New York, March 28, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Virtual IT Lab Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud-Based) and Organization Size (Small and Medium Enterprises and Large Enterprises)”, the global Virtual IT Lab Software Market growth is driven by benefits of using virtual IT labs software for educating employees on advanced tools/projects and growing use of cloud-based software, the increasing spending on information & communications technology sector and benefits of using virtual sandbox tests.
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| Report Coverage | Details |
| Market Size Value in | US$ 1.46 Billion in 2021 |
| Market Size Value by | US$ 3.17 Billion by 2028 |
| Growth rate | CAGR of 11.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 141 |
| No. Tables | 56 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Deployment, and Organization Size |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Virtual IT Lab Software Market: Competitive Landscape and Key Developments
Oracle Corporation; Amazon Web Services; CloudShare Inc.; Microsoft Corporation; APPSEMBLER; CBT NUGGETS; Hewlett Packard Enterprise Development LP (HPE); CISCO, INC.; Ready Tech; and Juniper Networks, Inc. are among the key players operating in the global Virtual IT Lab Software market. Several players are analyzed to understand the Virtual IT Lab Software market.
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In February-2022, Cisco Private 5G as-a-Service delivered with global partners offers enterprise customers reduced technical, financial, and operations risks with managing enterprise private 5G networks. Multiple private 5G pilots and projects are currently underway spanning education, entertainment, government, manufacturing, and real estate sectors.
In December 2021, ReadyTech acquired Open Windows with a strategy to assist local government customers. Open Windows is known for its Software as a Service (SaaS)-based modular approach. With this acquisition, ReadyTech would be able to serve its niche market better.
The global spending on the information and communications technology (ICT) sector is rising continuously. As per the article published by the International Trade Administration, spending on information technology (IT) by Indian government is expected to reach US$ 7.3 billion by 2021 from US$ 6.6 billion in 2020, and it would grow by 9.4% annually. There were over 44,000 businesses in the Canadian ICT sector, and the majority (over 40,000) fell within the software and computer services segment in 2020, according to the article published by Innovation, Science and Economic Development Canada. With the increasing spending on the ICT sector, especially on the software segment, the development of advanced technologies and the adoption of these technologies by businesses across the globe would grow in the coming years. There will be an increase in the need for advanced technologies/solutions from the demand and supply sides. Additionally, the increasing spending on new technologies would drive the overall ICT sector over the next decade as organizations move beyond prototyping into broader deployments of tools, such as Virtual IT Lab Software. Therefore, it is expected to create lucrative opportunities for the Virtual IT Lab Software market growth in the coming years. The increasing spending on the information and communications technology sector has created lucrative Virtual IT Lab Software market growth opportunities.
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A few of the recent developments supporting the virtual IT lab software market are mentioned below:
- Oracle has launched Oracle for Startups via partnering with the University of Southern California (USC) to assist students and provide expertise to make them able to deal with realistic business challenges.
- Amazon App Mesh is a service mesh that provides application-level networking to make it easier for services to communicate with each other across multiple types of computing infrastructure. Amazon App Mesh standardizes how services communicate, giving end-to-end visibility and options to tune for the high availability of applications.
Virtual IT Lab Software Market: by Component Overview
Based on deployment, the Virtual IT Lab Software market is bifurcated into cloud-based and on-premise. In 2021, the cloud-based segment led the Virtual IT Lab Software market, accounting for a larger market share. Cloud-based virtual IT lab software offers enhanced data security and necessary tools that help businesses to secure complex and sensitive data. The rising adoption of cloud-based solutions is further supporting the segment growth.
The benefits of using Virtual IT Lab Software for educating employees on advanced tools/projects and the rise in the use of cloud-based software are among the major factors influencing the market for virtual IT lab software. The increasing spending on the information and communications technology sector worldwide has created many lucrative opportunities for the Virtual IT Lab Software market. The growing use of virtual sandboxing needs a virtual IT labs platform, which would propel the growth of the Virtual IT Lab Software market during the forecast period.
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Based on organization size, the Virtual IT Lab Software market is bifurcated into small and medium enterprises and large enterprises. In 2021, the large enterprises segment led the Virtual IT Lab Software market, accounting for a larger market share.
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