The technology finds application across different industry domains such as healthcare, BFSI, etc., which is anticipated to accelerate revenue growth of the market in the years to come. The process enables centralized access and control, which is motivating its mass deployment. This, in turn, is assessed to contribute to the development of the virtual networking market over the next couple of years.
Virtual networking is the process of combining software and hardware network resources into a single software entity. It facilitates the management of network resources more efficiently while reducing the investment on hardware. According to Market Research Future (MRFR)’s analysis, the global virtual networking market is expected to reach a valuation of USD 62,080.4 Mn by 2023. The market is poised expand at 34.3% CAGR across the projection period 2018 to 2023.
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The prominent players in the virtual networking market include IBM Corporation, Oracle Corporation, VMware, Inc., Hewlett Packard Enterprise Co., Verizon Communications Inc., Microsoft Corporation, Huawei Technologies Co. Ltd., Virtual Network Solutions, and Citrix Systems, Inc.
The players are investing in the expansion of their technological capabilities for staying ahead of the curve. In addition, factors such as rising investments in expansion of global footprint are anticipated to drive the proliferation of the virtual networking market over the next couple of years. Some of the approaches to be opted for growth by these competitors in the upcoming years are agreements, collaborations, mergers & acquisitions, partnerships, etc
Heightened demand for advanced solutions to control and manage a wide of complex devices and services on a single hardware platform for optimum functioning is a key factor enhancing the growth of the virtual networking market. The burgeoning growth of the telecom sector is likely to provide attractive growth opportunities to the virtual networking market. The emergence of 5G is going to provide an impetus to the market growth. On the other hand, the growth of the market is likely to be met by some hindrances in the upcoming years. The lack of technical expertise remains a key impediment to the growth of the market. In addition, exorbitant R&D costs also hinder the growth of the market.
The commercialization of 5G services is expected to revolutionize the growth pattern of the market in the nearby future. Digitization drive supported by the governments is likely to further support the growth of the virtual networking market in the upcoming years.
The global virtual networking market has been segmented based on type and application.
By type, the virtual networking market has been segmented into software, hardware, and service. The service segment has been further segmented into professional service, implementation service, consulting service, support, and maintenance service, and managed service.
By application, the virtual networking market has been segmented into BFSI, public sector, manufacturing, healthcare, and IT & telecommunication. The IT & telecommunication segment accounted for a 25% share of the global market and is likely to rule the market throughout the forecast period. The segment is estimated to reach a market valuation of USD 17,500 Mn by the end of 2023. The expansion of the telecom sector and increasing penetration of internet services has resulted in a considerable rise in generated and stored data which boosts the growth of the segment. Telecom operators utilize virtual networking services to generate new revenue business network, improve operational efficiency, and to create new business network services.
By region, the virtual networking market has been segmented into North America, Latin America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is expected to account for an advantageous share of the global virtual networking market throughout the forecast period. The presence of a robust IT infrastructure and concentration of key players in the region are factors aiding the growth of the market. The market currently accounts for almost 40% share of the global market. It is anticipated that the North America market would reach USD 25,179.8 Mn at a CAGR of 24.83% over the forecast period.
Europe is following similar growth patterns as North America and is most likely to remain in the second position throughout the forecast period. Europe virtual networking market can reach a valuation of 16,400 Mn by the end of the forecast period. The UK and Germany are the key contributors to the Europe market.
The APAC virtual networking market is a propitious one and is expected to register the highest CAGR of 35.71% over the forecast period. The virtual networking market is poised to witness accelerated growth over the forecast period.
The markets in Latin America and the Middle East & Africa are expected to exhibit substantial growth at 31.51% and 32.79% CAGR respectively.
Table of Content:
1 Executive Summary
2 Market Introduction
2.2 Scope of The Study
2.3 List of Assumptions
2.4 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Dynamics
Continued. . .
List of Table:
TABLE 1 MARKET SYNOPSIS
TABLE 2 LIST OF ASSUMPTIONS
TABLE 3 GLOBAL VIRTUAL NETWORKING MARKET, BY TYPE, 2013-2023 (USD MILLION)
TABLE 4 GLOBAL VIRTUAL NETWORKING MARKET, BY APPLICATION, 2013-2023 (USD MILLION)
TABLE 5 GLOBAL VIRTUAL NETWORKING MARKET, BY REGION, 2013-2023 (USD MILLION)
Continued. . .
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