Virtual Networking Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Deployment Type (On-Premises, Cloud), By End-User (Banking, Financial Services, and Insurance (BFSI), Public sector, Manufacturing, Hospitality, Healthcare, IT and Telecommunications, Others)and Regional Forecast, 2023-2030

Virtual networking is a technology that encourages data communication between virtual machines by combining hardware and software network resources using software-based management or the internet. Virtual networking provides a wide number of benefits such as a reduced number of physical devices, easy segmentation of networks, scalability and agile deployment, and security from the destruction of physical devices. Network virtualization is used in application development and software testing by emulation of connections between applications, services, dependencies, and end-users for software testing. With installing a virtual network within a single processor, organizations will not require to consider network traffic outside the processor.

Key Market Driver -

Increasing demand for minimization of cost and complexity of operation and maintenance of hardware and software

Key Market Restraint -

Data security and privacy concerns to hamper market growth

With the rising digitization, organizations are adopting virtual networking concepts to secure servers from physical destruction. Increasing developments in the fields of IT infrastructure and high adoption of advanced communications are some of the major factors fueling global virtual networking market growth. The adoption of cloud technology and the Internet of Things (IoT) is expected to dominate the global virtual networking market over the forecast period.

Nevertheless, lack of expertise coupled with high costs associated with virtual networking will hamper the global virtual networking market growth.

Market Segmentation:

By component, the market is segmented into hardware, software, and services. Based on the deployment type, the market is fragmented into on-premises and cloud. On the basis of end-user, the market has been segmented into banking, financial services, and insurance (BFSI), public sector, manufacturing, hospitality, healthcare, IT and telecommunications, and others.

From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The major companies in the global virtual networking market report include Microsoft Corporation, IBM Corporation, Huawei Technologies Co. Ltd, VMware, Inc., Verizon, Citrix Systems, Inc., Hewlett Packard Enterprise Development LP, and Virtual Network Solutions, Inc

Regional Analysis:

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The global virtual networking market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America, followed by Europe, dominated the global virtual networking market owing to the increasing adoption of advanced communications technology and rapidly evolving IT infrastructure. The US is expected to contribute most significantly to the growth of the virtual networking market in the region. Asia Pacific virtual networking market is expected to expand at a higher CAGR over the forecast period, mainly owing to the fast-developing countries such as China, Japan, and South Korea. Latin America and Middle East & Africa are projected to register a higher CAGR by the end of the forecast period.

Segmentation

Virtual Networking Industry Developments

• In January 2020, Citrix Systems, Inc. launched Citrix Analytics for Performance, a next-generation service to help monitor server-side infrastructure, and enable IT administrators to identify performance issues.


• In September 2019, VMware, Inc. launched upgraded versions of VMware Workstation and VMware Fusion solutions to integrate modern development tools to automate development, design and testing tasks.