Virtual networking is a technology that simplifies data communication between two or more virtual machines (VM). It is similar to conventional computer networking, deploying virtualized forms of standard networking solutions such as switches and network adapters, which enables more competent routing and more available network configuration alterations. According to Market Research Future, the global virtual networking market is poised to register a substantial market value of USD 62.08 billion by 2023, from USD 10.7 billion recorded in 2017. This growth is likely to be observed at a CAGR of 34.3% over the review period.
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Virtual networking also offers interconnection between VMs, virtual servers, and other connected devices across different data center locations and other associated components in a virtualized computing environment.
The segmental overview of the global virtual networking market is conducted on the basis of type, and application.
Based on the type, the virtual networking market has been segmented into software, hardware, and service. The service segment is accountable for the largest market share. The segment is anticipated to capture a CAGR of 36.36% over the assessment period. The service segment is divided into professional service, support and maintenance service, implementation service, consulting service, and managed service.
Based on the application, Virtual Networking Market Covid 19 has been segmented into BFSI, public sector, manufacturing, healthcare and IT & telecommunication. The IT & telecommunication segment directs the largest market share and the trend is likely to continue over the review period. In addition, the segment is anticipated to exceed a market value of USD 17.5 billion by 2023, reflecting a substantial CAGR.
The regional analysis of the global virtual networkin market has been conducted over North America, the Asia Pacific, Europe, and the rest of the world. The rapid development in technology and advancement in internet connectivity is improving the control of servers or remotely located devices through virtual networking. The increasing demand for progressive technology that can amalgamate various methods and services on a single hardware platform, growing utilization of machinery, services, and devices that involve virtual networking for optimal functioning and upsurge in adoption of cloud-based solutions are the prime factors that are fuelling the growth of the global virtual networking market.
The major market players identified in the global virtual networking market are Hewlett Packard enterprise Co., Huawei Technologies Co. Ltd, IBM Corporation, Oracle Corporation, VMware, Inc., Microsoft Corporation, Virtual Networking Solutions, Citrix Systems, Inc., and Verizon Communications Inc.
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