Market Research Future (MRFR)’s study indicates that the global virtual networking market is poised to mark a CAGR of 34.3% during the forecast period 2018 to 2023. The report further reveals that the global market is anticipated to value at USD 62,080.4 Mn towards the end of 2023. With the advent of globalization and digitization, enterprises are leveraging server virtualization for reaching more customers. The multi-tiered application architecture supported by server virtualization is likely to augment the global virtual networking market over the next couple of years.
The developments in the IoT technology is prognosticated to pave the way for the growth of the virtual networking market in the foreseeable future. In addition, the market is presumed to scale new heights with the integration of cloud-based platforms. The amalgamation of cloud and IoT technology has been presumed to boost the growth trajectory of the virtual networking market over the assessment period.
Key players are focusing on the capitalization of 5G services for the growth of the market. The market looks attractive at present and has been forecasted to remain so in the upcoming years. Nevertheless, the lack of technical expertise coupled with high costs associated with research & development is prognosticated to check the expansion of the virtual networking market across the review period.
Global Virtual Networking Market – Competitive Dashboard:
The major players profiled in this MRFR report are Microsoft Corporation, IBM Corporation, Huawei Technologies Co. Ltd, Oracle Corporation, VMware, Inc., Citrix Systems, Inc., Virtual Network Solutions, Hewlett Packard Enterprise Co., and Verizon Communications Inc.
Global Virtual Networking Market – Segmental Analysis:
By type, the virtual networking market has been segmented into hardware, software, and services. Among these, the services segment currently holds the maximum market share and is projected to value at USD 31,911.2 Mn by the end of 2023. It is also expected to thrive at a relatively higher CAGR owing to a drastic increase in virtual cloud networking, network automation, and DevOps automation.
By application, the virtual networking market has been segmented into BFSI, public sector, manufacturing, hospitality, IT & telecommunication, and healthcare. Among these, IT & telecommunication segment presently dominating the global market. The report indicates that the segment’s value is likely to reach USD 17,584.6 Mn towards the end of 2023 expanding at a comparatively higher CAGR of 37.17%. The deployment of virtual networking in the IT sector assures cost-cutting and efficiency, which is likely to favor the growth of the segment over 2023.
The global virtual networking market, by region, has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA). North America is poised to hold a dominant share and grow from USD 4,252.5 Mn in 2017 to USD 25,179.8 Mn towards 2023-end. The U.S. is estimated to contribute most significantly towards the development of the virtual networking market in the region. In addition, the presence of highly advanced IT infrastructure is anticipated to drive the proliferation of the regional market in the forthcoming years.
Europe, placed at the second spot, is estimated to be valued at USD 16,476.1 Mn by the end of the assessment period. The U.K. and Germany are the most vital country-level virtual networking markets of the region.
Asia Pacific is a highly lucrative virtual networking market. The growth of the digital platforms and the reliance on IT across major industry verticals is expected to propel the expansion of the virtual networking market in the region. It is estimated to expand at a relatively higher CAGR of 35.71% over the assessment period. Fast-developing economies such as China, Japan, South Korea are presumed to witness accelerated revenue creation in the forthcoming years. Meanwhile, virtual networking markets in Latin America and the Middle East & Africa are poised to exhibit substantial growth at 31.51% and 32.79% respectively.
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