Virtual Networking Market is Poised to Garner Maximum Revenues by 2023

Virtual networking is a technology that streamlines the control of remotely located devices or server through the Internet. It enables users to communicate locally and remotely, across similar and dissimilar networks, through a simplified interface. This technology combines hardware and software network resources and network functionality into a single network. The single network, also known as a virtual network, is a software-based administrative entity that provides cross-platform support and allows remote control between different devices or servers. Virtual networking facilitates the consolidation of a range of services and devices on a single hardware platform over the Internet.

Driving Factors

The growing adoption of server virtualization by enterprises with multiple locations and the rising demand for software-defined networking (SDN) and software-defined data centre (SDDC) for network virtualization are some of the major factors driving the growth of virtual networking market. Moreover, network virtualization is expected to advance its development pace in the coming years owing to the integration of various cloud-based platforms with the Internet of Things (IoT). However, a lack of proper infrastructure and budgetary constraints are some of the issues that slow down the market growth of such technological systems.

The applications of virtual networking services covered in the study are BFSI, public sector, manufacturing, hospitality, IT & telecommunication, and healthcare. The regions included in the study are North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA).

Key Findings

  • The global virtual networking market is expected to reach USD 62,080.4 million by 2023.
  • On the basis of type, the service segment accounted for the larger share with a market value of USD 5,026.4 million in 2017, which is projected to register a CAGR of 36.36% during the forecast period.
  • Based on application, the IT & Telecommunication segment accounted for the largest market share with a market value of USD 2,679.3 million in 2017 and is projected to exhibit a CAGR of 37.17%.
  • Geographically, North America is projected to hold the largest market share in the global virtual networking market followed by Europe, Asia-Pacific, and the rest of the world

Based on type, the service segment accounted for the larger share with a market value of USD 5,026.4 million in 2017, which is projected to exhibit a CAGR of 36.36% during the forecast period. Based on application, the IT & Telecommunication segment accounted for the largest market share with a market value of USD 2,679.3 million in 2017 and is projected to register a CAGR of 37.17%.

Regional Analysis

The global virtual networking market was led by North America had occupied 39.64% of the total market share in 2017. Europe and Asia-Pacific held the second and third position in the global virtual networking market globally by occupying 27.29% and 17.99% of the total market share respectively in 2017. Furthermore, Asia-Pacific is the fastest growing market at 35.71% CAGR. However, the market in the rest of the world is growing at a relatively slow rate and occupied only 15.06% market share in 2017.

The key players of the global virtual networking market are Huawei Technologies Co. Ltd, Hewlett Packard Enterprise Co, IBM Corporation, Oracle Corporation, Microsoft Corporation, VMware, Inc. Citrix Systems, Inc., Virtual Network Solutions and Verizon Communications Inc.

Browse full report with ToC: https://inforgrowth.com/report/2231424/-virtual-networking-market

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