Network Function Virtualization (NFV) primarily portrays a picture of the VMware adopted in computer systems for replacing additional hardware requirements and ensures cost reduction in overall operations. In a similar manner, NFV in 5G primarily replaces the need for dedicated hardware devices such as routers, load balancers, and firewalls with virtualized instances running as software on commercial off-the-shelf (COTS) hardware.
The global 5G equipment market is valued at USD 1,982 million in 2020 and is estimated to grow at a CAGR of 57.7% during the forecast period 2019-2026.
For instance, in August 2019, Huawei Technologies, a telecommunications equipment company, announced plans to invest approx. USD 800 million in building a plant in Sao Paulo by 2022. Similarly, in May 2019, Huawei announced an investment of about USD 100 million in improving Chile’s internet infrastructure, creating a platform for the smooth deployment of 5G technologies in the long run.
The global 5G equipment market has been segmented majorly based on type and application.
The global consumer electronics sector is evolving at a rapid pace and expected to witness the emergence of several new consumer technologies.