Demand for virtualisation software to surge at a CAGR of 22.3 percent from 2023 to 2033
Published on : Friday 13-01-2023
The introduction of cloud services has raised the demand for virtualisation software to improve communication.
January 2023 – The global virtualisation software market is estimated to achieve a valuation of US$ 300 billion by 2033, advancing rapidly at 22.3 percent CAGR from 2023 to 2033.
IT firms depend on software to imitate hardware functions and develop a virtual computer system to keep up with todays high storage and processing needs. Virtualisation software allows many operating systems and applications to run on a single server. The software makes it possible to run two or more operating systems on the same PC or device. There are several forms of virtualisation available, including storage, data, network, and desktop virtualisation.
Extensive adoption of virtualisation software for optimising data security across several industrial verticals, including information technology (IT), telecom, retail, and banking, financing, servicing, and insurance (BFSI) sectors, is boosting global market growth. Moreover, the outbreak of COVID-19 has prompted enterprises to embrace bring-your-own-device (BYOD) and work-from-home models for continuing company operations, which is increasing the demand for virtualisation software.
Major technological improvements, as well as the advent of virtual customer premises equipment (vCPE) and network function visualisation (NFV) for utilising information technology (IT) virtualisation technologies at lower costs, are also driving market expansion.
Furthermore, the introduction of cloud services has raised the demand for virtualisation software to improve communication and satisfy the increasing network needs of enterprises. Moreover, increasing smart device sales, the advent of the fifth generation (5G) network, and strong investments in research and development (R&D) activities to launch advanced web-related solutions, like broadband and fiber, are propelling the global virtualisation software market growth.
Regional Analysis
North America is expected to dominate the global virtualisation software market due to the presence of many data technology vendors in the region. Furthermore, the availability of upgraded infrastructure is projected to accelerate regional market growth over the predicted period.
Asia Pacific is predicted to experience substantial growth during the forecast period due to the use of modern technology and the increasing number of digitisation activities by different regional organisations. Moreover, the expansion of the IT, telecommunications, and BFSI sectors is also contributing to the regional market expansion.
Key Takeaways from Market Study
· The global virtualisation software market is worth USD 40 billion in 2023.
· The market is predicted to touch USD 300 billion by the end of 2033.
· The market for virtualisation software is anticipated to progress rapidly at a CAGR of 22.3 percent from 2023 to 2033 (forecast period).
· The United States market was worth USD 17.6 billion in 2022.
· The network function virtualisation segment is expected to increase at a CAGR of 16.4 percent during the forecast period.
Competitive Landscape
Key players operating in the virtualisation software market are actively pursuing marketing methods such as partnerships, investments, acquisitions, technological innovations, and R&D activities to expand and strengthen their market presence.
Microsoft and Meta teamed up in October 2022 to build immersive experiences for the future of work. The partnership enables to offer Mesh for Microsoft Teams to Meta Quest devices, as revealed at Meta Connect 2022. It will allow users to virtually gather where work takes place on any device, including mixed-reality headsets, laptops, and smartphones. Mesh for Teams with Meta Quest 2 and Meta Quest Pro devices allows users to connect and collaborate as if they were in the same room.
These insights are based on a report on Virtualisation Software Market by Fact.MR.
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