Healthcare sector is predicted to account for more than 15% of the network function virtualization market share by 2024
Ocean View, DE -- (SBWIRE) -- 04/17/2020 -- Network function virtualization market will be fueled by increasing deployment of NFC technology due to the need of robust data management systems. Growing demand for atomization of orchestration and organization of computing resources, storage devices, and network are key driving factors in the development of NFV and Software Defined Networking (SDN) technologies. The requirement for data center virtualization and server consolidation will also contribute as the major factors augmenting Network function virtualization market forecast which predicts the industry share to exceed $70 billion by 2024.
Key companies operated in the market are Amdocs, Arista Networks, AT&T Inc., Broadcom Inc., Cisco Systems, Inc., Ericsson, F5 Networks, Inc., Hewlett Packard Enterprise, Huawei Technologies Co., Ltd., Juniper Networks, Inc., Nokia Corporation, Oracle Corporation, Riverbed Technology, Inc., Verizon Communications, VMware, Inc., Wind River Systems, Inc.
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Healthcare sector is predicted to account for more than 15% of the network function virtualization market share by 2024. The growth can be attributed to the escalating penetration of virtualization technologies for managing massive healthcare IT networks. With a virtualized network, healthcare institutions gain the capability to advance network agility, decrease operational costs, and prioritize critical traffic.
For example, for such institutions, it becomes very important to recognize and prioritize network traffic and assign high bandwidth to critical applications related to patient care. The adoption of network and server virtualization has been enabling hospitals to organize their application workloads in the hospital data centers. These are the factors which will help to accelerate Network function virtualization market size by 2025.
Huge investment of telecom service providers to commercialize 5G will also play a major role for enhancing Network function virtualization market trends. A few of the typical problems in complex carrier networks are a huge variety of proprietary nodes and hardware appliances and the demand of supplementary proprietary hardware for introduction of new services. NFV enables telecom carriers to utilize network resources without being concerned about their physical location. Carriers are capable of using a single platform for various users, tenants, and applications with enhanced network device. Moreover, by reducing the standard network operator cycle of improvement, NFV lessens product's time to Network function virtualization market.
North America played a key role in network function virtualization industry revenue growth in 2017. Network function virtualization market forecast report has predicted that North America will hold more than 35% of the NFV industry share over 2018-2024.
The growth has been expected to be favored by prevalent adoption of industrial IoT (IIoT) in various Network function virtualization market verticals, availability of a huge data center ecosystem in the region, and key presence of top global cloud service providers in the United States. The U.S. government has been working swiftly to lead the world in 5G, the ensuing generation of wireless connectivity. The Federal Communications Commission (FCC) has been accentuating on creating additional low, medium, and high-band spectrum accessible for 5G services. It also emphases on decreasing regulatory barriers to boost investments in 5G networks.
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Meanwhile, it would be prudent to mention that the seamless deployment of NFV technology has been facing certain challenges which includes ensuring compatibility with legacy platforms, interoperability, performance trade-off, and simplicity which might prove to be roadblocks in rapid product penetration. However, the applications of NFV technology would undoubtedly drive various business verticals toward the next phase of network evolution and would prepare an ecosystem where the advantages of 5G connectivity would be leveraged in a highly efficient and agile manner. Driven by an escalating demand for server consolidation and data center virtualization, the remuneration portfolio of the global Network function virtualization market is projected to surpass USD 70 billion by 2024.
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