The 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 will grow by 9.4% annually. 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 region will 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 labs software market growth in the coming years.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific virtual IT lab software market at a substantial CAGR during the forecast period.
Asia Pacific Virtual IT Lab Software Market Segmentation
The Asia Pacific virtual IT lab software market is analyzed on the basis of deployment, organization size, and country. Based on deployment, the market is segmented into on-premise and cloud-based deployment. In 2020, the cloud-based segment held a larger market share and is also expected to register a higher CAGR during the forecast period. Based on organization size, the market is segmented into small and medium enterprises and large enterprises. In 2020, the large enterprises segment held a larger market share, and the small and medium enterprises segment is expected to register a higher CAGR during the forecast period.
Further, based on country, the Asia Pacific virtual IT lab software market is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. In 2020, China held the largest market share. India is expected to grow at the fastest CAGR during the forecast period.
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 the leading companies in the Asia Pacific virtual IT lab software market.