The global workspace-as-a-service (WAAS) market will see significant growth with a compound annual growth rate of 12.1% till 2022.
This is according to a recent Transparency Market Research report: Workspace as a Service (WAAS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022.
The report notes the global WAAS market was valued at US$7 470.1 million in 2014 and is set to be valued at US$18.37 billion by 2022, driven by increasing enterprise mobility trends.
"The numbers reported by Transparency Research reflect the increase in demand we have seen through our global distribution channel as organisations transition their infrastructure to the cloud," says Seth Bostock, CEO, at IndependenceIT.
Workspace-as-a-service solutions adopted by an organisation offer access to its employees to several business information and applications at any time from any location, says the report.
"The employees are provided with a virtual desktop that appears similar to the actual desktops. WAAS solutions aid in boosting the productivity of the employees as they can access all the critical data and applications, irrespective of their location."
The growing enterprise mobility and developing bring-your-own-device (BYOD) trend are the key factors projected to drive the global WAAS market, notes the report.
The introduction of application-as-a-service in the logistics and transportation industry is further anticipated to fuel the growth of the market in the near future, it says.
However, the complexity and high cost of licensing are a major restraint on the market. The lack of the necessary infrastructure and network bandwidth has also curbed the growth of the market, says Transparency.
According to IndependenceIT, leading analysts have been watching with growing interest as IT administrators reduce the cost and complexity of their IT environments while improving efficiency and mobility with WAAS solutions that enable cloud-based access to desktops, applications, data, and complete workspaces from any location or device.
Over the last few years, the major players in the global WAAS market have been focusing on mergers and acquisitions in order to strengthen their position in the global market, says Transparency.
The key players are acquiring several small-sized and mid-sized WAAS vendors to provide specialised solutions to their clientele, it says.
This strategy is projected to contribute substantially towards the growth of the overall market in the next few years, says the study.
At present, the banking, financial services and insurance segment accounts for the largest share in the global WAAS market and is anticipated to remain in the leading position through the next few years, adds the study.
The rapid growth of this segment can be attributed to the increased adoption of centralised virtual desktop architecture technology, notes the report.
According to MarketsandMarkets, a major force driving this market is the increasing adoption of BYOD in various organisations. The low costs and easy management have led WAAS service solutions and services to the increasing adoption by enterprises and small and medium businesses around the world, it adds.
"The demand for working from anywhere, anytime, using own mobile devices by employees is increasing rapidly. Thus, companies across the globe will be making huge investments in the WAAS solutions and services in the near future."
The WAAS solution and service providers are consolidating their grounds in the highly competitive market through new product or service developments to build feature-rich solutions and attain better market visibility, says MarketsandMarkets.
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