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.
Virtual IT Lab Software is a valuable tool used by numerous businesses to train their employees on new development practices and advanced tools/projects. The software offers a practical and effective training solution that enables employees to access real-world resources without interfering with live applications, websites, or networks. As technology continues to play an integral role in business operations, it is crucial to provide employees with practical training to effectively utilize advanced tools. By adopting a virtual employment training approach, organizations can save costs while extending their employees' knowledge, creating subject matter experts, reducing attrition rates, recruitment costs, and improving overall productivity.
Online course providers and companies use Virtual IT Lab Software for training purposes. ReadyTech Corporation is one such provider that offers an internal virtual training labs platform for employee training. This platform allows employees to practice on-the-job skills in a safe, hands-on virtual environment without disrupting the company's production systems. Virtual employment training through Virtual IT Lab Software provides numerous advantages to organizations, which is driving the growth of the market.
The Virtual IT Lab Software Market is experiencing growth due to the growing adoption of cloud-based platforms in the wake of digital transformation. The ease of deployment, reduced deployment time and costs, and improved internet infrastructure in developed and developing countries are contributing to the rise in cloud-based platform usage. Cloud-based Virtual IT Lab Software offers benefits such as secure data hosting, improved security and scalability, and quick file recovery. Furthermore, the software reduces maintenance and repair costs and enhances customer satisfaction. As a result of these advantages, both large enterprises and small and medium-sized enterprises (SMEs) are adopting cloud-based Virtual IT Lab Software for educational purposes, which is driving market growth.
Key Findings of Study:
The Virtual IT Lab Software Market is divided into two segments based on deployment: cloud-based and on-premise. In 2021, the cloud-based segment emerged as the leading segment in the market. Virtual training is an area that holds tremendous potential for growth in the coming years, as technology continues to integrate further into daily work and life. The cloud-based segment has contributed significantly to the market in 2021, with most virtual training labs being cloud-based, enabling learners to access training from any location worldwide, regardless of their time zone, at their own pace and convenience. With virtual training labs, users don't need an IT team to set up complex training labs. Instead, the lab is set up once in the cloud, and learners can easily access it from anywhere, anytime, without the need for specialized software or files. This trend has driven the growth of the Virtual IT Lab Software Market.
The Virtual IT Lab Software Market is categorized by organization size into two segments, namely SMEs and large enterprises, with the latter leading the market in 2021. This can be attributed to the increasing popularity and benefits of using virtual IT labs by large enterprises. These labs offer an integrated corporate training platform that covers all aspects of a business, enabling them to train their employees online more quickly and efficiently. By using this software, companies can simplify, automate, and optimize their entire learning process intelligently. Additionally, the software allows businesses to create online courses, promote active learning, and boost course completion rates in a straightforward and user-friendly environment. These advantages and the growing adoption of virtual IT labs by large enterprises are expected to drive the growth of this market segment.
The Virtual IT Lab Software Market, based on geography, is segmented primarily 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 in the global Virtual IT Lab Software Market.
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