Northbrook, IL -- (SBWire) -- 09/29/2021 --According to a new market research report "Virtual Router Market by Component (Solution (Integrated and Standalone) and Service), Type (Predefined and Custom), End-User (Service Provider (Telecom, Data Center, and Cloud) and Enterprises), and Region - Global forecast to 2023" published by MarketsandMarkets™, the market size expected to grow from USD 116.8 million in 2018 to USD 331.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period. The major factors driving the growth of the virtual router market are the decrease in CAPEX and OPEX, growth in demand for SDN and NFV, and the increasing need for mobility. Furthermore, growing demand for private cloud and virtual router applications across network segments are expected to provide significant growth opportunities in the market.
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The integrated solutions segment is expected to be the larger contributor in the virtual router market during the forecast period.
The integrated solution includes virtual router offerings integrated in a large SDN and NFV suite. Major network providers, such as Cisco and Juniper, offer virtual router capabilities within their NFV suite. Service providers and carriers can enable the virtual router capabilities within their network, which is offered by the players at various network segments, such as IP network, virtual mobile packet core, and cloud/NFV infrastructure. The integrated solution segment has a large market share in the global market, as the major players, such as Cisco, Juniper, Ericsson, and Nokia, are offering integrated virtual router solutions.
The managed services segment is expected to have the larger market size during the forecast period.
Managed services include outsourced services, such as infrastructure management and other support and maintenance services, to monitor activities from the customers' network to data centers. Virtual router vendors assist their customers efficiently to manage routing functionality, risk, and security within their networks. IBM and HPE are the key service providers in the virtual router market.
North America is expected to account for the largest market size during the forecast period.
North America is the major revenue generating region in the global market. The region has witnessed the maximum adoption of virtual router solutions, due to the increasing complexities in network infrastructure across all the service providers. In the North American region, enterprises in the US and Canada are expected to significantly adopt virtual router solutions. Therefore, the region is expected to account for the largest market size during the forecast period.
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The major vendors in the global virtual router market are IBM (US), Cisco (US), Ericsson (Sweden), Huawei (China), Nokia (Finland), Juniper (US), netElastic (US), Brocade (US), HPE (US), Arista Networks (US), ZTE Corporation (China), Carbyne (Israel), Palo Alto Networks (US), Check Point Software (Israel), Ross Video (Canada), Inventum (India), Drivenets (Ha-Sharon), 128 Technology (US), TRENDnet (US), Linksys (US), TIME (Malaysia), ACCESS (Japan), Allied Telesis (Japan), Connectify (US), and 6WIND (France).
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Virtual Router Market Predicted to Grow $331.5 Million by 2023
Virtual Router Market size expected to grow from USD 86.8 million in 2017 to USD 331.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.2%