Network Function Virtualization Market Size, Share, Growth Analysis, By Component(Hardware, Software, Services (Professional Services, Managed Services)), By Deployment Model(On-Premises, Cloud-Based), By Virtualized Network Function (VNF)(Virtualized EPC (Evolved Packet Core), Virtualized IMS (IP Multimedia Subsystem), Virtualized RAN (Radio Access Network), Virtualized CDN (Content Delivery Network)), By Region - Industry Forecast 2024-2031

Global Network Function Virtualization Market size was valued at USD 22.04 billion in 2022 and is poised to grow from USD 26.87 billion in 2023 to USD 130.99 billion by 2031, growing at a CAGR of 21.90% during the forecast period (2024-2031).

In recent years, the global Network Function Virtualization (NFV) marketplace is characterised by way of sturdy boom pushed by using the continuing digital transformation across industries. NFV is witnessing expanded adoption due to its ability to beautify community flexibility, scalability, and value-efficiency by way of virtualizing conventional network features. The call for for agile and software-pushed community infrastructure, coupled with the arrival of 5G technology, hurries up NFV deployment.

However, demanding situations like security concerns and interoperability problems pose restraints. The marketplace famous a diverse landscape with telecom operators, IT organizations, and networking solution carriers gambling pivotal roles. Key tendencies consist of the combination of NFV with cloud-native technologies, fostering innovation and responsiveness in meeting evolving network needs. It's advisable to consult the modern day industry reports for the maximum contemporary insights into the dynamic NFV marketplace.