Telecoms, service providers, and data center and network operators all want a more efficient network to deliver their products and services to their customers. But the demand is growing at a much faster rate than the current infrastructure is able to cope with. This has led the industry as a whole to start adopting software defined networking (SDN) and network function virtualization (NFV) by making the available infrastructure smarter and more efficient. A new report published by Future Market Insights (FMI) has revealed the NFV market is growing because of these very same reasons, which is to create networks that are highly efficient in meeting the demand of users across the globe.
According to FMI, the network function virtualization market is expected to grow with a double digit increase in compound annual growth rate (CAGR) by the year 2019 globally. The firm sees 'immense potential' in NFV because of current trends in the digital ecosystem, which will yield increased cost benefits and more flexibility to introduce new products and services using the technology.
The current state of network infrastructure management is getting more complicated as more of the services consumers and organizations need are being delivered on networks. Hosted applications, communications, platforms, infrastructure, as well as entertainment and other services all now rely on networks.
While 5G and new infrastructure will make it more manageable, services that require more bandwidth, such as 4K and 8K video and VR, are in the pipeline waiting to be delivered online. Software defined networks and network function virtualization will be extremely critical to deliver these services in real-time without latency.
According to FMI, “Network function virtualization catalyzes the major changes in implementation of network and their operations. The solution offered by network function virtualization projects a prominent future by optimizing the network operations and benefitting the service providers across the globe.”
The growth of NFV is also being driven for the cost saving measures the technology offers. Commercial off the shelf (COTS) hardware can be used for a wide range of telecom related services that currently use proprietary hardware. Not having to purchase vendor specific hardware means organizations will have lower capital expenditure (CAPEX) and operational expenditure (OPEX). And when it comes time to migrate to another solution, network function virtualization makes it possible to move to any location without having to install new equipment.
The report was segmented by application and geography, with the applications being switching elements (Routers), traffic analysis, service assurance, next generation signaling, security function and more. The regions of the world were divided into North America, Europe, Asia Pacific and Rest of World.
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