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Virtual Router Market Projected To Hit USD 1.4 Billion at a
New York, US, March 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 market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 20.35% to attain a valuation of around USD 1.4 Billion by the end of 2030.
Market Competitive Analysis
Active players in the global Virtual Router Market are:
- Cisco Systems, Inc. (Cisco)
- Ericsson Inc. (Ericson)
- Huawei Technologies Co., Ltd. (Huawei)
- Nokia Corporation (Nokia) Juniper Networks, Inc. (Juniper)
- International Business Machines Corporation (IBM)
- netElastic Systems (netElastic)
- Brocade Communications Systems, Inc. (Brocade)
- Hewlett Packard Enterprise Development LP (HPE)
- Arista Networks, Inc. (Arista Networks)
- ZTE Corporation; Carbyne LTD (Carbyne)
- Palo Alto Networks, Inc. (Palo Alto Networks)
- Check Point Software Technologies Ltd. (Check Point)
- Ross Video Limited (Ross Video)
- 6WIND; Inventum Technologies Private Limited (Inventum)
- DRIVENETS; 128 Technology, Inc. (128 Technology)
- TRENDnet, Inc. (TRENDnet)
- Belkin International, Inc. (Linksys)
- TIME dotCom Bhd (413292-P) (TIME)
- ACCESS CO., LTD. (ACCESS)
- Allied Telesis, Inc. (Allied Telesis)
- Connectify, Inc. (Connectify)
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Virtual Router Market Report Scope:
|Virtual Router Market Size by 2030||USD 1.4 Billion (2030)|
|Virtual Router Market CAGR during 2022-2030||20.35%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|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.|
Whereas businesses strive to cut costs, hardware routers are a nuisance since they require adequate maintenance, which adds to the cost. As a result, the need for virtual routers in network environments is rapidly growing. It is the hardware router in virtual form. It is an instance of software that mimics all the features of a hardware router. Through the use of a software programme, a server or computer can now execute the network and packet routing functions of a hardware router by incorporating VRRP.
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The network's reliability is also improved by this piece of software. The growth of the virtual router market is due to a router's simplicity of use.
Most industry have had difficulties as a result of the COVID-19 epidemic. Governments' forced indefinite shutdown has prompted organisations to adopt a new workplace culture. Organizations are attempting to reduce maintenance costs across network environments as well. As a result, this new circumstance is giving the market a boost. Also, it offers greater dependability and functionality.
The hardware router incurs additional costs at a time when businesses are primarily focused on decreasing costs. Moreover, virtual routers are more reliable than hardware ones.
Except for a physical body, it has all the features of a real router. The market for virtual routers has been greatly boosted by their affordability and utility.
Businesses are also migrating towards the virtual routing system due to the cloud-based network's many benefits, including privacy and security, customisation, and efficiency. Using the virtual solution can significantly aid the originations in improving management while cutting costs.
The Virtual Router Market's most difficult task is implementing the virtual router. It lacks the knowledge and experience necessary to put the next generation's virtual routing system into place. The main market constraint is the resistance to adopting virtual routing solutions.
Several service providers, including telecom and internet service providers, still use hardware routers, which are not only dangerous but also require additional maintenance expenses. Moreover, the physical router does not offer the same compatibility as the virtual router.
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Based on the market's expansion and Virtual Router Market Size, the Market Component, Type, End-user, and Region.
By Component, the market is further segmented into Solution and Service.
Based on type, the market is further segmented into Pre-defined and Custom.
Based on end-user, the virtual router industry is further segmented into Service Provider and enterprises. The service provider segment is further segmented into Telecom, Data Center, and Cloud.
Based on the geographic Virtual Router Market Segments, the market is majorly divided in- North America, Europe, APAC, Latin America and MEA.
In the global market for virtual routers, North America is expected to have the largest market growth due to the quickly expanding need for virtual routing solutions for the improvement of network infrastructure.
North America's regional market is predicted to be dominated by the United States, Canada, and Mexico, which are also predicted to have the fastest rates of economic growth. The industry is receiving significant investment from several well-known key companies, including IBM Corporation, Juniper Networks, Cisco Networks, and others, and the adoption of virtual routers by service providers is fueling market expansion. By adopting virtual routing, a number of industries, including healthcare, IT and telecommunication, BFSI, and government agencies, are also making contributions to the industry.
On the other hand, Asia-Pacific is anticipated to surpass North America as the region with the second-highest market value in the global regional market for virtual routers. The rapid development of software defined networking (SDN) and network function virtualization (NVF) is the cause of the market growth in nations like India, China, and Japan (SDN). The numerous small and medium-sized businesses, who manage enormous amounts of data, will also be a major factor in the market's growth during the course of the projection year.
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During the projection period, the European market is anticipated to grow the fastest. The virtual router market is experiencing growth due to the vastly expanding acceptance of virtual routing solutions in European nations like the UK, Germany, Italy, France, and Spain.
Moreover, a moderate rise is anticipated for the MEA and Latin American markets during the forecast period. Throughout the projection period, the market in the Middle East and Africa is anticipated to have a sizable CAGR.
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