Virtual workplace market predicted to have valuation of $51,898.9mn by the end of 2032
The demand for the next-gen workplace solutions has led to the rise in the popularity and use of virtual workplace deployment.
The market for virtual workplace solutions is anticipated to grow quickly over the forecast period, with a CAGR of 13.3%. The market is anticipated to have a value of $14,931.4mn in 2022 and $51,898.9mn by the end of 2032.
The virtual workplaces are used as WaaS (Workplace as a Service). Virtual workplace solutions have gained immense popularity in recent years owing to the efficient solutions which they provide. With the rapid globalisation of businesses to operate at the international level, the virtual workplace is always preferred by organisations and employees.
The flexibility required in maintaining business activities at the international level is easily provided by using virtual workplace solutions. The virtual workplace is usually preferred because on-time service delivery is possible.
Organisations are using virtual workspaces because it helps them to sustain the competition at the global level in the manner of delivering fast and cost-effective solutions to employees and enterprises.
Studies on the effectiveness of Virtual workspaces have shown that it is effective to maintain good performance levels in the employees and hence the organisations.
Global virtual workspace solutions market: drivers and restraints
The primary advantage of virtual workplaces is their ability to streamline multiple ends of the working line at the same time by employees as well as consumers; this factor is the primary factor driving the growth of the virtual workplace solution market globally.
Also, the virtual workplace provides a cost-effective solution to the enterprises for maintaining the presence of their organisation at the global level because the infrastructure is not required for the virtual business, so the costs of implementing the office environment and other essential commodities are not necessary.
The biggest problem of work-life balance in employees can easily maintained using the virtual workplace environment implementation.
Using virtual workspace centralised data storage and management is possible which results in the reduction of data loss and provides information security. This factor is also expected to contribute to driving the growth of the virtual workspace market globally.
On the other hand, the lack of human contact may result in decreased team spirit, productivity, and trust among the team members. Also, cultural and behavioural diversity is not providing the required results to businesses.
Global Virtual Workspace Solutions Regional Outlook
The global market for Virtual workspace solutions is divided regionally into North America, Latin America, Eastern Europe, Western Europe, and Asia-Pacific excluding Japan, and the Middle East, and Africa. Among these regions, the North America, Europe, and APEJ regions have the highest demand for virtual workspace solutions due to rapid adaptation and increasing demand for the BYOD (Bring Your Device) pattern in the work culture.
The BYOD factor is contributing to fuelling the demand for workspace virtualisation globally. The North American region is expected to dominate the market in terms of revenue generation.
The APEJ region is predicted to grow at the highest CAGR. On the other hand, MEA and Japan are expected to grow at a moderate rate in the forecast period.
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.