Abstract - In 2013, the IEEE Future Directions Committee (FDC) formed an SDN work group to explore the amount of interest in forming an IEEE Software-Defined Network (SDN) Community. To this end, a Workshop on "SDN for Future Networks and Services" (SDN4FNS'13) was organized in Trento, Italy (Nov. 11th-13th 2013). Following the results of the workshop, in this paper, we have further analyzed scenarios, prior-art, state of standardization, and further discussed the main technical challenges and socio-economic aspects of SDN and virtualization in future networks and services. A number of research and development directions have been identified in this white paper, along with a comprehensive analysis of the technical feasibility and business availability of those fundamental technologies. A radical industry transition towards the "economy of information through softwarization" is expected in the near future.