Virtual Network Functions Market Size Worth $ 25 Billion: Global Market Size, Application Analysi

Market Overview:

According to Market Research Future analysis, the Virtual Network Function Market size is valued at approximately USD 25 billion growing with a 30% CAGR during the forecast period 2017-2023.

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.

Key Players

Market research future identifies some of the key players of Virtual Network Function market are 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).

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