Growing Demand for Novel Remote Access Solutions Drive Virtual Customer Premises Equipment Market
New York, US, March 15, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), ” Virtual Customer Premises Equipment Market: By Solutions, By Service, By End-User Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 35.2% to attain a valuation of around USD 3,818.8 Million by the end of 2030.
Adopting virtual solutions can effectively help the originations with better management in a cost-reducing way. Due to their significant cost-effectiveness and efficiency, virtual customer premises equipment garner vast popularity and prominence. Hardware components need proper maintenance, which further adds to network environment expenditures.
Therefore, enterprises prefer virtual customer premises equipment to reduce component costs, driving the market demand. The virtual form of a physical component is a software instantiation that replicates all hardware functionalities. Virtual customer premises equipment enables a server or computing network and routing hardware functionalities through a software application, increasing the reliability of the network. Also, convenience is a major factor boosting the adoption of virtual customer premises equipment.
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Virtual Customer Premises Equipment Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 3,818.8 Million (2030) |
| Market CAGR during 2020-2030 | 35.2% |
| Base Year | 2019 |
| Forecast | 2020-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The market is developing a rising need for mobility and there is an increased quantum of demand for virtual solutions and services |
Competitive Analysis
Fiercely competitive, the virtual customer premises equipment market appears fragmented due to the presence of various large and small-scale players. Matured players are substantially investing in transforming the business landscape in the future. Key players are incorporating strategic initiatives such as partnership, collaboration, acquisition, product & technology launch, and expansion to gain an edge over their competitors and thus to stay ahead in this market.
Top companies are developing advanced technology solutions to maintain themselves in the market competition. These market leaders are substantially investing in R&D to innovate new products continuously. They invest heavily to support their expansion strategies and acquire small yet promising companies from emerging regions.
Key players leading the global virtual customer premises equipment market include VMWare Inc. (US), ALTEN Calsoft Labs (US), Ericsson Inc (Sweden), Telco Systems (US), Hewlett Packard Enterprise (US), IBM Corporation (US), Versa Networks (US), Juniper Networks Inc. (US), Cisco Systems Inc. (US), and NEC Corporation (Japan).
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Industry Trends
Virtual customer premises equipment (vCPE) is increasingly used by IT & telecom and data center service providers. Vast adoption of vCPE in the IT & telecommunication industry and various industries, such as automotive, consumer electronics, government, and defense, boost the market size. Besides, rapid advances in wireless communication technologies define the growing market landscape.
Increasing enterprise budgets for virtual customer premises equipment drive a greater interest in investment opportunities in this high-growth sector. OEMs have been using remote connectivity to employ service equipment faster, reduce workplace exposure to the virus, and reduce travel & downtime. Moreover, growing mobile telecommunication system networks escalates the market shares.
Growing virtualized network functions like VPN, routing, and firewall/CGNAT drive market demand. Virtual customer premises equipment also provides the compatibility that most hardware CPE lack. Virtual customer premises equipment witness significant demand across major enterprises due to their low operating costs for hardware maintenance & infrastructure, flexibility to migrate IP routing functions in a network or data center, and uninterrupted service across the entire network.
Most enterprises worldwide strive to cut component costs, and hardware routers add extra expenditure. Also, virtual customer premises equipment is more reliable than hardware ones. On the other hand, implementing customer premises equipment is quite complicated, a major factor impeding the market growth.
Implementing virtual customer premises solutions needs the next level of skills and expertise. Also, the reluctance to adopt virtual customer premises solutions poses significant challenges to market growth. Many telecom and internet service providers are still using customer premises equipment.
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Segments
The virtual customer premises equipment market is segmented into solutions, services, end-users, and regions. The solution segment is sub-segmented into virtual switches, virtual routers, security & compliance, and others. The service segment is sub-segmented into professional and managed services. The end-user segment is sub-segmented into BFSI, healthcare, manufacturing, government, IT & telecommunications, and others. By region, the analysis is segmented into the Asia-Pacific, Americas, Europe, and the rest of the world.
Regional Analysis
North America dominates the global virtual customer premises equipment market. The region, led by vast technological advancements, offers a favorable platform for virtual customer premises equipment to evolve further. Major enterprises in this region are moving towards cloud-based network solutions for privacy & security, customization, and efficiency.
Besides, large advances and the early uptake of advanced technologies boost the vCPE market size. Also, the strong presence of well-established industry players and technology development centers fosters the region’s virtual customer premises equipment market shares. Large defense sectors create vast market demand and significant opportunities, driving the regional market growth.
Europe is another promising market for virtual customer premises equipment. Factors such as the increasing demand for security solutions in the growing number of businesses and the growing cloud computing market substantiate the market growth. Also, the growth of IoT due to the rapid adoption of connected devices and technologies contributes to the virtual customer premises equipment market in this region.
Furthermore, the well-established infrastructure in the region propels market growth, allowing faster implementation of advanced technologies. The increasing number of cyber-attacks in the burgeoning automotive and IT industry in this region is a key driving force pushing up the growth of the virtual customer premises equipment market in the European region.
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The Asia Pacific virtual customer premises equipment market has emerged as a profitable market globally. Factors such as the increasing number of businesses in developing countries inclined toward automation and increasingly adopting IoT devices are fostering the growth of the regional market.
Besides, the proliferation of smart, connected, portable devices, expanding adoption of IoT solutions, and the burgeoning IT sector are major tailwinds to the growth in the regional market. Also, the increasing numbers of prominent players in this market drive the growth of virtual customer premises equipment in the APAC region.
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