New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Virtual Networking Market: By Type, By Application and Region - Global Forecast Till 2030”, The global market will reach USD 214.33 billion at a whopping 29.41% CAGR by 2030.
Virtual Networking Market Growth Drivers
The simplicity in network management will boost market growth over the forecast period. End users can monitor and control their company's network with the help of virtual networking, which also offers full access to the network. In the event which a threat is detected, solution providers assist enterprises by alerting users and managing the network endpoints.
Key Players
Eminent market players profiled in the global virtual networking market report includes,
- Huawei Technologies Co. Ltd
- Hewlett Packard enterprise Co.
- IBM Corporation
- Oracle Corporation
- Microsoft Corporation
- VMware Inc.
- Citrix Systems Inc.
- Virtual Networking Solutions
- Verizon Communications Inc.
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Due to the existence of several international and domestic industry players, the worldwide virtual networking market is both fragmented and competitive. These players have employed a variety of cutting-edge techniques, such as contracts, partnerships, collaborations, joint ventures, new product launches, geographic expansions, and more, to stay on the cutting edge while also meeting the escalating client demand. They are also funding a lot of research and development projects.
Virtual Networking Market Opportunities
Multiple Benefits to offer Robust Opportunities
A smaller number of physical devices, simple network segmentation, scalability, fast deployment, and security from the destruction of physical devices are just a few of the many advantages that virtual networking offers. This will offer robust opportunities for the market over the assessment period.
Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 214.33 billion |
| CAGR during 2022-2030 | 29.41% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | The primary types of components assessed in this report, that are required for successful operation of virtual networking system, include hardware, software, and devices. For opportunity analysis, the application areas of virtual networking are also covered in the report on the global virtual networking market. |
| Key Market Drivers | The rise in adoption of cloud-based solutions is the factor that is propelling the growth of the global virtual networking market. |
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Restraints
Dearth of Technical Expertise to Remain as Market Restraint
The lack of technical expertise and high cost related to research and development may act as market restraints over the forecast period.
Challenges
Safety Issues to act as Market Challenge
Cyber security and safety issues, exorbitant research and development costs, and low adoption rate of virtual networking in underdeveloped countries may act as market challenges over the forecast period.
Virtual Networking Market Segmentation
The global virtual networking market is bifurcated based on type and application.
By type, service will lead the market over the forecast period. It will grow at a high CAGR and reach USD 31,911.2 million by 2023. This is due to a sharp rise in network automation, DevOps automation, and virtual cloud networking. In the IT industry, the use of virtual networking ensures cost savings and efficiency, which is projected to favor the segment's expansion through 2023.
By application, IT and Telecommunication will dominate the market over the forecast period. The growth of the segment is aided by the substantial increase in generated and stored data brought on by the expansion of the telecom industry and rising internet service penetration. Virtual networking services are used by telecom operators to build new corporate networks, increase operational effectiveness, and generate new income. Over the forecast period, the market growth of this application segment is anticipated to be driven by the growing adoption of server virtualization by IT and telecom enterprises with multiple locations as well as the rising demand for software-defined networking (SDN) and software-defined data centers (SDDC) for network virtualization.
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Virtual Networking Market Regional Analysis
North America to Lead Virtual Networking Market
Due to the increased use of cutting-edge communications technology and the quickly changing IT infrastructure, North America dominated the worldwide virtual networking industry. The US is anticipated to have the biggest impact on the expansion of the virtual networking market in the area for networking technology advancements and widespread use of modern communication techniques by Americans and Canadians. Government and network cooperation as well as increasing private player investment are the main growth factors for this region. A strong IT infrastructure and a concentration of major firms in the area are two elements promoting the market's expansion.
APAC to Have Admirable Growth in Virtual Networking Market
The fast-developing nations like China, Japan, & South Korea are mostly to blame for the higher CAGR that the Asia Pacific virtual networking market is predicted to see over the course of the forecast year. APAC is anticipated to hold a market share of 27.38% throughout the forecast period as a result of rising disposable income and the adoption of cutting-edge technologies by local businesses. A very profitable virtual networking market is Asia Pacific. The rise of the virtual networking market in the area is anticipated to be fueled by the development of digital platforms and a reliance on IT across key business verticals. Over the course of the assessment period, it is anticipated to grow at a considerably higher CAGR of 35.71%. In the years ahead, it is predicted that the creation of revenues would accelerate in fast-developing economies like China, Japan, and South Korea.
Europe to Have Significant Growth in Virtual Networking Market
Europe will have a significant growth in the virtual networking market over the forecast period. It will reach USD 16, 476.1 million. Germany and the UK are the most important country-level virtual networking markets in the region.
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COVID-19 Analysis
The COVID-19 pandemic has had an impact on the majority of businesses, although certain IT solution and service providers are in a good position. The use of social media, multimedia services, and mobile applications has substantially expanded as a result of the lockdowns in many nations, which is further likely to fuel the growth of the virtual networking industry. Additionally, in these difficult circumstances, providers of virtual networking solutions are crucial in assisting businesses, clients, and governments. Cloud-based virtual networking solutions enable a more satisfying client experience in such circumstances, and it is projected that their use will increase dramatically over the next few years.
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