Virtual Customer Premises Equipment Market Size, Share, Growth Analysis, By Component(Software and Services), By Deployment Model(Cloud based, and On-premises), By Enterprise(Small and Medium Enterprises, and Large Enterprises), By Vertical(BFSI, IT & Telecom, Healthcare, Retail), By Region - Industry Forecast 2024-2031

Global Virtual Customer Premises Equipment Market size was valued at USD 3.19 billion in 2022 and is poised to grow from USD 3.43 billion in 2023 to USD 61.00 billion by 2031, growing at a CAGR of 38.8% in the forecast period (2024-2031).

The global virtual customer premises equipment market has experienced significant growth in recent years. The virtual customer premises equipment (vCPE) helps organizations to take advantage of common network functions and virtualization infrastructures for services.

The market is driven by the increasing demand for agile and cost-effective network solutions.

As businesses continue to embrace digital transformation, virtual customer premises equipment emerges as a key enabler and provides enhanced flexibility and scalability in handling network organization.

The software segment plays a pivotal role in shaping the market, and services as consultancy firms also contribute to its growth. Cloud based deployment models are gaining prominence, and offering institutes and organizations benefits of reduced hardware needs. Large enterprises are embracing vCPE for its advanced features, while SMEs look for tailored solutions to meet their needs.

Regionally North America plays a significant position in the global virtual customer premises equipment market. Competitive landscape in the market also plays a substantial role by many key players by applying strategic moves such as collaborations and geographic expansions.