New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Virtual Router Market By Component, By Type, By End- Users, By Region — Forecast till 2030. The global virtual router market will touch USD 1.4 billion at a 20.35% CAGR by 2030, as per the current Market Research Future report.
Drivers
Growing Need for Cloud Services to Boost Market Growth
The rising need for private clouds and the expanding popularity of cloud services will boost market growth over the forecast period. These cloud services are strengthening their operations via the employment of virtual routers, consequently boosting market growth. The need for virtual routers has significantly increased due to its favorable characteristics, which include faster data acquisition, faster network speed increases, safer storage networks, amid others for cloud services. Moreover, they lower CAPEX and OPEX, which helps the virtual router industry expand.
Key Players
Prominent market players profiled in the global virtual router market report include:
- IBM Corporation (US)
- Cisco Systems (US)
- Ericsson Inc. (US)
- Huawei Technologies Co., Ltd. (US)
- Nokia Corporation (Finland)
- Juniper Networks Inc. (US)
- netElastic Systems Inc. (US)
- Brocade Communications Systems (US)
- Hewlett Packard Enterprise Company (US)
- Arista Networks Inc. (US)
- ZTE Corporation (China)
- Carbyne (Israel)
- Palo Alto Networks (US)
- Check Point Software Technologies (Israel)
- Ross Video (Canada)
- Inventum (India)
- DriveNets (Israel)
- 128 Technology Inc. (US)
- TRENDnet Inc. (US)
- Belkin International Inc. (US)
- TIME dotCom Berhad (Malaysia)
- ACCESS (Japan)
- Allied Telesis Inc. (Japan)
- Connectify Inc. (US)
- 6WIND S.A. (France)
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Opportunities
Increasing Use in Different Industries to offer Robust Opportunities
Many sectors, including telecommunications and information technology, government and defense, healthcare, & retail, are driving demand for virtual routers. Some businesses are implementing virtual routers to boost network efficiency and reduce expenses.
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 1.4 Billion |
| Growth Rate | CAGR of 20.35% from 2022 to 2030 |
| Key Market Opportunities | Virtual router market is considerably driven by increasing penetration of software defined networking (SDN) and network function virtualization (NFV). Virtual router market is expected to grow with the growing need for mobility, rising penetration of software-defined WAN, high demand for private cloud and virtual router applications across various industry verticals such as BFSI, manufacturing, healthcare, and telecommunication. |
| Key Market Drivers | Asia-Pacific is expected to be the fastest growing region in the virtual router market due to growing penetration of software defined networking (SDN) and network function virtualization (NFV) in countries such as China, India, Japan, and others. |
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Restraints and Challenges
High Set-Up Price to act as Market Restraint
The high set-up price, lack of expertise & skills, security concerns about virtualized environment, and reluctance to adopt virtual routers may act as market restraints over the forecast period.
Market Segmentation
The global virtual router market is bifurcated based on end users, type, and component.
By component, services will lead the market in the forecast period.
By type, custom will domineer the market over the forecast period.
By end users, service providers will spearhead the market over the forecast period.
COVID-19 Analysis
COVID-19 severely constrained the industry with the installation of widespread lockdowns, travel and transportation restrictions, and factory closures. Major initiatives around the world were impacted by the lack of raw materials and the rising transmission risk in terms of production & supply chain management. Yet with fewer cases, more immunizations, and the lifting of lockdown limitations, the industry is poised to rebound and may see significant growth.
Regional Analysis
North America to Head Virtual Router Market
North America is anticipated to rule the virtual router industry. This increase is due to the extensive use of SDN & NFV technologies. Aggressive investment is being made in the developed nations such as the US & Canada to construct 5G infrastructure as well as a decrease in CAPEX and OPEX are also expected to boost market growth. In addition, it is projected that favorable regional government regulations and policies will promote the growth of digital & smart infrastructures.
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The North American region is anticipated to represent a sizeable portion of the market because of the expansion of R&D and advancements in networking technology. In the region, network infrastructure complexity is also rising, service providers are increasingly using virtual router solutions to optimize their networks, and there is a growing need to provide better customer experiences across all of the major industrial verticals. Due to the high use of software-defined networks, expansion in Research and Development (R&D), and improvements in network function virtualization solutions, the North American region is anticipated to hold a significant share of the market. Also, there is a growing need for a better customer experience in the key industry verticals, as well as favorable government legislation and policies.
The demand for virtual routers in North America is also anticipated to increase due to the region's highly developed internet infrastructure and the introduction of technologies like 5G, as well as the growing adoption of virtual router solutions by service providers to optimize their networking and a growing preference to improve the customer experience across in all major industry verticals in this region.
APAC to Have Admirable Growth in Virtual Router Market
In the global regional market for virtual routers, Asia-Pacific is predicted to overtake North America as a region having the second-biggest market value. The reason why the market is expanding in countries like India, China, and Japan is due to the rapid progress of software defined networking or (SDN) & network function virtualization (NVF). The market's expansion throughout the course of the projected year will also be significantly influenced by the numerous small & medium-sized firms, who manage large volumes of data. The growing complexity of network infrastructure, the growing adoption of virtual router solutions by service providers to optimize their networks, and the growing demand to deliver an improved customer experience across all of the key industry verticals are main growth factors for the virtual router market in APAC.
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Industry Updates
February 2023- At MWC 2023, network software vendor Mavenir unveiled the Virtual Cell Site Router (vCSR). The cell site routing logic is moved within a containerized virtual function inside the Open RAN DU server as a result of this solution (running on COTS hardware). The new solution will be generally accessible in the second part of this year and is currently being implemented by a tier one communication service provider.
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