The Network Function Virtualization (NFV) market size is projected to grow from USD 12.9 billion in 2019 to USD 36.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period. The major factors driving the growth of the NFV market include the demand for network virtualization and automation, increased emergence of cloud services and server virtualization, and need for advanced network management systems.
Major NFV vendors include Cisco (US), Ericsson (US), Huawei (China), VMware(US), Nokia (Finland), HPE (US), Dell EMC (US), Juniper Networks (US), Affirmed Networks (US), NETSCOUT (US), NEC (Japan), Ribbon Communications (US), ZTE Corporation (China), Fujitsu (Japan), Ciena (US), ECI Telecom (Israel), Metaswitch (UK), Mavenir (US), Radisys (US), and Wind River (US). These market players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to expand their presence in the NFV market. Partnerships, collaborations, and agreements have been the most adopted strategies by major players from 2017 to 2019, which helped companies innovate their offerings and increase their customer base.
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Cisco is one of the global leaders in the NFV market. The company offers solutions and services across the globe. Huge spending in R&D has helped Cisco in developing a robust portfolio of network-specific solutions and services. The company has been continuously upgrading its NFV portfolio to keep up with the pace of the market with regular innovations in terms of products and solutions. It is focused on both organic and inorganic growth strategies to maintain its position in the NFV market. In line with inorganic growth strategies, the company is more focused on collaborations and partnerships. Recently, Cisco partnered with PLDT and Rakuten with an intent to devolve and deploy advanced technologies for 5G and Software-Defined Network (SDN). The company also collaborated with Vodafone Idea Limited to help it in designing a multi-cloud enhanced network. Cisco believes in delivering integrated network architectures and solutions, which help its end users to increase revenue and expand their businesses in the NFV market. It also focuses on maintaining market leadership by developing innovative networking solutions and looking for new avenues in emerging economies, such as Asia Pacific (APAC) and Middle East and Africa (MEA).
Huawei has established itself as a global leader in the NFV market by providing a comprehensive NFV portfolio to all its customers and pushing global NFV adoption. The company invested 14.1% of the total annual revenue in 2018 in R&D. Moreover, its 45% workforce is deployed in R&D. It has R&D institutes in several countries, such as India, China, Pakistan, Germany, and Finland. According to its 2017 annual report, it had invested USD 58.02 billion in R&D in the past decade. Huawei is focused on strengthening its growth in the NFV market through organic and inorganic growth strategies. For instance, in March 2019, Huawei launched a new solution, Telco Cloud Networking. The solution will empower 5G, IoT, and Virtual Reality (VR). The company is upgrading its solutions and helping companies deploy 5G networks in local areas; for instance, Huawei helped Deutsche Telekom launch a 5G network in Poland in December 2018.
Network Function Virtualization (NFV) Market by Component (Solutions, Orchestration and Automation, and Professional Services), Virtualized Network Function, Application (Virtual Appliance and Core Network), End User, and Region - Global Forecast to 2024
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