud service providers in the U.S. The U.S. government is moving swiftly to lead the world in 5G, the next generation of wireless connectivity. The Federal Communications Commission (FCC) is emphasizing on making additional low, medium, and high-band spectrum available for 5G services. It also focuses on reducing regulatory barriers to encourage investments in 5G networks.

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Meanwhile, it would be prudent to mention that the seamless deployment of NFV technology has been facing certain challenges which includes ensuring compatibility with legacy platforms, interoperability, performance trade-off, and simplicity which might prove to be roadblocks in rapid product penetration. However, the applications of NFV technology would undoubtedly drive various business verticals toward the next phase of network evolution and would prepare an ecosystem where the advantages of 5G connectivity would be leveraged in a highly efficient and agile manner. Driven by an escalating demand for server consolidation and data center virtualization, the remuneration portfolio of the global Network Function Virtualization Market is projected to surpass USD 70 billion by 2024.

Some Points From Table Of Content: –

Chapter 5. Network Function Virtualization Market, By Component

5.1. Key trends, by component

5.2. Hardware

5.2.1. NFV servers

5.2.1.1. NFV servers market estimates and forecast, by region, 2013-2024

5.2.2. Storage

5.2.2.1. Storage market estimates and forecast, by region, 2013-2024

5.2.3. Switches

5.2.3.1. Swrtches market estimates and forecast, by region, 2013-2024

5.3. Software

5.3.1. NFV MANO

5.3.1.1. NFV MANO market estimates and forecast, by region, 2013-2024

5.3.2. VNF software

5.3.2.1. VNF software market estimates and forecast, by region, 2013-2024

5.4. Service

5.4.1. Training and consulting

5.4.1.1. Training and consulting market estimates and forecast, by region, 2013-2024

5.4.2. Integration and maintenance

5.4.2.1. Integration and maintenance market estimates and forecast, by region, 2013-2024

5.4.3. Managed service

5.4.3.1. Managed service in network function virtualization market estimates and forecast, by region, 2013-2024

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