The global workstation market is estimated to garner a significant revenue by the end of 2031 by growing at a CAGR of ~11% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 50 Million in the year 2021. The growth of the market is primarily attributed to the rapidly growing animation industry, and rising demand for animation software and graphics. For instance, the US animation industry was estimated to be worth approximately USD 33 billion in 2021, and by 2026, it is projected to expand by 12%.
A workstation is an extremely powerful computer system that is primarily intended for use by single user. It has a large storage capacity, advanced graphics, and a very powerful CPU (central processing unit) or microprocessor. The workstation is widely applied in business or professional settings. Typically, workstations are used by architects, engineers, graphic designers, and other professionals that require fast CPUs and lots of RAM. Since the COVID-19 crisis, the trend of cloud computing has been increasing. Therefore, integration of virtual workstations has been on a rapid hype. For instance, in 2022, the global cloud computing industry is projected to expand around USD 616 billion.
Global Workstation Market: Growth Drivers and Challenges
Growth Drivers
§ Rising Trend of Digital Content Creation - Getting news and watching TV online has become as a result of increased Internet access via smartphones. As more people use the internet for information, there has been an increase in digital content to fulfill the demands. Based on the data released by IEA, over 40% of internet traffic worldwide in 2020 was driven by video streaming, online gaming, and social networking.
§ Surge in Industrial Growth- Industrial growth leads to economy transitions from a primarily agricultural to a manufacturing-based economy. Therefore, growing industrialization makes a significant influence on the demand of workstation as it is widely used for industrial application. Based on the data provided by the United Nations Industrial Development Organization, global industrial output increased by 4.2% over the previous year in the first quarter of 2022. Similar annual output growth of 4.1% was reported by industrialized economies after stable increases of 3.6% and 6.1% in the previous two quarters, correspondingly.
§ Accelerating Demand for Mobile Workstations – With the time, the demand for mobile workstations is increasing as the devices have become more portable and proficient. In recent years, 33 to 42% of workstations purchased have been mobiles rather than desktops.
§ Escalating Trend of Network as a Service (NaaS) - Numerous enterprises have enhanced productivity by automating user onboarding, provisioning network and endpoint devices, implementing network and security policies, and troubleshooting issues. Organizations are able to dynamically use networking capabilities in this cloud-enabled network-as-a-service (NaaS) paradigm without having to buy, construct, or manage the infrastructure themselves. For instance, more than 38% of organizations stated that a major reason for adopting a NaaS model is that it is capable to provide them with the most up-to-date networking technologies and capabilities on a continuous basis.
§ Global Investment in Digital Transformation – Investment in digital transformation is a boon for organizations as it has become vital as a result of the pandemic's significant effect on organizations globally. Global spending on digital transformation is anticipated to hit approximately USD 1.5 trillion in 2022.
Challenges
§ High Cost of Workstations
§ Limited Use of Workstation for Business and Professional
§ Lack of Custom-Made Models
The global workstation market is segmented and analyzed for demand and supply by application into digital content creation, economic/finance, scientific, engineering, software engineering, and others. Out of these, economic / finance segment is anticipated to have the largest market share over the forecast period on the back of technological advancement, digitization of financial services, worldwide adoption of fintech services, supportive policies, and the huge capital investment. For instance, fintech services adoption increased globally from 17% in 2015 to 66% in 2019.
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