You may have heard of virtualization. But, what actually is it? How quickly is it growing? And, does your business really need to look into it? Let’s take a look.
What is Virtualization?
At its core, virtualization involves creating a virtual version of something. The virtual alternative will have the same functions as the physical resource, but it can be accessed and stored in a virtual space such as the cloud. For example, in entertainment, iGaming has virtualized traditional casino games, allowing players to access things like slot games through an online portal.
Furthering this, games such as Derby Wheel slot take their inspiration from other physical forms of entertainment – in this case, horse racing. Virtual horse races are incorporated into the game through a bonus round, where players spectate and attempt to guess which horse will win, the result of which affects the gameplay. Here, both slot games and horse racing have been virtualized to provide an immersive and authentic virtual experience that draws on digital elements for style and functionality.
In wider applications, virtualization is the creation of virtual versions of hardware, software, and networks, allowing operators to run more than one operating system or application at the same time on their devices.
Types of Virtualization and Market Insights
At its most basic, many of the virtualization software out there can be divided into four categories of application. Firstly, desktop virtualization divides the desktop from a physical device so that it can be accessed virtually. According to Precedence Research, this form of virtualization alone is expected to hit a market value of $217.67 billion by 2034, growing at a CAGR of 22.8% over the next decade.
Network virtualization, however, allows administrators to manage one or more networks through a single space. And, storage virtualization compounds large storage units into one software. On the other hand, server virtualization supports several virtual servers operating through one physical server. Another quickly growing market, the virtual private servers market is projected by Research and Markets to grow at a CAGR of 15% to hit $19 billion by 2030.
Whilst the concepts might seem extremely complex, the process of virtualization can have many benefits for businesses of all sizes, even for small businesses that perhaps only have a few servers.
Benefits of Virtualization for SMEs
The key benefits of virtualization for any business are improvements in efficiency, flexibility, scalability, and security. In other words, virtualization can allow businesses to do more things with less physical infrastructure. For SMEs, this can be even more critical, as the cost-saving implications can be more significant.
For example, virtualization can allow an SME to use one host to operate multiple services, instead of requiring the purchase of many different servers. Not only does this make processes simpler for users, and open the door to things like automation and streamlining insights, but it can also reduce electricity bills by up to half.
And, having several segmented servers means that if there is a data breach, only some of the data would be affected. Virtual servers can also be recovered more efficiently and cost-effectively in the event of a security breach.
As you can see, virtualization processes can bring a wealth of benefits to businesses. For SMEs particularly, this can help to increase productivity, cut overheads, and improve ROI. And, as the market is projected to grow in the future, it’s expected to become increasingly accessible for all.
Also Read: Why Blockchain Gaming is Key to the Future of Virtual Economies
