The global Virtual Workspace Solutions Market is projected to secure a fast-paced CAGR of 13.4% during the forecast period. The market is likely to be valued at USD 16.6 billion in 2023 and is predicted to have a valuation of USD 58.8 billion by the end of 2033.
The demand for virtual workspace solutions is on the rise due to its large adoption by employees, owing to greater flexibility in terms of work-life balance. It is also predicted that the availability of corporate data from any location is likely to accelerate the expansion of the virtual workplaces market globally.
Continued advancements in cloud technology are anticipated to support market expansion. The global market is gaining momentum as many organizations adopt these solutions to enhance the employee experience through a simpler and more flexible work style.
Virtual workspace solutions and services allow these organizations to attract a new workforce and retain more experienced expert workers. Virtual workspace solutions are used as WaaS (Workplace as a Service) and have gained immense popularity recently. Therefore, it is projected that the market is likely to witness significant growth during the forecast period.
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Rapid Globalization
It is anticipated that with rapid globalization, businesses are to operate at international levels, and virtual workspace solutions are always preferred by organizations, fueling the demand for these solutions.
Collaborative Environment
Virtual workspace solutions combine multiple types of collaboration and communication tools into one platform that enables the users to find all the required resources in one place, making it convenient and easy to be deployed in the virtual workspace solutions desk.
Virtual Lifecycle Management
There is an increase in the demand for virtual lifecycle management facilities, improved data security, management facilities, and high availability of management tools, leading to more adoption of virtual workspace solutions and deriving the demand in the market.
Fast, Cost-Effective Solutions
The organizations are using virtual workspace solutions, as it helps them sustain in the global competition by delivering fast and cost-effective solutions to the enterprises and their employees. It streamlines multiple ends of the working line at the same time for employees as well as consumers.
Centralized Data Storage
The use of virtual workspace solutions allows centralized data storage and management to be easily possible, which results in a reduction of data loss and provides information security, and this serves as a key factor in driving the growth of the market.
The driving above factors, there is a continuous investment by manufacturers observed in advanced technologies for enhancing the performance of the virtual workspace solution tools, further boosting the demand for these solutions.
It is identified that although there is an end number of benefits offered to employees by virtual workspace solutions, certain factors can pose a threat and hinder the market growth during the forecast period. Some of these restraining factors are:
Therefore, these factors are anticipated to curb the market's growth during the forecast period.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 13.4% |
| Market Valuation (2023) | USD 16.6 billion |
| Market Valuation (2033) | USD 58.8 billion |
Principal Consultant
| Countries | Market Value Share in 2023 |
|---|---|
| United States | 17.6% |
| Germany | 10.4% |
| Japan | 4.5% |
| Australia | 3.4% |
| Countries | Market CAGR Value in 2023 |
|---|---|
| China | 11.2% |
| India | 15.6% |
| United Kingdom | 10.7% |
North America is expected to be the prior promising region for major verticals and is anticipated to dominate the global virtual workspace solutions market. Currently, the North American regions are cumulatively accountable for 27.7% of the total market share for virtual workspace solutions.
Due to this region being the home to a huge number of enterprises, coupled with abundant technical expertise, it is more likely to adopt virtual workspace solutions on a large scale. The telecommunication, ITes, BFSI, and manufacturing sectors of North America are adopting this solution for advanced IT infrastructures, which is fueling the market size of virtual workspace solutions.
Europe is projected to hold the second-larger share of the global market. At present, the European region is accountable for 24.4% of the total market share of virtual workspace solutions.
This growth at a substantial rate over the forecast period can be attributed to the rise in the deployment of workspace tools due to their benefits, such as reduction in total costs of ownership, simplification of the management of IT infrastructure, and more.
These advantages are coupled with government grants for Research and Development activities to further expand the market size of virtual workspace solutions.
How are the Start-up Companies Revolutionizing the Global Market?
With regular advancements, the manufacturers in the start-up ecosystem for virtual workspace solutions are stepping up their efforts. Startups in the market for virtual workplace solutions are concentrating on a number of extra features for deployment to support the widespread adoption of this solution.
Startups are capturing the market with cutting-edge virtual solutions and scalable remote technologies, promoting the global market share.
| Attributes | Details |
|---|---|
| Abodoo | Founded by Wexford-based Vanessa Tierney and Ben Wainwright in 2017. The idea behind the business was that new technologies and more flexible conditions would make remote work a reality for more people. |
| Bluescape | A Silicon Valley-based SaaS company that has created a visual collaboration platform. Launched by Haworth and Obscura Digital, the platform enables individuals and teams to create, interact and share content. |
| Brandlive | A SaaS start-up that was founded in 2010 by Fritz Brumder and Ben McKinley. It offers a live video platform that brands and retailers can use to interact with their audience and employees for training, marketing, and commerce purposes. |
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What is Trending among the Key Market Players in the Global Market?
The key players in this market adopted product launch, partnership, and expansion as their key strategies to meet the changing consumer demands. Additionally, it is anticipated that mergers and acquisitions in the market for virtual workspace solutions are likely to help the acquiring company expand its footprint on both a regional and global scale, in addition to strengthening its current portfolio.
The top three players contributing to the market share are:
Accenture
In February 2021, Accenture announced the acquisition of Imagine, a provider of a cloud-based platform. The acquisition enables Accenture to enhance offerings of cloud-based services for digital services and solutions.
Atos Syntel
In December 2020, Atos joined forces with Vodafone Spain to launch a new digital workplace offering for Vodafone Business customers in Spain.
Wipro
In June 2020, Wipro launched a digital inspection solution to improve workplace safety and experience. The solution is available to clients both in perpetual or subscription-based license models, with no additional cost for mobility.
| Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Size of Organization, End Users, Region |
| Key Companies Profiled | Atlantis Computing; Bitrix, Inc.; Citrix Systems; Cisco Systems Inc.; Dell Inc.; Ivanti Software; Microsoft Corporation; Matrix42; RingCube Technologies; Sococo; BLUESCAPE; PRYSM; VMware, Inc.; Amazon Workspaces; BLUESCAPE |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is anticipated to be worth USD 16.6 billion in 2023.
The United States with a 17.6% share will lead the market.
The market will reach USD 58.8 billion by 2033.
By 2033, India is expected to record a CAGR of 15.6%.
Small enterprises are likely to remain popular until 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Size of Organization 5.1. Small Enterprises 5.2. Medium Enterprises 5.3. Large Enterprises 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User 6.1. BFSI 6.2. Education 6.3. Government 6.4. Retail 6.5. Manufacturing 6.6. IT & Telecommunication 6.7. Healthcare 6.8. Travel & Tourism 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Atlantis Computing 17.2. Bitrix, Inc. 17.3. Citrix Systems 17.4. Cisco Systems Inc. 17.5. Dell Inc. 17.6. Ivanti Software 17.7. Microsoft Corporation 17.8. Matrix42 17.9. RingCube Technologies 17.10. Sococo 17.11. BLUESCAPE 17.12. PRYSM 17.13. VMware, Inc. 17.14. Amazon Workspaces 17.15. BLUESCAPE 18. Assumptions & Acronyms Used 19. Research Methodology
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Virtual Workspace Solutions Market
