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NFV is an initiative to transfer the “Network Services” sector through virtualizing the network services by replacing the dedicated hardware with Virtual Machines.
What that means is "NFV is to separate network functions from dedicated hardware devices"; to use Virtual Machines instead of physical routers, physical firewalls and physical load balancers. Once the Hypervisor controls the network functions, the services can be performed on standard x86 servers. The ability to scale up and scale down according to your needs and requirements.
For e.g. We purchase a server which support 1000s of customers, it might also support all the capacity you have but what if you don’t have any customers? You’ve already paid for it and it is just sitting there using power and not doing anything useful. As you grow your business you’ll be able to fill that hardware box to its maximum capacity and then start all over again by purchasing another one. With NFV you can avoid all of that and literally pay for the things you need and when you need them. NFV allows you to instantiate these network services or functions on demand, as many you need, at any given point of time, scaling them up and scaling them down. Ultimately you get a lot of flexibility.