Workspace as a Service Market Statistics, 2031
The global workspace as a service market size was valued at $6.5 billion in 2021, and is projected to reach $28.6 billion by 2031, growing at a CAGR of 16.4% from 2022 to 2031.
Workspace as a service (WaaS) is an extension of Desktop as a Service (DaaS), which provides only a virtualized desktop environment without the added applications and tools. With WaaS, users have access to a fully functioning workspace that is maintained, managed, and secured by a service provider. It goes further by providing employees with all the data and applications they need, whether they are sitting at a desktop or out in the field with a tablet or smartphone. Further, in this service, users just need to use their credentials to log on to their workspace to get access to everything they need, including business apps that they might not be able to run on their home computers or laptops. This also includes everything you’d find in a typical workplace environment, such as backup, the cloud, VPN access, security policies, and endpoint protection, and then connects any device, anywhere.
The adoption of cloud computing has had a significant impact on the workspace as a service market, as it has enabled companies to offer flexible, scalable, and cost-effective solutions. Furthermore, the trend towards remote work has also accelerated the adoption of the cloud-based workspace as a service solution, as they allow employees to access their workspaces from anywhere with an internet connection. Moreover, workspace-as-a-service solutions are more cost-effective than traditional IT infrastructure solutions, as they can reduce the need for hardware, maintenance, and staffing. Thus, this can result in cost savings for businesses, particularly for small and medium-sized enterprises that may not have the resources to invest in expensive IT infrastructure. Thus, these factors boost the growth of the market.
However, implementing strong cybersecurity measures can be costly for workspace-as-a-service providers, as they may need to invest in specialized personnel, technologies, and infrastructure to protect their platforms and customers' data. Thus, this can increase operational costs and reduce profitability, which can act as a barrier to entry for new providers and limit the competition within the market. On the contrary, WaaS solutions and services can help businesses to reduce energy costs by leveraging the provider's data center infrastructure. Therefore, by taking advantage of these cost savings, businesses can improve their cash flow, reduce their total cost of ownership, and improve their agility and flexibility. Thus, such factors are likely to propel the workspace as a service market growth. The workspace as a service market is segmented into Component, Deployment Mode, Enterprises Size and Industry Vertical.
Segment Review
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.
By component, the solution segment attained the highest growth in workspace as a service market share 2021. This is attributed to the fact that, use of virtual desktop infrastructure (VDI), application virtualization, unified endpoint management (UEM), and collaboration tools by businesses to provide their employees with secure and reliable access to their work environment from any location is a significant growth factor for the WaaS market.
However, the services segment is considered the fastest growing segment during the forecast period. This is because the rising trend of digital transformation and the adoption of cloud-based services has created a need for workspace services that are technology-enabled, scalable, and cost-effective. Moreover, the growing number of startups and small and medium-sized enterprises (SMEs) has also contributed to the demand for WaaS, as it provides them with access to high-quality workspaces at an affordable cost. Thus, this leads to the growth of this segment in upcoming years.
By region, North America attained the highest growth in 2021. This is because there is a growing demand for customized workspace as a service solution that can be tailored to specific business needs, and an increasing focus on security features to protect against cyber threats. In addition, there is a high demand for software and robotics solutions, due to the region's high manufacturing, retail, and automotive activity. This ultimately drives the development of the regional market.
However, the Asia-Pacific region is considered the fastest-growing region in workspace as a service market forecast. This is attributed to the fact that, the market is witnessing a shift towards a hybrid cloud approach, where companies are adopting a mix of on-premise and cloud-based solutions, for the ease of the businesses. Additionally, the growing adoption of artificial intelligence (AI) and machine learning (ML) in workspace management, lead to improved automation and efficiency. Thus, these are the major trends for the growth of the workspace as a service industry in the Asia-Pacific region.
Top Impacting Factors -
Adoption of cloud computing
The adoption of cloud computing has had a significant impact on the workspace as a service market, as it has enabled companies to offer flexible, scalable, and cost-effective solutions. Furthermore, this has resulted in increased demand for cloud-based workspace as a service solution, with a growing number of businesses choosing to migrate their IT infrastructure to the cloud. Moreover, cloud computing allows companies to access and use computing resources and applications over the internet, which provides flexibility, scalability, and cost savings.
In addition, workspace as a service takes this a step further by providing a complete virtual workspace, including applications, data, and computing resources, all delivered as a service over the internet. Furthermore, the trend towards remote work has also accelerated the adoption of cloud-based workspace as a service solution, as they allow employees to access their workspaces from anywhere with an internet connection.
Agility and productivity in working
The workspace as a service solutions increase agility and productivity by allowing employees to work remotely, collaborate in real-time, and access their workspaces on any device. Furthermore, with workspace as a service solution, employees can access the tools they need to work efficiently from anywhere, whether they are in the office, at home, or on the go. Thus, this can lead to improved collaboration and communication, as employees can work together in real-time and share information easily.
Additionally, it can also help businesses to streamline workflows and automate processes, which can increase productivity and reduce errors. Therefore, by providing employees with the tools they need to work efficiently and collaborate effectively, the workspace as a service industry can help businesses to achieve their goals and drives the growth of the market.
Cost Effectiveness
Workspace as a service solution are more cost-effective than traditional IT infrastructure solutions, as they can reduce the need for hardware, maintenance, and staffing. Furthermore, time and cost-intensive business processes such as license management or software deployment can be made available in a simplified way through cloud computing technology, and create a significantly reduced workload for companies 'IT administration. Moreover, with the workspace as a service approach new workspaces for more staff can be set-up quickly with the help of such a service. For instance, oneclick Central data and software provision are seamlessly available and up-to-date on every business workspace.
Additionally, with such services, businesses can avoid heavy upfront investments in IT infrastructure and instead pay for services on a usage or subscription basis. This can result in cost savings for businesses, particularly for small and medium-sized enterprises that may not have the resources to invest in expensive IT infrastructure. Moreover, workspace as a service solution can help to reduce IT maintenance costs, as the responsibility for maintaining the infrastructure is typically handled by the service provider. Therefore, this can free up resources for businesses to focus on other areas of their operations, which can be particularly beneficial for businesses that are seeking growth.
Potential for oversaturation and competition
With an increasing number of providers offering similar services, it may become more difficult for individual companies to differentiate themselves and attract customers. Furthermore, this can lead to price wars and margin pressure, which can ultimately harm the profitability of the industry. Additionally, as more established companies enter the market, they may have more resources and brand recognition, making it harder for newer entrants to gain a foothold. Therefore, this can lead to slower growth and consolidation within the industry.
Increase in BYOD Policies
Bring your own device (BYOD) empowers employees to work at any time, giving them more control over their work. It significantly increases employee engagement and satisfaction. Using the system, employees can take work outside the office too. This helps them put in extra hours to meet deadlines from a comfortable place like home. Moreover, BYOD policies help the workspace as service market in cost savings and improve their agility and flexibility. Thus, the WaaS market is expected to continue to grow as businesses seek to optimize their IT spending and leverage the benefits of BYOD policies.
Market Landscape and Trends
The workspace as a service (WaaS) market has been growing rapidly in recent years, driven by the increasing demand for flexible and remote working options. Furthermore, the market encompasses a range of services and solutions, including virtual desktop infrastructure (VDI), desktop-as-a-service (DaaS), application virtualization, and collaboration tools. The market also got boosted during COVID-19 pandemic, as many businesses have had to quickly adapt to remote work environments.
Moreover, market is influenced by several factors, including global economic conditions, geopolitical events, and advancements in technology. However, the market is also becoming increasingly competitive, with new entrants entering the market and established players expanding their offerings. As a result, differentiation and innovation will be key factors for success in the workspace as a service market. Additionally, now-a-days workspace as a service provider are focusing on improving their customer experience by offering personalized services, educational resources, and high-quality support. And this trend is driven by the growing importance of customer and client satisfaction. Overall, the workspace as a service market is expected to continue its growth trajectory as global economic conditions improve and technology continues to advance.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the workspace as a service market analysis from 2022 to 2031 to identify the prevailing foreign exchange services market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the workspace as a service market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global workspace as a service market trends, key players, market segments, application areas, and market growth strategies.
Workspace as A Service Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 28.6 billion |
 Growth Rate | CAGR of 16.4% |
 Forecast period | 2021 - 2031 |
 Report Pages | 245 |
 By Component |
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 By Deployment Mode |
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 By Enterprises Size |
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 By Industry Vertical |
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 By Region |
|
 Key Market Players | Evolve IP, LLC, Amazon Web Services Inc., VMware Inc., Google LLC, Citrix Systems Inc., Unisys, Dizzion, Inc., Microsoft, Dell Inc., Tech Mahindra Limited |
Analyst Review
Workspace as a service (WaaS) is a model of delivering a virtual workspace environment to users over the internet. This service allows users to access their digital workspace and data from any device, regardless of location. Moreover, the WaaS market refers to the industry that provides such cloud-based service model to businesses, individuals, and organizations.
Furthermore, market players are adopting strategies like acquisition for enhancing their services in the market and improving customer satisfaction. For instance, in April 2020, the acquisition of CloudJumper by NetApp, a leading data storage and management company. These acquisitions of CloudJumper by NetApp in late 2020 allows NetApp to expand its cloud services offerings and provide a comprehensive solution for managing data, applications, and virtual desktops in the cloud. The integration of CloudJumper's technology with NetApp's cloud storage and data management solutions will enable NetApp to provide a more complete cloud offering to its customers. Therefore, adoption of such strategies fosters the growth of the workspace as a service market in upcoming years.
Moreover, some of the key players profiled in the report include 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 industry.
The global workspace as a service market was valued at $6,489.37 million in 2021, and is projected to reach $28,601.09 million by 2031, registering a CAGR of 16.4% from 2022 to 2031.
North America is the largest region for Workspace as A Service Market.
Adoption of cloud computing, increased agility and productivity of work and cost efficiency in work operations are the major growth factors for the market.
The report analyzes the profiles of key players operating in the workspace as a service market such as Amazon Web Services Inc., Citrix Systems Inc., Dell Inc., Dizzion Inc., Evolve IP, LLC, Google LLC, Microsoft, Unisys, Tech Mahindra Limited, and VMware Inc.
The key growth strategies include product portfolio expansion, acquisition, partnership, merger, and collaboration.
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