Network Function Virtualization (NFV) - Worldwide

The global network function virtualization (NFV) market size was valued at USD 4,119 million in 2024 and is expected to reach USD 7,878 million by 2034, growing at a CAGR of 6.7% from 2024 to 2034.

The network function virtualization market includes network virtualization, which uses off-the-shelf IT technology to solve the problems of high capital, support and maintenance, and adverse events related to network equipment. The demand for efficient and effective network management is increasing, the use of telecommunications equipment and services in workplaces and data centers is increasing, and the use of network automation and virtualization technologies is faster, with server virtualization and cloud service integration and rising data center consolidation is considerably contributing to the growth. 

• For Instance, local governments have implemented some remedies to reduce the negative effects of COVID-19. Therefore, the NFV sector expected to slowly regain its original path. 

The demand in the network function virtualization market continues to increase as networks connectivity becomes more complex, the need for cloud services, IoT deployment, security agility, and cloud migration continues to increase, increasing the need for network virtualization and automation. The demand for advanced communication management is also a major factor in the growth of the network function virtualization market.