Virtual networking technology control over one or more remotely located computers or servers over the internet. Various enterprises are adoption virtual networking to capitalize on the cost advantage offered by centralization of control. In addition, virtualization also helps in the reduction of cost and complexity of operation and maintenance of software and hardware. The global virtual networking market is anticipated to garner a dynamic CAGR of 34.3% over the forecast period of 2018-2023, proclaims Market Research Future (MRFR) in its latest extensive study. MRFR has projected the market valuation of 62,080.4 Mn in the virtual networking market by the end of 2023. The market stood at USD 10,727.5 Mn in 2017.
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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 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, Global 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.
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.
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