The global market for virtual network functions has the potential to attain an approximate valuation of more than $25 billion by 2023, reports Market Research Future (MRFR). The market can also achieve a robust growth rate of 30% during the forecast period (2017-2023).
The Virtual Network Functions Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Covid-19 Impact on Virtual Network Functions Market highlights the future prediction and the growth alternatives that can be created.
The Virtual Network Functions Market has been examined with regard to segments like component, organization size, deployment, and end-user.
Depending on the component segment, the Virtual Network Functions Market includes software, services and hardware. The hardware types covered in the report are servers, switches, storage, and others. The software segment consists of network security, load balancing and application software. While, the service segment is formed by integration & implementation, consulting service, training & support, and others.
Deployment-based market segments in the report are on-premises and on-cloud. The organization size-wise segments are large enterprises and Small & Medium Enterprises (SMEs). The end-users in the worldwide market are IT & telecom, BFSI, healthcare, manufacturing, government, and others.
The prominent vendors in the worldwide Virtual Network Functions Market are Aricent Incorporation (France), Ericsson (Sweden), Huwaei (China), Tech Mahindra (India), Alcatel-Lucent (France), Telefonica (Spain), Trend Micro (Japan), Fujitsu (Japan), HP Enterprise (U.S.), Verizon Communications (U.S.), NEC corporation (Japan), F5 networks (U.S.), Ribbon Communications (U.S.), and Cisco Corporartion (U.S.), to name a few.
Market Growth Boosters and Main Challenges
Virtual network function (VNF) is also referred to as Network functions virtualization (NFV), with both focusing mainly on improving network services. Virtual network function’s main objective is to integrate as well as facilitate networking components, which is important as a support for an entirely virtualized environment. In addition, VNF helps handle certain network functions that are used on one or more virtual machines (VMs), placed on the hardware networking components like storage, servers, switches, routers, and others.
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VNFs offer a host of advantages to the service providers to a great extent. For example, VNFs help maximize the network agility and scalability, in addition to facilitating the use of network resources more efficiently. VNFs also help bring down the total power consumption as well as the hardware spaces, since VNFs are used instead of hardware components, eventually reducing the operational and capital expenditure. In view of these factors, VNFs is all set to amass huge popularity among a number of telecom service providers in the near future.
The NFV interoperability tests that recently took place between Ericsson, Cisco, Nokia and Huawei have allowed telcos to accept the multi-vendor NFV deployment completely and also profit from the NFV’s open-source nature. Trade experts believe that virtualized network function interoperability testing, lifecycle management and onboarding have become the latest focus of the market, with numerous telcos trying to leverage the benefits of different software and hardware companies.
The Virtual Network Functions Market has been geographically distributed into North America, Europe, Asia Pacific (APAC) and the Rest of the World (RoW).
North America forms the largest market for virtual network functions, with the United States (U.S.) and Canada identified as the most profitable countries in the region. The regional market is growing on account of the high availability of latest telecom services coupled with the high adoption rate of advanced technology.
Europe can also observe significant growth in the global Virtual Network Functions Market. France, Germany and the United Kingdom (U.K) are anticipated to be the most lucrative markets for virtual network functions, thanks to the surge in the number of service providers, who are mainly concentrating on virtual network platforms.
The APAC market for virtual network functions can note the fastest growth rate during the forecast period, with India, China and Japan at the forefront of this market growth. These countries are performing quite well in the regional market, on account of the rising use of smartphones, tablets, as well as laptops combined with the high availability of content provided over IP. Japan is one of the strongest markets in the region, owing to the strong desire to develop reliable and resilient networks to prepare for any future disaster threats and also in preparation for the 2020 Summer Olympics.