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 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.
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 segments of Network Virtualization Market, on the basis of type, are software, hardware, and service. The sub-segments of the service segment are support and maintenance service, implementation service, consulting service, professional service, and managed service. Among these, the service segment is anticipated to dictate the growth of the global market over the next couple of years. It is projected to thrive at a CAGR of 36.36% during the evaluation period. An upsurge in demand for DevOps automation, network automation, etc. is likely to drive the revenue generation for the segment in the years to come.
The segmental analysis of the virtual networking market, based on application covers BFSI, manufacturing, healthcare, public sector, and IT & telecommunication. The IT & telecommunication segment is assessed to lead the expansion of the market in the nearby future. It is presumed to value at over USD 17,500 Mn by the end of the review period.
The global virtual networking market has been analyzed on a regional and country-level basis in this study. The regionals segments of the market are – Europe, Latin America, the Middle East & Africa (MEA), North America, and Asia Pacific (APAC). North America led the global market in 2017 and is anticipated to strike 24.83% CAGR across the projection period. Europe is prognosticated to value at over USD 16,400 Mn by 2023 and maintain its standing at the second spot through the forecast period. Asia Pacific is also likely to thrive substantially over the next few years. It is assessed to expand at a comparatively higher CAGR in the forthcoming years. China, Korea, and Japan are the prime sub-regions which are expected to boost revenue growth of the virtual networking market.
Huawei Technologies Co. Ltd, IBM Corporation, Virtual Networking Solutions, Hewlett Packard Enterprise Co., Oracle Corporation, VMware, Inc., Microsoft Corporation, Citrix Systems, Inc., and Verizon Communications Inc. are the noted players operating in the global virtual networking market.
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