According to a market research and competitive intelligence provider, the global virtualization software market is expected to reach US$ 300 billion by 2033, growing at a 22.3% CAGR from 2023 to 2033.
IT firms depend on software to imitate hardware functions and develop a virtual computer system to keep up with today’s high storage and processing needs. Virtualization 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 virtualization available, including storage, data, network, and desktop virtualization.
The widespread use of virtualization software for data security optimization across a variety of industrial verticals, including information technology (IT), telecommunications, retail, banking, financing, servicing, and insurance (BFSI), is propelling the global market forward. Furthermore, the widespread adoption of COVID-19 has prompted businesses to embrace bring-your-own-device (BYOD) and work-from-home models in order to maintain company operations, resulting in increased demand for virtualization software.
Major technological improvements, as well as the advent of virtual customer premises equipment (CPE) and network function visualization (NFV) for utilizing information technology (IT) virtualization technologies at lower costs, are also driving market expansion.
Furthermore, the introduction of cloud services has raised the demand for virtualization 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 virtualization software market growth.
Key Takeaways from Market Study
Key players operating in the virtualization 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 the offering of Mesh for Microsoft Teams on Meta Quest devices, as revealed at Meta Connect 2022. Users will be able to virtually gather where work is taking 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.
VMware and NetApp extended their partnership in August 2022 to support customers with multi-cloud modernization. VMware Cloud Foundation with Tanzu makes it possible for IT to handle container orchestration and virtual machines (VMs) from a single unified platform. VMware Cloud Foundation and VMware Tanzu support the use of NetApp ONTAP-based storage arrays, enabling customers to create a flexible data fabric for traditional VMs as well as new, containerized applications.
North America is expected to dominate the global virtualization 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 digitization activities by different regional organizations. Moreover, the expansion of the IT, telecommunications, and BFSI sectors is also contributing to the regional market expansion.
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Key Segments of Virtualization Software Industry Research
Network Function Virtualization
Fact.MR, in its new offering, presents an unbiased analysis of the global virtualization software market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023 to 2033.
Network Function Virtualization (NFV) Market: The network function virtualization (NFV) market is predicted to grow at a moderate CAGR of 6.6% during the forecast period. The network function virtualization market share is estimated to reach a value of nearly US$ 7.8 Billion by 2032, from US$ 3.9 Billion in 2021.
Server Virtualization Software Market: The global server virtualization software market is predicted to expand at a CAGR of 7.1% and touch a valuation of US$ 16 billion by the end of 2033, up from US$ 8 billion in 2023. Server virtualization refers to the method of creating multiple virtual servers from a single physical server, a place where several companies’ files are hosted on networks.
Generative Design Software Market: The global market for generative design software is valued at USD 229.40 Million. The market is expected to surpass a valuation of USD 1408.59 Million by the end of 2032. The market is likely to grow with a CAGR of 19.9% in the forecast period 2022-32.
Inspection Management Software Market: Global demand for inspection management software is estimated to increase at a stellar CAGR of 11.2% from 2023 to 2033. In 2023, the global inspection management software market is valued at US$ 9 billion and is thus expected to reach a market size of US$ 26 billion by the end of 2033.
Workshop Management Software Market: The workshop management software market allows users to schedule their employees and manage their workshop inventory. The workshop management software enables users to implement electronic vehicle inspections. Such factors are driving the adoption of workshop management software in the market.