Network Function Virtualization (NFV) Market Worth $122 Billion by 2027, Growing at a CAGR of 34.9% From 2020- Exclusive Report by Meticulous Research
REDDING, Calif., May 13, 2021 /PRNewswire/ -- According to a new market research report "Network Function Virtualization (NFV) Market by Component (Orchestration, Professional Services), Virtualized Network Function, Application (Virtual Appliances, Core Network), End User (Enterprises, Service Providers, Data Centers) - Global Forecast to 2027", published by Meticulous Research, the Network Function Virtualization (NFV) market is expected to reach $122 billion by 2027, at a CAGR of 34.9% during the forecast period of 2020 to 2027.
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Network functions virtualization (NFV) involves strategies for virtualization of network services that traditionally run on proprietary, dedicated hardware. It incorporates cloud and virtualization technologies to drive rapid development of new network services with scalability and automation. It involves decoupling of network functions from proprietary hardware appliances and running them as software in virtual machines (VMs). NFV has been hugely beneficial for global IT industry to modernize their enterprise networks. It has the ability to virtualize classical network functions like switching, routing, firewalls and so on. Furthermore, NFV improves scalability and agility by allowing service providers to deliver new network services and applications on demand, without requiring additional hardware resources.
Increasing adoption of cloud computing and IoT has resulted in the evolution of business needs in terms of agility. Subsequently, network complexities and cloud-based services have also increased significantly in the past few years. Network function virtualization has emerged as one of the essential tools for organizations to address these issues associated with the network infrastructure. In the light of increasing data intensive applications and need of cloud-based services the demand for network function virtualization solutions and services is expected to increase substantially over the coming years, contributing to the market growth.