by Component (Orchestration, Professional Services), Virtualized Network Function, Application (Virtual Appliances, Core Network), End User (Enterprises, Service Providers, Data Centers) - Global Forecast to 2027", published by Meticulous Research ®, the Network Function Virtualization (NFV) market is expected to reach $122 billion by 2027, at a CAGR of 34.9% during the forecast period of 2020 to 2027. Network functions virtualization (NFV) involves strategies for virtualization of network services that traditionally run on proprietary, dedicated hardware. It incorporates cloud and virtualization technologies to drive rapid development of new network services with scalability and automation. It involves decoupling of network functions from proprietary hardware appliances and running them as software in virtual machines (VMs). NFV has been hugely beneficial for global IT industry to modernize their enterprise networks. It has the ability to virtualize classical network functions like switching, routing, firewalls and so on. Furthermore, NFV improves scalability and agility by allowing service providers to deliver new network services and applications on demand, without requiring additional hardware resources.