The Virtual Router Market size is expected to grow from USD 116.8 in 2018 to USD 331.5 million by 2023, at a Compound Annual Growth Rate (CAGR) of 23.2% during the forecast period.
Virtual router solutions enable service providers and enterprises enhance network reliability and scalability, and thereby increase revenue and profit margins. The major factors driving the of the virtual router market are the decrease in CAPEX and OPEX, increase in demand for SDN and NFV, and growing need for mobility.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. With the growth in adoption of advanced technologies, the APAC region is experiencing increased data traffic on network, this is exerting extra pressure on service providers to deploy virtual router solutions to meet changing network requirements.
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The virtual router market by component has been segmented into solution and service. The service segment is expected to grow at a higher rate during the forecast period. The virtual router software provides advanced routing, stateful firewall, and VPN capabilities without sacrificing the reliability and carrier-class performance of hardware networking solutions. Therefore, these benefits are expected to create the demand for virtual router solutions among service providers and enterprises.
The solution segment is further classified into integrated solution and standalone solution.
The standalone solution is expected to grow at a higher CAGR during the forecast period. Standalone solutions include software that can be deployed as software routers on Commercial-Off-the-Shelf (COTS) servers. With increasing use cases and adoption of standalone virtual router solutions, it will gain traction in coming years.
Based on services, the virtual router market has been divided into professional services and managed services. The professional services segment is expected to grow at a higher rate during the forecast period. Professional services include training and consulting, deployment and integration, technical services, and optimization services for all the virtual router stakeholders.
The virtual router market by end-user includes service providers and enterprises.
The enterprises segment is expected to grow at a higher CAGR during the forecast period, as modern enterprises are primarily looking for solutions that can cater to the growing need to be flexible and agile in their business operations.
The service providers in the virtual router market are telecom, data center, and cloud service providers. Virtual routing solutions help telecom service providers reduce network congestions and minimize the cost associated with hardware requirement for network user expansions, leading to the largest market size of telecom service providers. The cloud service provider segment is expected to grow at the highest rate during the forecast period due to flexibility and ease of deployment of virtual router solutions and services.
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Major vendors in the global virtual router market include 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). These players have adopted new product launches, product enhancements, and partnerships as the key growth strategies to offer feature-rich products and services to their customers and penetrate deeper into the unserved regions.
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