According to the new market research report “Software-Defined Networking and Network Function Virtualization Market by Component (Solution (Software (Controller, and Application Software), Physical Appliances), and Service), End-User, and Region – Global Forecast to 2022”, published by MarketsandMarkets™, the global SDN and NFV market size is expected to grow from USD 3.68 Billion in 2017 to USD 54.41 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 71.4%.
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The major driving factors contributing to SDN and NFV growth include the increasing evolution and demand in mobility, the increased network complexity and varied traffic pattern, and the surge in demand for cloud service, data center consolidation, and server virtualization..
The telecommunication service providers segment is expected to be the fastest growing end-user for the global SDN and NFV market during the forecast period
The increasing adoption of SDN and NFV technologies by telecom service providers has boosted the overall network capacity potential by delivering flexibility in bandwidth. SDN transforms the network to a more open and programmable framework by implementing a decoupled centralized control layer, which in turn, enables implementation of NFV that optimizes network resources. This in turn, reduces network congestions, enhances network user capacity (bandwidth requirement), and minimizes the cost associated with hardware requirement for network user expansions.
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The manufacturing vertical is expected to show the fastest growth rate during the forecast period
In the current business scenario, the manufacturing vertical is completely IT-enabled and all the entities of a particular manufacturing unit are connected through a network. Manufacturing units across the world are rapidly adopting SDN solutions to better optimize their networks.
Asia Pacific (APAC) is expected to have the highest CAGR during the forecast period.
The APAC region is poised for strong growth in terms of SDN and NFV deployments over the network. The main reason behind this growth is the increasing number of data center deployments coming up in this region. Japan is said to be the biggest customer in this region, in terms of SDN and NFV revenues, but the maximum research about SDN and NFV technologies is being done in China and Korea. APAC is set to displace Europe from its second position in the SDN and NFV market in terms of revenue generation. Moreover, North America being one of the most technologically-advanced region, there are continuous advancements in technologies as well as business applications, and that is the driving growth for adoption of SDN and NFV in the region.
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