Workspace as A Service Market Reach USD 28.6 Billion by 2031, Key Factors behind Market’s Hyper Growth

The WaaS market is increase due to increased BYOD usage across various industries, easy deployment, scalability, quick availability and demand for VDV.

PORTLAND, PORTLAND, OR, UNITED STATE, April 15, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, The Workspace as A Service Market Reach USD 28.6 Billion by 2031, Key Factors behind Market’s Hyper Growth. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The global workspace as a service market size was valued at USD 6.5 billion in 2021, and is projected to reach USD 28.6 billion by 2031, growing at a CAGR of 16.4% from 2022 to 2031.

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The increasing demand for flexible and remote working options, the global economic conditions, geopolitical events, and advancements in technology drive the growth of the global workspace as a service market. Moreover, the adoption of cloud computing is presenting new opportunities in the coming years.

The global workspace as a service market is segmented on the basis of component, deployment mode, enterprise size and industry vertical. By component, it is bifurcated into solution and services. By deployment mode, it is divided into public, private and hybrid. By enterprise size, it is fragmented into large enterprise and small & medium enterprise. By industry vertical, it is classified into BFSI, IT and telecom, retail, government, manufacturing, education, travel and hospitality, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on deployment mode, the public cloud segment held the highest market share in 2021, accounting for more than three-fifths of the global workspace as a service market and is estimated to maintain its leadership status throughout the forecast period due to the easy access and low costs. However, the private cloud segment is projected to manifest the highest CAGR of 20.2% from 2022 to 2031, as the private cloud provides added data security.

Based on component, the solution segment held the highest market share in 2021, accounting for more than two-thirds of the global workspace as a service market and is estimated to maintain its leadership status throughout the forecast period, due to growth in cloud technology for virtual workspace. However, the services segment is projected to manifest the highest CAGR of 18.7% from 2022 to 2031, owing to a surge in outsourcing services among end users.

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global workspace as a service market, and is likely to dominate the market during the forecast period, owing to the rise in digital infrastructure and presence of key players in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.2% from 2022 to 2031, owing to increasing investments in cloud technologies and a rise in the number of SMEs in the region.

The key players profiled in the workspace as a service market analysis are Amazon Web Services Inc., Citrix Systems Inc., Dell Inc., Dizzion Inc., Evolve IP, LLC, Google LLC, Microsoft, Unisys, Tech Mahindra Limited, and VMware Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the workspace as a service industry.

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Covid-19 Scenario

● The outbreak of the Covid-19 pandemic had a positive impact on the global workspace as a service market, as organizations across the globe have adopted work-from-home policies which has resulted in increased demand for WaaS solutions for the efficient workflow of the organizations.

● The fact that workspace as a service solution increase agility and productivity by allowing employees to work remotely, collaborate in real-time, and access their workspaces on any device, the demand for it is going to increase even more in the post-pandemic.

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