The 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.
Virtual IT lab software consists of training, demonstrations of support products, proof of concept (POC) work, and development of the sandboxed application. The software is utilized for self-service product trials and demos, in which software developers collaborate to design and build the software. These labs provide virtualized resources and development environments that are designed to replicate real-world conditions while taking place in a secure and confined setting, reducing the risk for IT infrastructure and operations. Companies use these tools to educate employees on new development practices and train them to use new tools or projects. Students can interact with products, learn new software and technology skills, and demonstrate their knowledge in virtual IT labs. A private invitation is made to potential customers to engage with a product or service, or the labs are utilized in a group context such as a conference or event.
The reports cover key developments in the Virtual IT Lab Software Market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategies activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have paved the way for the expansion of business and the customer base of market players. These players are anticipated to gain lucrative growth opportunities in the global virtual IT lab software market.
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Virtual IT Lab Software Market: Strategic Insights
Market Size Value in US$ 1,461.29 Million in 2021 Market Size Value by US$ 3,174.88 Million by 2028 Growth rate CAGR of 11.7% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Virtual IT Lab Software Market: Strategic Insights
| Market Size Value in | US$ 1,461.29 Million in 2021 |
| Market Size Value by | US$ 3,174.88 Million by 2028 |
| Growth rate | CAGR of 11.7% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Global 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 growth in 2020 was positive.
Lucrative Regions in Virtual IT Lab Software Market
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Virtual IT Lab Software Market Insights
Benefits of Using Virtual IT Labs Software for Educating Employees on Advanced Tools/Projects
Benefits of Using Virtual IT Labs Software for Educating Employees on Advanced Tools/Projects
Several businesses use virtual IT labs software to educate employees on new development practices and train them on advanced and modern tools/projects. The software is well-suited for employee training because it provides real-world resources without impacting the live applications, websites, or networks. Moreover, practical training for employees is essential for the success of each organization as it increases the productivity of an employee. As technology has become an integral part of operations, employees must be trained to use the advanced tools effectively. Also, the virtual employment training approach is a cost-effective method. Additionally, investing in employee training extends an employee’s knowledge, creates subject matter and in-house experts, reduces attrition rates and recruitment costs, and improves working productivity.
Some online course providers offer virtualized IT labs platforms as their training platform and range of courses. Several core virtual IT labs software are used within a company for internal purposes. For instance, ReadyTech Corporation offers employee training with virtual training labs platform. ReadyTech’s virtualized IT labs platform provides employees a hands-on virtual training environment where they can practice actual on-the-job skills without jeopardizing the company’s production systems. Virtual employment training with the help of virtual IT labs software offers several benefits to the organization, which drives the Virtual IT Lab Software Market growth.
Deployment-Based Market Insights
Based on deployment, the global Virtual IT Lab Software Market is bifurcated into cloud and on-premise. In 2021, the cloud-based segment led the virtual IT lab software market, accounting for the largest share in the market. Most vendors in the market provide cloud-based software to maximize business profit and efficiently automate the equipment maintenance process. Cloud-based software has several advantages, including low cost, easy access from anywhere and at any time, quick implementation, and scalability, all of which help businesses increase productivity and improve customer engagement
Organization Size-Based Market Insights
Based on organization size, the global Virtual IT Lab Software Market is divided into small and medium enterprises and large enterprises. In 2021, the large enterprises segment accounted for a larger market share. For large enterprises, virtual IT labs software offers an integrated corporate training platform for every aspect of the business. Large enterprises can educate their employees online faster and more efficiently. Companies can use this software to intelligently simplify, automate, and optimize their entire learning process.
The players operating in the Virtual IT Lab Software Market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In January 2022, Oracle launched Oracle for Startups via partnering with the University of Southern California (USC) to assist students and provide expertise to make them able to deal with realistic business challenges.
- In February 2022, Amazon App Mesh introduced Agent for Envoy. Amazon App Mesh is a service mesh that provides application-level networking to make it easier for services to communicate with each other across multiple types of computing infrastructure.
Company Profiles
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 major players operating in the Virtual IT Lab Software Market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment, and Organization Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Benefits of using virtual IT labs software for educating employees on advanced tools/projects and growing use of cloud-based software are driving the growth of the virtual IT labs software market.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including virtual IT labs software market. Further, the increasing spending on information & communications technology sector and benefits of using virtual sandbox tests are presenting significant potential for the future growth of the virtual IT labs software market players.
Based on deployment, virtual IT labs software market is segmented into on-premises and cloud-based. In 2021, the cloud-based segment led the market and accounted for a larger market share.
In 2021, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific (APAC). North America is a prospective market for virtual IT labs software developers.
The major five companies in virtual IT labs software includes CBT Nuggets; Cloudshare Inc.; Oracle (Ravello); Microsoft; and Amazon Web Services, Inc.
Based on organization size, virtual IT labs software market is segmented into small and medium enterprises and large enterprises. In 2021, the large enterprises segment led the market and accounted for a larger market share.
The List of Companies - Virtual IT Lab Software Market
- Oracle Corporation
- Amazon Web Services
- CloudShare Inc.
- Microsoft Corporation
- APPSEMBLER
- CBT NUGGETS
- Hewlett Packard Enterprise Development LP (HPE)
- CISCO, INC.
- Ready Tech
- Juniper Networks, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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