From being a niche technology used only in mission-critical and highly advanced operations, desktop virtualization has attained mainstream status over the last few years. This trend has been instrumental in the growth of the workspace as a service (WaaS) market. Operations in several sectors are now dictated by device-independent platforms and remote access capabilities. With more and more organizations embracing mobility, and even encouraging the BYOD culture, the prospects of the global workspace as a service (WaaS) market look promising.
It is owing to this trend that the global market for WaaS will report an exceptionally high CAGR of 12.1% between 2015 and 2022. According to the estimates of Transparency Market Research (TMR), the global WaaS market stood at US$7.5 bn in 2014 and will rise to nearly US$18.4 bn by the end of 2022.
Need to Enhance Workplace Productivity creates Growth Avenues for Global WaaS Market
Enterprises are adopting leaner operation models and this has made it imperative for them to also embrace technologies that make this possible. This aspect assumes even more importance in the case of teams that are scattered across the globe. With the deployment of WaaS, enterprises can ensure that their employees are able to gain secure access to corporate applications through their personal or mobile devices. As a result of this need, enterprises are now more willing to spend on WaaS solutions across the globe.
Another factor that has indirectly boosted the market is the fact that every enterprise relies on a unique set of applications. Often, these application sets comprise disparate programs and applications. All of these create a combined need for customized WaaS services and solutions. When customization enters the picture, companies in the WaaS market stand a chance to earn higher revenues. TMR analysts state that there has been a gradual increase in the demand for customized WaaS applications, resulting in greater revenue generation for market players.
Small and Medium Enterprises (SMEs) Exhibit High Demand for WaaS Solutions
The demand for WaaS solutions was seen to be the highest among SMEs. Several SMEs adopt WaaS as a means to cut back on expenses relating to operating system upgrades and migration. This has consequently resulted in a spike in demand for WaaS solutions from SMEs across both developed and developing regions. At the same time, there is a flip side to this trend. The deployment of WaaS solutions calls for the availability of a massive network bandwidth, especially if the workload is high. This naturally puts a stress on the available IT infrastructure and companies typically have to scale up investments in such scenarios. This aspect will likely hinder the growth of the global WaaS market. However, the impact of this restraint will not be seen as much in developed regions as it will be evident in the developing ones, where enterprises are extremely cost conscious. WaaS solutions are required to adhere to very stringent licensing terms and agreements – this is yet another factor that will adversely impact the growth of the global WaaS market.
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