According to the new research report published by Premium Market Insights, titled “ virtual IT lab software market is expected to grow from US$1,461.29 million in 2021 to US$3,174.88 million by 2028; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028.
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The growing use of cloud-based software is one of the major factors driving the virtual IT lab software market. With the digital transformation, the use of cloud-based platforms is increasing due to its simple implementation and reduced implementation time and cost. Furthermore, the Internet infrastructure has matured in developed countries and is flourishing in several developing countries, allowing end users to access the cloud-based platform. Some benefits of cloud-based virtual IT lab software are secure hosting of critical data, enhanced security and scalability, and fast file recovery. Backups are stored on a shared or private cloud host platform. Therefore, organizations can quickly recover various critical data. Plus, with a stable internet connection, data can be easily accessed anywhere through secure logins. Cloud-based virtual IT lab software also reduces repair and maintenance costs and improves customer satisfaction. Therefore, due to the multiple benefits of cloud-based virtual IT lab software, there is an increase in the adoption of the software by large enterprises and small and medium-sized enterprises (SMBs) for educational purposes, fueling the growth of the virtual IT lab software market. data can be easily accessed anywhere through secure logins. Cloud-based virtual IT lab software also reduces repair and maintenance costs and improves customer satisfaction. Therefore, due to the multiple benefits of cloud-based virtual IT lab software, there is an increase in the adoption of the software by large enterprises and small and medium-sized enterprises (SMEs) for educational purposes, fueling the growth of the virtual IT lab software market. data can be easily accessed anywhere through secure logins. Cloud-based virtual IT lab software also reduces repair and maintenance costs and improves customer satisfaction. Therefore, due to the multiple benefits of cloud-based virtual IT lab software, there is an increase in the adoption of the software by large enterprises and small and medium-sized enterprises (SMEs) for educational purposes, fueling the growth of the virtual IT lab software market.
Global spending in the information and communications technology (ICT) sector is continuously increasing. According to the article published by the International Trade Administration, information technology (IT) spending by the Indian government is expected to reach US$7.3 billion by 2021 from US$6.6 billion in 2020, and would grow a 9.4% per year. According to the article published by Innovation, Science and Economic Development Canada, in 2020, there were more than 44,000 companies in the Canadian ICT sector, with the majority (more than 40,000) belonging to the IT software and services segment. With increasing spending in the ICT sector, especially in the software segment, the development of advanced technologies and the adoption of these technologies by companies around the world would grow in the coming years. There will be an increase in the need for advanced technologies/solutions from the demand and supply side. Additionally, increased spending on new technologies would boost the overall ICT sector over the next decade as organizations move beyond prototyping toward broader deployments of tools, such as virtual IT lab software. Thus, it is expected to create lucrative opportunities for the growth of the virtual IT lab software market in the coming years. Increased spending on new technologies would boost the overall ICT sector over the next decade as organizations move beyond prototyping toward broader deployments of tools, such as virtual IT lab software. Thus, it is expected to create lucrative opportunities for the growth of the virtual IT lab software market in the coming years. Increased spending on new technologies would boost the overall ICT sector over the next decade as organizations move beyond prototyping toward broader deployments of tools, such as virtual IT lab software. Thus, it is expected to create lucrative opportunities for the growth of the virtual IT lab software market in the coming years.
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The virtual IT lab software market constitutes prominent market players such as Oracle Corporation; Amazon Web Services; CloudShare Inc.; Microsoft Corporation; APPSEMBLER; CBT NUGGETS; Hewlett Packard Enterprise Development LP (HPE); CISCO, INC.; Ready technology; and Juniper Networks, Inc. These companies dominate the virtual IT lab software market through new product developments, acquisitions, and expansion strategies. In February 2022, Hewlett Packard Enterprise and Ayar Labs announced a strategic collaboration and investment to develop next-generation data center architectures and networks with optical I/O. Ayar Labs is a leader in chip-to-chip optical connectivity. HPE and Ayar Labs will join to create a partnership in photonics research and business development to develop broad AI and HPC solutions. Together they will create an ecosystem of engagements with customers and solution providers.
During the COVID-19 pandemic, many companies assumed that virtual training was the best option. Additionally, investing in employee training broadens an employee’s knowledge, creates more internal and subject matter experts, reduces attrition rates and recruiting costs, and improves workplace productivity. Therefore, the overall impact of the COVID-19 pandemic on the virtual IT lab software market in 2020 was positive.
Similarly, in 2021 and 2022, the demand for virtual IT lab software increased, due to the increasing use of virtual sandbox testing. For example, in February 2022, Google promised to design new technology for advertisers and users. The tech giant mentioned that while they develop and test new solutions that allow advertisers to access user data while removing identifiers to maintain privacy, they will continue to support existing ad platforms for at least two years. Privacy Sandbox is expected to be released for beta testing in late 2022. Thus, the increasing use of sandboxing is supporting the growth of the virtual IT lab software market.
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