Virtual Workspaces Software Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[215+ Pages Report] According to Facts and Factors, the global virtual workspaces software market size was worth around USD 9,273.40 million in 2021 and is estimated to grow to about USD 29,393.73 million by 2028, with a compound annual growth rate (CAGR) of approximately 21.20% over the forecast period. The report analyzes the virtual workspaces software market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the virtual workspaces software market.

Market Overview

The system that uses interactive virtual displays, conferencing tools, and equipment synchronization to create a group environment is known as virtual workspace software. Providing numerous communication nodes and allowing for the sharing of ideas via the cloud makes it possible for sessions between groups to take place regardless of the location. Additionally, the software for virtual workspaces aids in the integration of project management software and business content management systems.

It can serve as a collaborative center for remote teams that cannot meet face-to-face regularly. Software for virtual workspaces gives team members structure and a framework for interaction, and they can see who else is "in the office," bringing teams together and giving them places to socialize. The software for virtual workspaces gives workers more flexibility in adequately balancing work and life, which will drive market growth during the projection period.

COVID-19 Impact:

An increase in cases of COVID-19 across the globe is resulting in an economic slowdown, and millions of employees are working from home for the first time during this pandemic. COVID-19 has directly affected the daily operations of various industries. Numerous global organizations have adopted virtual collaboration due to the pandemic and reduced costs. This is projected to fuel the global virtual workspaces software market during the COVID-19 pandemic.

Key Insights

• As Per the analysis shared by our research analyst, the global virtual workspaces software market value will grow at a CAGR of 7.50% over the forecast period.
• The global virtual workspaces software market was valued at around USD 9,273.40 million in 2021 and is projected to reach USD 29393.73 million by 2028.
• The software for virtual workspaces gives workers more flexibility in adequately balancing work and life, which will drive market growth during the projection period.
• By deployment mode, the cloud-based segment will dominate the market in 2021.
• By vertical, the IT &telecommunications segment will dominate the market in 2021.
• North America will dominate the global virtual workspaces software market in 2021.

Growth Drivers

• The rising adoption of virtual workspaces software by various businesses is likely to pave the way for global market growth

One of the key drivers propelling the virtual workspace software market is large businesses' ongoing usage of workspace technologies in a virtual desktop. The market for virtual workspace software is also growing due to continued investment in advanced technologies that improve the functionality of virtual workspace management products. Additional factors projected to drive the market include increased demand for virtual lifecycle management facilities, business continuity, increased data security, and the high availability of management tools.

Restraints

• Lack of awareness among businesses hampers global market growth.

During the projection period, the market is anticipated to be constrained by a lack of awareness among business organizations, poor integration of legacy applications, and security and compliance concerns related to the product. The workforce's lack of education and training may impede the software development for virtual workspaces over the anticipated timeframe.

Segmentation Analysis

• The global virtual workspaces software market is segregated based on deployment mode, application, end-user, vertical, and region.

By on deployment mode, the market is segregated into cloud-based and on-premise. Over the forecast period, the cloud-based segment is expected to develop fastest in 2021. Increased use of cloud technology, a boost in cloud-based services, and significant funding for research efforts are all linked with the segment's growth.

By application, the market is divided into product development, customer support, and team communication. Over the forecast period, the customer support segment is expected to develop fastest in 2021. System upgrades are ongoing due to the operating systems' quick technological advancements. Customer support services are necessary for virtual workspace software to stay current with technical requirements, continuously import or export data, and frequently update the solutions.

By end-user, the market is divided into small & medium-sized enterprises and large enterprises. Over the forecast period, the large enterprise segment is expected to develop fastest in 2021. The primary factor driving the virtual workspace software market is large enterprises' continued usage of workspace features in virtual software. The large enterprise segment is expected to generate about USD 27,000 million in revenue by 2027. 

By vertical, the market is divided into IT & telecommunications, manufacturing, semiconductor & electronics, retail & consumer goods and transportation & logistics. Over the forecast period, the IT & telecommunications segment is expected to develop fastest in 2021. The development of data centers that provide a comprehensive virtual software-defined architecture to businesses is associated with expanding the IT and telecommunications sector. 

Report Scope

Recent Development-

• In January 2019 - IGEL announced a partnership with Tehama, a cloud-based platform that secures and simplifies global IT operations, to provide amazon web services (AWS) Workspaces to end users via the industry-leading teradici PCoIP software client for Linux.

Regional Landscape

• Widespread adoption of virtual workspace software is likely to help North America dominate the global market

North America will dominate the virtual workspaces software market in 2021 due to the region's widespread adoption of virtual workspace software. Due to its early acceptance and application of advanced and creative technologies, the U.S. is a significant market in the area. The high level of product adoption in the region is credited with the expansion of the regional market, as is the paradigm change seen in the technological community, which includes cloud computing, IoT, big data, and machine learning.

Competitive Landscape 

Key players within the global Virtual Workspaces Software market include 

• Atlantis Computing 
• Bitrix Inc. 
• Ivanti Software 
• Citrix Systems 
• Dell Inc. 
• Microsoft Corporation 
• Cisco Systems Inc. 
• Matrix42 
• RingCube Technologies 
• Sococo 
• PRYSM 
• VMware Inc. 
• Amazon Workspaces 
• BLUESCAPE 

Global virtual Workspaces Software Market is segmented as follows:

By Deployment Mode 

• On-Premise
• Cloud-Based

By Application 

• Product Development
• Customer Support
• Team Communication

By End-User 

• Small & Medium-Sized Enterprises
• Large Enterprises

By Vertical 

• IT & Telecommunications
• Manufacturing
• Semiconductor & Electronics
• Retail & Consumer Goods
• Transportation & Logistics

By Region

• North America

  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America