Network Function Virtualization (NFV) is a technology that allows network services to be virtualized and run on standard hardware instead of specialized devices. This means that functions like firewalls, load balancers, and routers can be implemented as software applications, making networks more flexible and easier to manage. By using NFV, service providers can quickly deploy and scale network services without the need for physical equipment. This reduces costs and improves efficiency, as updates and changes can be made through software rather than requiring hardware replacements. Overall, NFV supports a more agile and responsive network infrastructure.