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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Asia Pacific network function virtualization market is expected to register the fastest growth between 2018 and 2024 due to the increasing demand for cloud-based computing, storage, and networking solutions from the rapidly emerging technology companies in the region. With major investments in the NFV technology from telecom companies, such as ZTE and Huawei, in China, the innovation in NFV solutions and services is expected to accelerate rapidly over the forecast timeline. Under China?s ?Internet Plus? initiative to modernize and transform traditional industries to join the modern economy, the telecom service providers in the country are rapidly embracing NFV technology to benefit from its flexibility, speed, and cost-effectiveness.
Meanwhile, it would be prudent to mention that the seamless deployment of network function virtualization market 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.
Bringing about a disruptive change in the way present-day digital networks are being built, operated, and managed, the network function virtualization market has established itself as one of the most profitable niche verticals of the sustainable and smart industry. Owing to a substantial increase in the demand for robust data management systems across various business sectors, the deployment rate of NFV technology has witnessed a massive jump over the past few years. Especially, the rising number of collaborations between IT giants and renowned cloud service providers has consequentially boosted the growth prospects of network function virtualization market. For instance, the recently formed partnership between Indian IT major Tech Mahindra and cloud computing behemoth VMware is a testament to the growing prominence of network function virtualization market in connecting virtual machines and physical interfaces.
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At a time when the global IT and telecommunication sector has been recording unprecedented growth owing to a major shift toward automation, next-generation technology solutions such as NFV have garnered immense significance. With the help of a robust virtualized network architecture in conjunction with network function virtualization market, the telecommunications companies can now launch new services in a couple of months. Moreover, the deployment of NFV enables telecom network operators to significantly reduce power consumption through consolidating equipment, lower the maturation cycle, improve the flexibility of network service provisioning, and enhance operational efficiency. As a consequence of all these advantages, the IT and telecommunication sector has emerged as the major contributor toward network function virtualization market share expansion in the recent times. In fact, as per a research report compiled by Global Market Insights, Inc., the IT and telecommunication segment held over 32 percent of the revenue share of the overall network function virtualization market in the year 2017.
TOC for this research report:
Chapter 4. Competitive Landscape, 2017
4.2. Competitive analysis of key market players
4.3. Siemens Competitive analysis of other prominent players
4.3.3. F5 Networks
4.4. Competitive landscape
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In this regard, developing economies along the likes of India and China have emerged as the fastest growing terrains for the telecom industry in the last decade. This has, in turn, benefited the network function virtualization market players operating in these nations as the deployment of NFV technology in the telecommunication sector has been on the rise. Testimony to the aforementioned statements is the recently organized SDN & NFV India Congress 2017 which aimed at deliberating on the opportunities and the evolving role of NFV technology on 5G networks in the context of India’s telecom industry. Held for the first time in India, the Congress has been supported by tech giants such as IBM, Juniper Networks, Ericsson, Huawei, UT Starcom, ADVA Optical Networking, and Nokia. Needless to mention, the outcomes of such proactive initiatives would aid the IT and telecom sector to retain the top spot across the application spectrum of network function virtualization market in the upcoming years.
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