According to the report, The global virtual router market size was valued at $90.00 million in 2017, and is projected to reach $515.00 million by 2025, growing at a CAGR of 24.40% from 2018 to 2025.
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Rapid improvements in network agility, increasing efficiency of scale out, growing demand for private cloud drive the growth of the global virtual router market. In addition, virtual routers are an effective replacement for traditional, physical routers, as these reduce the total cost of ownership (TCO) of service providers, which in turn supplements the market growth. However, virtual router are unable to perform the functions of a heavy-duty core IP router, which hampers the market growth. On the contrary, upsurge in demand for SDN and NFV is anticipated to create lucrative opportunities for the market players in the coming years.
The services segment held the largest market share, contributing about 70% of the total market revenue in 2017, owing to the growing need to monitor and update the virtual router software. However, the software segment is expected to portray the fastest CAGR of 25.6% during the forecast period, as large enterprises and SMEs opt for low-cost virtual router software to forgo the capital expenditure required for purchasing physical systems for advanced networking.
The report analyzes the major end users such as service providers and enterprises. The enterprise segment contributed the largest share in 2017, holding about 58% of the total market revenue, as virtual router eliminates the burden of installing and managing complex software and hardware. However, the service provider segment is expected to register the fastest CAGR of 25.1% during the study period, owing to the increased adoption of virtual routers among telecom and cloud service providers to design an optimal network architecture.
The key players analyzed in the report include 128 Technology, Cisco Systems, Hewlett Packard Enterprise, Huawei Technologies Co., Ltd., Broadcom (Brocade Communications Systems), Juniper Networks, Nokia, International Business Machines Corporation (IBM), 6WIND, Ericsson, and Netronome. These market players have adopted several market strategies such as new product launch, partnerships, collaborations, and mergers & acquisitions to maintain its foothold in the industry.
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