The financial services desktop virtualization market was valued at USD 1622.37 million in 2019 and is expected to reach USD 3837.62 million by 2025, at a CAGR of 15.43% over the forecast period 2020 - 2025.
- Organizations across industries have an ever-growing need to protect sensitive corporate data while controlling capital expenses.
- Finding the right balance can be a challenge especially in the financial services sector which has huge amounts of sensitive data, traditional IT infrastructure and constant threats from cybercriminals from across the world. That’s why more and more organizations in this industry are choosing a smarter alternative: virtual desktops.
- For example, Westpac Bank Group that serves 2.5 million customers globally turned to Citrix to enable business mobility throughout its global organization. Westpack then introduced a hosted virtual desktop solution by the help of Citrix transforming the delivery of services to the company’s retail business by allowing employees to use their own devices for work while improving mobility and security.
- Using Citrix technology to replace local servers with a centralized environment, Westpac has improved customer service and reduced IT costs.
Scope of the Report
Desktop virtualization is a form of virtualization technology which separates an individual’s PC applications from his or her desktop. Virtualized desktops are hosted on a remote central server, rather than the hard drive. Desktop virtualization in financial services & wealth management allows IT teams to centrally manage all the endpoints in an efficient and effective manner so as to enable the users to quickly access critical applications while lowering IT costs and complexity.
Key Market Trends
Increasing Adoption of Cloud Services in Financial Institutions to Drive the Market Growth
- The cloud-based services have also boosted the demand for the virtualization market as the financial services companies are increasingly taking a cloud-first approach to new applications.
- According to the Enterprise Cloud Index Report released a few days ago by Nutanix, a leader in enterprise cloud computing, the financial sector outpaces other industries in the adoption of hybrid cloud, with the deployment of hybrid cloud reaching 21% penetration, compared to the global average of 18.5%
- Further, application streaming over the cloud is gaining popularity in the industry, with many enterprises choosing standalone application services. Cloud is preferred across industries, as it provides better scalability, data management, and cost savings.
- Moreover, cloud deployment makes the migration of data between working environments easy. Also, companies have the option to scale up their requirements and procure additional computing power and data without the need for physical installation. This flexibility enables better resource management.
- Desktop virtualization as a service over cloud has a special appeal for the BFSI segment because of the extra layers of defense it provides data and applications while ensuring that user experience is maximized. Data breaches remain one of the primary concerns of the financial services and this is shall remain the primary reason for the proliferation of desktop virtualization across this industry.
Asia-Pacific to Register Highest Growth Rate
- The IT industry in the Asian region has been lauded for its quality and quantity of IT services exports to the global markets.
- Asia hosts the major IT outsourcing destinations for the major market players across the financial services vertical. Many of the emerging markets in the region are expected to register higher growth rates than the mature economies.
- As these markets continue to grow in this trajectory, the need for financial services such as retail banking, asset management, insurance, capital market service, and others, is also increasing. Many industry players have been increasing their presence in the region to capture the market in this astoundingly fast-growing region.
The financial services desktop virtualization market is a competitive market with prominent players like Citrix Systems, Inc., Toshiba Corporation, IBM Corporation, Microsoft Corporation, Huawei Technologies Co. Ltd, among others. To increase their footprint, most of the major players are signing long term agreements with Financial Institutions and providing customized solutions based on the need of the clientele. Some of the recent developments are as follows:-
- June 2019 - VMware in an attempt to bring public cloud experience to their data centers has acquired Avi Networks. It’s an attempt by VMware to establish itself as a player that helps its clients handle their virtual machines irrespective of their location.
- December 2018 - Corel Corporation announced the acquisition of the Parallels business, a global leader in cross-platform solutions. Corel now offers the complete Parallels product line, including Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac, Parallels Access, Parallels Mac Management for Microsoft SCCM, and Parallels Remote Application Server (RAS) as part of its industry-leading software portfolio
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