Virtual Network Function Market is Expected to Reach Approximately over USD 25 billion by 2023, at 30% CAGR between 2018- 2023

“Virtual Network Function Market”
According to Market Research Future analysis, the Virtual Network Function market has been valued at approximately USD 25 billion growing with a 30% CAGR during the forecast period 2018-2023.

Market Overview:

Prior to the existence of Virtual Network Functions (VNFs), the operational tasks were carried out by dedicated hardware. VNFs transfer individual network functions from dedicated hardware devices into software that is executed on commodity hardware. These executions are implemented by network service providers and businesses, which include Domain Name System (DNS), firewalls, caching or Network Address Translation (NAT). VNFs could be interfaced together like elementary building blocks in a workflow, popularly known as service chaining. By the implementation of VNFs, application provisioning process and service chaining process are feasible and convenient.

However, increase in telecom service providers and surge in demand for cloud services are expected to be driving factors for the virtual  network function market over the forecast period.

Moreover, increased market development in virtual network functions is expected to add fuel to the growth of virtual network function market. For instance, on November 2016, Tech Mahindra, an India-based leading consulting, business engineering, and integration company and an expert in digital transformation, networks, and operations for communications industry, unveiled their Virtual Network Function (VNF) Exchange, associated with numerous new age providers of Network Functions Virtualization (NFV) and Software Defined Networks (SDN) products. Additionally, Verizon Communication partnered with Amazon web services to provide virtual network services.

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The virtual network functions market is categorized into component, organization size, deployment, and end-user.

By component, the virtual network functions market is sub-divided into hardware, software, and services. The hardware sub-segment consists of switches, servers, storage, and others. The software sub-segment consists of application software, network security, and load balancing. The service sub-segment is categorized into training & support, consulting service, integration & implementation, and others. On the basis of deployment, the market is bifurcated as on-premises and on-cloud. Based on the organization size, the market is categorized into large enterprises and Small & Medium Enterprises (SMEs).

On the basis of end-user, the market is classified into BFSI, IT & telecom, manufacturing, healthcare, government, and others.

According to Market Research Future analysis, the Virtual Network Function market has been valued at approximately USD 25 billion growing with a 30% CAGR during the forecast period 2018-2023.

Key Players

Some of the key players of Virtual Network Functions Market include Alcatel-Lucent (France), Cisco Corporartion (U.S.), Ericsson (Sweden) , Huwaei (China) , Tech Mahindra (India), Ribbon Communications (U.S.), Telefonica (Spain), Trend Micro (Japan), Verizon Communications (U.S.), Fujitsu (Japan), HP Enterprise( U.S.), NEC corporation (Japan), F5 networks (U.S.), and Aricent Incorporation (France).

Segmentation

The virtual network functions market is differentiated by component, organization size, deployment, and end-user.

By component, the virtual network functions market is sub-segmented as hardware, software, and services. The hardware sub-segment comprises switches, servers, storage, and others. The software sub-segment comprises application software, network security, and load balancing. Furthermore, the service sub-segment is categorized as training & support, consulting service, integration & implementation and others. On the basis of deployment, the market is comprised on-premises and on-cloud. Based on the organization size, the market is categorized as large enterprises and Small & Medium Enterprises (SMEs).

Furthermore, on the basis of end-user, the market is classified as BFSI, IT & telecom, manufacturing, healthcare, government, and others.

Regional Analysis

Geographically, the Virtual Network Functions is segmented into four different regions, namely North America, Asia Pacific, Europe, and Rest of the World.

North America is presumed to have a significant growth in the virtual network functions market. The United States and Canada are leading countries in the region. This is due to advanced telecom services in the region. Europe is also expected to have a substantial growth in the market. The United Kingdom, France, and Germany are expected to be leading countries due to the increase in service providers, who will mainly emphasize on virtual network platforms over the next few years. Asia Pacific is also anticipated to be the fastest growing region in the virtual network functions market over the forecast period. India, Japan, and China are the leading countries in the Virtual Network Functions market, owing to surge in usage of smartphones, tablets, and laptops and the increased availability of content offered over IP.

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Target Audience

  • Telecommunication Service Providers
  • Mobile Network Operators
  • IT Suppliers
  • Cloud Service Providers
  • Enterprise Data Center Professionals
  • Networking and Telecommunication Companies
  • Data Center Software Vendors
  • Infrastructure Architects
  • Government Councils
  • Research Firms

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