(MENAFN- GlobeNewsWire - Nasdaq) New York, US, June 06, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR),“ virtual network functions market Information By Component, By Organization Size, By Deployment And By Region – Market Forecast Till 2030”, the Virtual Network Functions Market could thrive at a rate of 23.80% between 2022 and 2030. The market size will be reaching around USD 170.3 Billion by the end of the year 2030.

Market Overview:

The operational tasks that were traditionally performed by dedicated hardware devices have been revolutionized with the advent of Virtual Network Functions (VNFs). VNFs enable the migration of individual network functions from specialized hardware devices to software that can be executed on standard commodity hardware. These software-based executions are carried out by network service providers and businesses, encompassing a wide range of functions such as Domain Name System (DNS), firewalls, caching, and Network Address Translation (NAT).

VNFs can be seamlessly interconnected, akin to elementary building blocks, through a process known as service chaining. This allows for the creation of flexible workflows that cater to specific requirements. The implementation of VNFs has significantly streamlined the application provisioning process and made service chaining more convenient and efficient.

The virtual network function market is poised for growth due to the increasing number of telecom service providers and the surging demand for cloud services. These factors are anticipated to drive the market's expansion throughout the forecast period.

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Market Competitive Landscape:

The affluent companies in the Virtual Network Functions Market:

• Cisco (US)
• Wind River (US)
• Mavenir (US)
• Ericsson (US)
• Radisys (US)
• Huawei (China)
• ECI Telecom (Israel)
• VMware (US)
• Ciena (US)
• Metaswitch (UK)
• Nokia (Finland)
• Fujitsu (Japan)

Latest Industry Updates:

Furthermore, the continued advancement and expansion of the virtual network functions (VNFs) industry are poised to contribute to the growth of the virtual network function market. A notable example of market development is Tech Mahindra, a prominent India-based consulting and integration company specializing in digital transformation, networks, and communications operations. In November 2016, Tech Mahindra introduced their Virtual Network Function (VNF) Exchange, collaborating with various innovative providers of Network Functions Virtualization (NFV) and Software Defined Networks (SDN) products. This initiative aimed to enhance the availability and accessibility of VNF solutions in the market.

Scope of the Report - Virtual Network Functions Market:

Report Metrics	Details
Market Size by 2030	USD 170.3 Billion
CAGR during 2022-2030	23.80%
Base Year	2021
Forecast	2022-2030
Key Market Opportunities	The United Kingdom, France, and Germany are expected to be leading countries due to the increase in service providers, who will mainly emphasize on virtual network platforms over the next few years.
Key Market Dynamics	The growing adoption of SDN can bolster the global market of virtual network functions.

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Market Segmentation:

The market for virtual network functions can be segmented based on components, organization size, deployment, and end-users.

• In terms of components, the virtual network functions market can be divided into hardware, software, and services. The hardware sub-segment includes switches, servers, storage, and other related components. The software sub-segment encompasses application software, network security solutions, and load balancing tools. The services sub-segment is further categorized into training and support services, consulting services, integration and implementation services, and other related services.
• Regarding deployment options, the market is bifurcated into on-premises and on-cloud solutions. On-premises deployment refers to the installation and operation of virtual network functions within the organization's own physical infrastructure. On the other hand, on-cloud deployment involves hosting and utilizing virtual network functions in cloud-based environments.
• The market can also be classified based on organization size, distinguishing between large enterprises and Small and Medium Enterprises (SMEs). Large enterprises typically have extensive networks and require sophisticated virtual network functions to support their operations, while SMEs often have more compact networks and may have different requirements.
• Lastly, the market is categorized by end-users, including sectors such as BFSI (Banking, Financial Services, and Insurance), IT and telecom, manufacturing, healthcare, government, and other industries that leverage virtual network functions to enhance their networking capabilities.

It's important to note that this segmentation provides a general framework, and actual market categorizations may vary based on specific reports, studies, or industry analyses. For the most accurate and up-to-date segmentation, it is advisable to refer to the latest market research and industry reports.

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Drivers and Restraints:

The demand for virtual network functions (VNFs) is primarily driven by the increasing need for advanced network management systems to effectively handle the growing complexity and intricacies of modern networks. The virtual network function market is poised for rapid growth due to the benefits offered by network virtualization technologies, such as cost reduction in hardware procurement and maintenance. Compared to traditional networking approaches, these technologies enable more scalable delivery of network services.

Enterprises are embracing network virtualization solutions to facilitate faster server deployment and rapid provisioning of network services. Small and Medium Enterprises (SMEs) are expected to heavily utilize virtualization solutions for server and device consolidation, improved disaster recovery capabilities, and efficient handling of multiple workloads with enhanced uptime and performance. Furthermore, the rapid investment in the deployment of 5G networks is driving the demand for virtual network function solutions to enable the practical and technological feasibility of these networks, including improved mobility and reduced capital expenditure.

Regional Insights:

The market for Virtual Network Functions (VNFs) is divided into four geographical regions: North America, Asia Pacific, Europe, and the rest of the world. Among these regions, North America is expected to experience significant growth, driven by the advanced telecom services offered in the United States and Canada. Europe is also anticipated to witness substantial demand, with the United Kingdom, France, and Germany emerging as leading countries due to the growing number of service providers focusing on virtual network platforms in the coming years.

The Asia Pacific region is projected to be the fastest-growing market for VNFs during the review period. Japan, India, and China are the leading countries in this region, benefiting from increased adoption of tablets, laptops, and smartphones, as well as the availability of IP content. These factors contribute to the rising demand for VNFs in the Asia Pacific market.

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• North America is expected to demonstrate significant growth, led by the United States and Canada.
• Europe will see substantial demand, with the United Kingdom, France, and Germany as the key countries.
• The Asia Pacific region is projected to be the fastest-growing market, driven by Japan, India, and China.

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