Virtual IT Lab Software Market is expected to reach US$ 3,174.88 Million by 2028

Increasing Spending on Information and Communications Technology Sector Creating New Opportunities for Virtual IT Lab Software Market Growth During 2021–2028

According to our latest market study on "Virtual IT Lab Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment and Organization Size," the 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% during 2021–2028.

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 the 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. According to the article published by Innovation, Science and Economic Development Canada, in 2020, 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. 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 labs software. Therefore, it is expected to create lucrative opportunities for the virtual IT lab software Market growth in the coming years.

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 market. In terms of component, the virtual IT lab software market is segmented into SMEs and large enterprises. In 2021, the large enterprises segment led market. By geography, the virtual IT lab software Market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the largest share.

Impact of COVID-19 Pandemic on Virtual IT Lab Software Market

Before the COVID-19 pandemic, there was a rising demand for virtual IT labs software because of the increased spending on the ICT sector. For instance, according to the article published by Gadgets 360, in January 2019, global information technology spending accounted for US$ 3.76 trillion in 2019, an increase of 3.2% from 2018. Thus, the rising expenditure on the ICT sector supported the virtual IT lab software market growth.

In 2020, the COVID-19 pandemic positively impacted the Virtual IT Lab Software Market due to increased virtual training for employees in several countries. Companies such as ReadyTech Corporation and CloudShare, Inc. provided virtual training for their employees. Moreover, during the COVID-19 pandemic, many companies assumed virtual training to be the best choice. Additionally, investing in employee training extends an employee’s knowledge, creates more subject matter and in-house experts, reduces attrition rates & recruitment costs, and improves working 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 labs software increased, owing to the growing use of virtual sandbox testing. For instance, in February 2022, Google promised to design new tech for advertisers and users. The tech giant mentioned that while developing and testing new solutions that allow advertisers access to user data while stripping away identifiers to maintain privacy, they will continue to support existing ad platforms for at least two years. It is expected that the Privacy Sandbox will roll out for beta testing by the end of 2022. Thus, the growing use of sandboxing is supporting virtual IT lab software market growth.

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 virtual IT lab software Market. In addition to these, several other players were analyzed to understand the overall virtual IT lab software Market.

Virtual IT Lab Software Market – by Region, 2021–2028 (%)