The global Virtual Router Market size generated revenues worth $118.9 billion in the year 2018 and the demands in the market are projected to register growth at an impeccable CAGR of 23.8% during the forecast period 2019 to 2025. The virtual router market players are leveraging on the gigantic progress in the small and medium sized information technology enterprises. Additionally, the outbreak of the Industry 4.0 revolution has presented a gamut of opportunities in the virtual router market. The Internet of Things (IoT) devices are flooding the commercial and residential complexes which is further expanding the business in the global market. Majority of the IT enterprises are tempted to shift to virtual routers instead of conventional routers as they offer improved reliability on the network virtualization owing to the implementation of virtual router redundancy protocol (VRRP). Additionally, implementation of virtual routers removes the extra hardware cost to the companies. Such optimum perks provided by the virtual routers are benefiting the IT companies that is supporting the global market growth.
Virtual Router Market Application Analysis
By component, the service provider is considered as the major application in the global virtual router market. This application resonates a growth at a double-digit CAGR of 12.2% during the forecast period. Evidently, the Internet services providers are making considerate capitals by implementing virtual router system to their customers. And, with the regularly growing prevalence of the Internet in every section of the society has vacated the need of router firewall, thus, global market is probable to witness significant uptick in the near future.
Virtual Router Market Geographical Distribution
The North American region was observed as the most lucrative region in the virtual router market with the regional market share of 27% in 2018. North America is one of the most developed region in the world and thereby it attracts major IT firms which, in turn, is boosting the demands in the market. The early adoption of cloud computing, Internet of Things (IoT), and artificial intelligence (AI) in countries like the United States and Canada are the major growth catalysts in the region. The tremendously flourishing start-up culture in the region is also one factor burgeoning the market growth.
Virtual Router Market Competitive Landscape
The companies influencing the market are IBM Corporation, Brocade Communications Systems, Ericsson, Huawei Technologies Co. Ltd. , Nokia Corporation, Juniper Networks, NetElastic Systems Inc., Hewlett Packard Enterprise, Arista Networks, ZTE Corporation, Palo Alto Networks, Cisco Systems, Check Point Software, Ross Video, and Inventum.