Global NFV market size to reach $94.1 bn by 2028

The Global Network Functions Virtualization Market size is expected to reach $94.1 billion by 2028, rising at a market growth of 24.8% CAGR during the forecast period, according to Research and Markets.

Network functions virtualization, or NFV, can be defined as a network architecture concept that leverages IT virtualization technologies in order to virtualize entire sections of network node functions into building blocks that can be connected to each other or chained together to produce and deliver communication services. NFV depends on conventional server virtualization strategies, like those employed in enterprise IT.

Instead of using specialized hardware appliances for every network function, a virtualized network function, or VNF, is deployed within one or even more virtual machines or containers that are each running different software and processes on top of high-volume commercial off-the-shelf (COTS) servers, switches, storage devices, and cloud computing infrastructure.

This prevents vendor lock-in. For instance, to safeguard a network, a virtual session border controller can be used instead of actual network protection units, which are typically more expensive and complicated to buy and install.

Other NFV examples include virtualized firewalls, load balancers, WAN accelerators, and intrusion detection systems, to mention a few. By separating the network function software from the specialized hardware platform, a flexible network architecture is realized, allowing for rapid service rollouts, agile network administration, and a significant decrease in CAPEX and OPEX. With the help of NFV, communication services may be separated from specialized hardware like routers and firewalls.

Because of this division, network operations can offer new services on demand and without buying new hardware. With network functions virtualization, network components can be deployed in a matter of hours as opposed to months as with conventional networking. Additionally, rather than using expensive proprietary hardware, the virtualized services can function on less expensive generic servers. Network function virtualization essentially takes the role of the features offered by separate hardware networking components.

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