The Virtual Router Market size is estimated at USD 278.21 million in 2024, and is expected to reach USD 767.44 million by 2029, growing at a CAGR of 22.5% during the forecast period (2024-2029).
The virtual router market is driven by the increasing demand from the telecommunication and enterprise sector as service providers are increasingly moving from expensive, dedicated hardware devices to virtualized solutions that reduce the total cost of ownership (TCO), flexibility, and scalability.
The virtual router market has been gaining a competitive edge in recent years and is moderately competitive. The companies in the market are strategically innovating, partnering, and expanding to provide innovative virtual router solutions.
In January 2022, Juniper Networks Inc. introduced new software features and hardware to make it easier for companies to manage their routers, forming a crucial corporate network building block. Juniper expanded its presence in the enterprise router market in 2021 by acquiring a startup called 128 Technology Inc. for USD 450 million. The company repackaged the virtual router software obtained through the acquisition into the Session Smart Router (SSR) product. Businesses can use SSR to establish network connectivity between data centers, branch offices, and cloud deployments.
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