Service Virtualization Market Revenue Growth Predicted by 2020-2027 | COVID-19 E
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The server virtualization market 20020 can touch close to USD 8 Billion by 2023, confirms Market Research Future (MRFR). The global market is all set to obtain a growth rate of 7% between 2017 and 2023, considered to be the evaluation period. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
Main Drivers and Key Challenges
The COVID-19 outbreak brought with itself a slew of challenges, with the hardest impact on the global economy. Governments everywhere were forced to impose a lockdown, along with quarantines and social distancing to curb the spread of the pandemic. One of the industries that had to bear the brunt of SARS-CoV-2 is IT & telecommunication, pushing the need for as many advanced technologies and tools that could facilitate continuous flow of operations. With the work from home trend being adopted by almost every workforce around the world, server virtualization has come to the forefront. The novel coronavirus has brought manufacturing and production units to a halt, leading to an increasing gap in the supply and demand ratio for devices such as computers, tablets and smartphones. The close down of manufacturing coupled with the rising fragility of the supply chain has been a major dampener for the server virtualization market.
Looking on the bright side, the vigorous efforts being given by the leading vendors along with the onslaught of revival offers from governments can eventually help the server virtualization market again find its foothold worldwide. Apart from this, the escalating demand for hyper-converged integrated system combined with the growth of software-defined data center solution can also be immensely favorable for the server virtualization market.
The latest trend in the market can be the rapidly mounting demand for cloud computing across enterprises, with gives a certain boost to the uptake of computational resources. Cloud computing has successfully taken virtualization to a higher level, as it helps enterprises automatically provide their applications to end users irrespective of the device’s location. Another notable development in the market can be the increasing collaborations and partnerships between leading firms that aim to boost their customer base.
To illustrate, in July 2020, OpenSynergy collaborated with Google as well as Qualcomm for development of virtualized Android Automotive OS that runs in conjunction with Qualcomm's Snapdragon SA8155 automotive SoC and OpenSynergy's COQOS Hypervisor SDK.
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The server virtualization industry has been segregated in terms of type, deployment, services and organization size.
Depending on type, the server virtualization industry has been considered for para virtualization, operating system level virtualization and full virtualization.
Deployment-based key categories are cloud and on-premises. On-premise deployment of server virtualization software is currently leading the global market, however the cloud based deployment segment can achieve better expansion rate in the near future.
The key services available in the global market include Consulting Service, Technology & Integration and Deployment Support & Maintenance Service.
The ranges considered based on organization size can be large enterprises along with small & medium enterprises.
The regional study of the server virtualization market comprises Asia Pacific/APAC, Europe, North America as well as RoW or Rest of the World.
North America remains one of the strongest contenders in the global market for server virtualization, thanks to the extensive prominence of numerous multinational IT vendors such as VMware, Cisco Systems, Inc. IBM Corporation, to name a few. The high implementation of the latest technologies across small as well as large enterprise also adds to the market attractiveness in North America.
The APAC market can potentially gain at the fastest rate, as a result of the expanding pool of server virtualization firms along with the fast developing IT infrastructure. The increasing spending on the development of the IT and telecommunication and BFSI industries also induces substantial market growth in the region.
Leading Industry Players
The leading industry players mentioned in the MRFR study are Amazon.Com, Inc. (U.S.), IBM (U.S.), Oracle Corporation (U.S.), Red Hat, Inc. (U.S.), VMware, Inc. (U.S.), Google Inc. (U.S.), Citrix Systems, Inc. (U.S.), Huawei Technologies Co. Ltd. (China), Odin Inc. (U.S.), Microsoft Corporation (U.S.), and more.
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Global Service Virtualization Market, By Component (Software, Service), By Deployment (On-Premise, Cloud), By Vertical (BFSI, Healthcare, IT & Telecommunication, Automotive, Retail & e-Commerce) - Forecast 2027
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