Decrease in capital and operational expenditure offered by network function virtualization and increase in deployment of virtualized software among enterprise data centers, including internet service providers (ISP) and cloud service providers (CSP), and rapid automation across IT sectors drive the growth of the global network function virtualization market.
However, increased network security risks in network function virtualization hamper the market growth. On the other hand, the increase in demand for data-intensive applications and the need for cloud-based services present new opportunities in the coming years.
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Based on component, the hardware segment captured the highest market share in 2021, contributing to nearly half of the global network function virtualization market, and is expected to maintain its leadership status during the forecast period. The virtualization of network functions reduces dependency on dedicated hardware appliances for network operators, and allows for improved scalability and customization across the entire network.
Such benefits provide numerous opportunities for the growth of the hardware segment. However, the services segment is projected to witness the largest CAGR of 25.2% from 2022 to 2031. This is because services play a vital role in the NFV market. Services focus on meeting client requirements, including reduced cost and enhanced software performance.
Based on enterprise size, the large enterprise’s segment held the highest market share in 2021, contributing to around two-thirds of the global network function virtualization market, and is expected to maintain its dominance during the forecast period. This is because the combination of orchestration, automation, and programmability provided by virtualization enables the IT department of large enterprises to become more agile.
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However, the SMEs segment is projected to witness the largest CAGR of 25.0% from 2022 to 2031. Surge in need to make business more streamlined, and rise in need to improve efficiency by shortening the time taken to troubleshoot a solution majorly drive the growth of the network function virtualization among small- & medium-sized businesses.
Based on end users, the enterprise segment held the highest market share in 2021, contributing to nearly two-fifths of the global network function virtualization market. Increased focus of enterprises on re-architecting their networking infrastructure to achieve automation, network security, and application performance is one of the major factors leading to the significant adoption of network function virtualization technologies among enterprises.
However, the data centers segment is projected to witness the largest CAGR of 24.6% from 2022 to 2031. This is because network function virtualization offers data center providers with advanced capabilities such as secured sharing on the network, managing the large network, efficiency, and flexibility of networking operations.
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Based on region, North America contributed the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global network function virtualization industry, and is expected to maintain its dominance in terms of revenue by 2031. The NFV market in North America is aided by the early and fast adoption of technologies, such as cloud computing, software-defined everything (SDx), and IoT.
The favorable standards and networking regulations help in boosting the market growth in this region. However, Asia-Pacific is projected to manifest the fastest CAGR of 26.2% during the forecast period. This is because the region has a robust IT infrastructure and solid software and service offerings. In addition, the rise in penetration of cloud-based services drives the growth of the market in this region.
Covid-19 Scenario
- The Covid-19 pandemic led to supply chain disruptions due to limited import and export of devices such as smartphones, computers, and tablets to and from China. China’s manufacturing plants were closed for several months and the NFV industry’s production, sales, and operations were gravely affected.
- However, some companies are working hard to help the NFV market recover. Moreover, local governments have taken some remedies to mitigate the negative effects of COVID-19. Hence, the NFV industry is expected to slowly come back to its normal phase after 2022.
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