The Network Function Virtualization (NFV) Market by Component (Solutions, Orchestration and Automation, and Professional Services), Virtualized Network Function, Application (Virtual Appliance and Core Network), End User, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global NFV market size is expected to grow from USD 12.9 billion in 2019 to USD 36.3 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period. The demand for network virtualization and automation and emergence of cloud services, data centers consolidation, and server virtualization are some of the major drivers of this market.