Desktop as a Service (DaaS) Market Size, Trends and Insights By Enterprise (Small and Medium Enterprises, Large Enterprises), By End-User (BFSI, Media & Entertainment, Government, IT & Telecom, Healthcare, Manufacturing, Education, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
Study Period: | 2025-2034 |
Fastest Growing Market: | Asia-Pacific |
Largest Market: | Europe |
Major Players
- VMware Inc.
- Amazon Web Services Inc.
- Oracle Corporation
- Microsoft Corporation
- Citrix Systems Inc.
- Others
Reports Description
As per the current market research conducted by the CMI Team, the global Desktop as a Service (DaaS) market is expected to record a CAGR of 21% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 4.9 Billion. By 2032, the valuation is anticipated to reach USD 18.7 Billion.
In the DaaS market, service providers offer businesses and individuals virtual desktop infrastructure (VDI) solutions. These solutions eliminate the need for organizations to manage physical desktop hardware, as the entire desktop environment is hosted and managed in the cloud.
Here are some key points about the DaaS market:
- Flexibility and Mobility: DaaS enables users to access their desktop environments from different devices, such as laptops, tablets, or smartphones, providing greater flexibility and mobility.
- Cost-Effectiveness: Businesses can often benefit from cost savings with DaaS, as they no longer need to invest in expensive hardware upgrade and y can scale their desktop infrastructure according to their needs.
- Security: DaaS can enhance data security as sensitive information remains in the data center rather than being stored on local devices, reducing the risk of data breaches if a device is lost or stolen.
- Performance: The performance of DaaS largely depends on the quality of the internet connection. High-speed and stable internet connections are necessary for a smooth desktop experience.
- Competition and Providers: The DaaS market is competitive, with several major players offering their solutions. Some well-known DaaS providers include Amazon Web Services (AWS), Microsoft Azure, VMware Horizon Cloud, and Citrix Virtual Apps and Desktops.
- Adoption: DaaS adoption has been increasing, especially with the rise of remote work and the need for flexible and secure desktop solutions.
Desktop as a Service (DaaS) Market Growth Factors
- Remote Work and Flexible Work Environments: The rise of remote work and the need for flexible work arrangements have accelerated the demand for DaaS. With DaaS, employees can access their virtual desktops and applications from anywhere, making it easier for businesses to support remote workforces.
- Cost-Effectiveness: DaaS offers potential cost savings for businesses by eliminating the need to invest in and maintain expensive physical desktop hardware. Instead, organizations can subscribe to DaaS solutions on a pay-as-you-go or subscription basis, reducing upfront costs and simplifying budgeting.
- Scalability: DaaS allows for easy scalability, enabling businesses to adjust their desktop infrastructure according to changing needs. Whether it’s scaling up during peak seasons or scaling down during slower periods, DaaS provides flexibility in managing resources.
- Enhanced Security: DaaS can improve data security by centralizing desktop environments in the cloud or data center. Sensitive data remains protected within the controlled environment of the service provider, reducing the risk of data breaches and information loss.
- Device Independence: DaaS enables users to access their virtual desktops and applications from various devices, such as laptops, tablets, or smartphones. This device’s independence provides convenience and accessibility to users, contributing to its popularity.
- Simplified IT Management: DaaS simplifies IT management by centralizing desktop infrastructure and updates in the cloud. This reduces the burden on IT teams for maintaining and troubleshooting individual desktops, leading to increased efficiency.
- Disaster Recovery and Business Continuity: DaaS solutions often include robust disaster recovery and business continuity features. In the event of a local system failure or natural disaster, users can quickly resume work by accessing their virtual desktops from alternative devices.
- Green IT Initiatives: DaaS can align with green IT initiatives as it reduces the energy consumption associated with maintaining local desktop infrastructure.
- Growing Cloud Adoption: The increasing adoption of cloud computing, in general, has contributed to the growth of DaaS. Organizations are more comfortable embracing cloud-based solutions, including desktop virtualization.
- Advancements in Technology: Continuous advancements in cloud computing, virtualization, and network technologies have improved the performance, reliability, and user experience of DaaS solutions.
Desktop as a Service (DaaS) Market – Mergers and Acquisitions
- Citrix Systems and Wrike: In January 2021, Citrix Systems, a prominent player in the DaaS market, announced its acquisition of Wrike, a leading provider of collaborative work management solutions. While Wrike primarily focuses on project management and collaboration tools, this acquisition further bolstered Citrix’s capabilities to offer integrated solutions for remote work and virtual desktop environments.
- VMware and Dizzion: In April 2020, VMware, a major player in cloud infrastructure and virtualization, acquired Dizzion, a provider of cloud-based desktop solutions. This acquisition allowed VMware to enhance its end-user computing portfolio and strengthen its DaaS offerings.
- Nutanix and Frame: Nutanix, known for its hyper-converged infrastructure solutions, acquired Frame in August 2018. The frame was a company that specialized in cloud-based Windows desktop and application delivery. The acquisition enabled Nutanix to enter the DaaS market and offer virtual desktop solutions on its cloud platform.
- Amazon Web Services (AWS) and NICE DCV: In November 2016, AWS acquired NICE Desktop Cloud Visualization (DCV) technology. NICE DCV is a high-performance remote display protocol designed for delivering graphics-intensive applications over the network. The acquisition aimed to improve AWS’s DaaS capabilities and enhance the user experience for graphics-heavy applications.
- Microsoft and FSLogix: In November 2018, Microsoft acquired FSLogix, a company specializing in application provisioning and performance optimization solutions for virtualized environments, including DaaS. This acquisition complemented Microsoft’s efforts to improve virtual desktop experiences in its Azure cloud offerings and Windows Virtual Desktop (WVD) service.
- HPE and CloudPhysics: In March 2020, Hewlett Packard Enterprise (HPE) acquired CloudPhysics, a data analytics company that focused on optimizing virtualized environments. While not solely dedicated to DaaS, this acquisition strengthened HPE’s ability to offer analytics and insights for virtual desktop deployments.
COMPARATIVE ANALYSIS OF THE RELATED MARKET
Desktop as a Service (DaaS) Market | Digital Infrastructure Market | Multi-Cloud Networking Market |
CAGR 21 % (Approx) | CAGR 23.60 % (Approx) | CAGR 24.5 % (Approx) |
USD 18.7 Billion by 2032 | USD 1000.52 Billion by 2032 | USD 20.55 Billion by 2032 |
Desktop as a Service (DaaS) Market Significant Threats
- Internet Connectivity and Reliability: DaaS heavily relies on stable and high-speed internet connections. In regions or areas with limited internet access or unreliable connectivity, users may experience performance issues, latency, or disruptions in accessing their virtual desktops, affecting the overall user experience.
- Data Security and Privacy Concerns: While DaaS can offer improved data security by centralizing desktop environments, some organizations may have concerns about storing sensitive data in the cloud or with third-party providers. Data breaches and cyber-attacks targeting cloud services can undermine confidence in DaaS solutions.
- Compliance and Regulatory Challenges: Different industries and regions have specific compliance requirements and regulations related to data storage, privacy, and security. Ensuring that DaaS solutions comply with these regulations can be a challenge for businesses, especially those operating in highly regulated sectors.
- Performance for Graphics-Intensive Applications: Graphics-intensive applications, such as CAD/CAM or video editing software, demand high computational power and strong graphics processing capabilities. Ensuring optimal performance for such applications in a virtual desktop environment can be challenging, affecting user satisfaction.
- Vendor Lock-In: Adopting DaaS from a specific provider might lead to vendor lock-in, where transitioning to another provider or bringing the infrastructure in-house becomes complex and costly. Organizations need to carefully consider their long-term strategies to avoid potential lock-in issues.
- Integration with Legacy Systems: Some organizations may already have significant investments in on-premises infrastructure and legacy systems. Integrating DaaS with existing systems and workflows can be a complex process, requiring careful planning and consideration.
- Cost Overruns and Hidden Expenses: While DaaS can offer cost benefits in some cases, unexpected usage spikes or hidden expenses in data transfer, storage, or licensing costs can lead to cost overruns, making it important for businesses to carefully evaluate pricing structures.
- User Resistance and Training: Introducing a new technology like DaaS may face resistance from employees who are accustomed to traditional desktop environments. Adequate user training and change management strategies are crucial to smooth adoption and employee acceptance.
- Competition from On-Premises VDI and Remote Desktop Solutions: On-premises Virtual Desktop Infrastructure (VDI) solutions and remote desktop technologies continue to be viable options for some organizations. DaaS faces competition from these established solutions, especially when organizations have already invested in on-premises infrastructure.
- Performance and Resource Sharing: In multi-tenant DaaS environments, performance can be affected if multiple users place high demands on resources simultaneously. Service providers need to manage resource allocation effectively to ensure consistent performance for all users.
Report Scope
Feature of the Report | Details |
Market Size in 2023 | USD 6.2 Billion |
Projected Market Size in 2032 | USD 18.7 Billion |
Market Size in 2022 | USD 4.9 Billion |
CAGR Growth Rate | 21% CAGR |
Base Year | 2023 |
Forecast Period | 2025-2034 |
Key Segment | By Enterprise, End-User and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Category-Wise Insights
Based on Enterprise:
During the forecasted period, the Small and Medium Enterprises (SMEs) segment is expected to dominate the Desktop as a Service (DaaS) market. This is primarily attributed to the widespread availability of subscription-based models for virtual desktop servers, which offer relatively lower costs, making DaaS adoption more accessible to SMEs.
The affordability of these subscription plans enables SMEs to leverage DaaS solutions without significant financial constraints, contributing to the segment’s prominence in the market.
Based on End-user:
During the forecast period, the IT & Telecom segment is projected to be the leading market segment in the Desktop as a Service (DaaS) industry. This dominance can be attributed to increased investments by regulatory bodies worldwide in enhancing the IT & Telecom infrastructure.
Leveraging virtual desktop servers, companies within the IT & Telecom industry can achieve a reduced Total Cost of Ownership (TCO) for their desktop environments, optimize their existing assets, and accommodate future growth. These advantages have contributed to the segment’s significant growth and prominence in the DaaS market.
Desktop as a Service (DaaS) Market Regional Analysis
- North America: North America has been a leading region in the DaaS market, primarily driven by the United States. The region has a highly developed IT infrastructure and a strong emphasis on cloud computing technologies. The rise of remote work and the need for flexible desktop solutions further fueled the adoption of DaaS in this region.
- Europe: Europe was another significant market for DaaS, with countries like the United Kingdom, Germany, and France leading the way. European businesses have increasingly embraced cloud-based solutions, and the demand for secure and scalable virtual desktop environments supported DaaS adoption.
- Asia-Pacific: The Asia-Pacific region showed substantial growth potential for DaaS. Countries like China, Japan, India, and Australia were among the key contributors to the market’s expansion. The region’s growing IT industry, large workforce, and increasing adoption of cloud technologies were key drivers for DaaS adoption.
- Latin America: Latin America was also witnessing an increasing interest in DaaS solutions. Brazil, Mexico, and Argentina were notable markets in the region. Economic growth, expanding IT infrastructure, and the need for cost-effective and flexible solutions fueled DaaS adoption.
- Middle East and Africa: The Middle East and Africa region were gradually exploring DaaS offerings, with the United Arab Emirates and South Africa being the key markets. The demand for remote work solutions and the increasing adoption of cloud technologies were driving factors in the region.
- Rest of the World: Other regions and countries showed varied levels of adoption, influenced by factors such as economic conditions, technological advancements, and the development of cloud infrastructure.
List of the prominent players in the Desktop as a Service (DaaS) Market:
- VMware Inc.
- Amazon Web Services Inc.
- Oracle Corporation
- Microsoft Corporation
- Citrix Systems Inc.
- NetApp Inc. (SolidFire)
- Cisco Systems Inc.
- Leostream Corporation
- IBM
- Dincloud
- Others
The Desktop as a Service (DaaS) Market is segmented as follows:
By Enterprise
- Small and Medium Enterprises
- Large Enterprises
By End-User
- BFSI
- Media & Entertainment
- Government
- IT & Telecom
- Healthcare
- Manufacturing
- Education
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research Methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Desktop as a Service DaaS Market, (2024 – 2033) (USD Billion)
- 2.2 Global Desktop as a Service DaaS Market : snapshot
- Chapter 3. Global Desktop as a Service DaaS Market – Industry Analysis
- 3.1 Desktop as a Service DaaS Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Remote Work and Flexible Work Environments
- 3.2.2 Cost-Effectiveness
- 3.2.3 Scalability
- 3.2.4 Enhanced Security
- 3.2.5 Device Independence
- 3.2.6 Simplified IT Management
- 3.2.7 Disaster Recovery and Business Continuity
- 3.2.8 Green IT Initiatives
- 3.2.9 Growing Cloud Adoption
- 3.2.10 Advancements in Technology.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Enterprise
- 3.7.2 Market attractiveness analysis By End-User
- Chapter 4. Global Desktop as a Service DaaS Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Desktop as a Service DaaS Market: company market share, 2022
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Desktop as a Service DaaS Market – Enterprise Analysis
- 5.1 Global Desktop as a Service DaaS Market overview: By Enterprise
- 5.1.1 Global Desktop as a Service DaaS Market share, By Enterprise, 2025 and 2034
- 5.2 Small and Medium Enterprises
- 5.2.1 Global Desktop as a Service DaaS Market by Small and Medium Enterprises, 2024 – 2033 (USD Billion)
- 5.3 Large Enterprises
- 5.3.1 Global Desktop as a Service DaaS Market by Large Enterprises, 2024 – 2033 (USD Billion)
- 5.1 Global Desktop as a Service DaaS Market overview: By Enterprise
- Chapter 6. Global Desktop as a Service DaaS Market – End-User Analysis
- 6.1 Global Desktop as a Service DaaS Market overview: By End-User
- 6.1.1 Global Desktop as a Service DaaS Market share, By End-User, 2025 and 2034
- 6.2 BFSI
- 6.2.1 Global Desktop as a Service DaaS Market by BFSI, 2024 – 2033 (USD Billion)
- 6.3 Media & Entertainment
- 6.3.1 Global Desktop as a Service DaaS Market by Media & Entertainment, 2024 – 2033 (USD Billion)
- 6.4 Government
- 6.4.1 Global Desktop as a Service DaaS Market by Government, 2024 – 2033 (USD Billion)
- 6.5 IT & Telecom
- 6.5.1 Global Desktop as a Service DaaS Market by IT & Telecom, 2024 – 2033 (USD Billion)
- 6.6 Healthcare
- 6.6.1 Global Desktop as a Service DaaS Market by Healthcare, 2024 – 2033 (USD Billion)
- 6.7 Manufacturing
- 6.7.1 Global Desktop as a Service DaaS Market by Manufacturing, 2024 – 2033 (USD Billion)
- 6.8 Education
- 6.8.1 Global Desktop as a Service DaaS Market by Education, 2024 – 2033 (USD Billion)
- 6.9 Others
- 6.9.1 Global Desktop as a Service DaaS Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Desktop as a Service DaaS Market overview: By End-User
- Chapter 7. Desktop as a Service DaaS Market Regional Analysis
- 7.1 Global Desktop as a Service DaaS Market Regional Overview
- 7.2 Global Desktop as a Service DaaS Market Share, by Region, 2022 & – 2033 (USD Billion)
- 7.3. North America
- 7.3.1 North America Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.3.1.1 North America Desktop as a Service DaaS Market, by Country, 2024 – 2033 (USD Billion)
- 7.3.1 North America Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.4 North America Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033
- 7.4.1 North America Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033 (USD Billion)
- 7.5 North America Desktop as a Service DaaS Market, by End-User, 2024 – 2033
- 7.5.1 North America Desktop as a Service DaaS Market, by End-User, 2024 – 2033 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.6.1.1 Europe Desktop as a Service DaaS Market, by Country, 2024 – 2033 (USD Billion)
- 7.6.1 Europe Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.7 Europe Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033
- 7.7.1 Europe Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033 (USD Billion)
- 7.8 Europe Desktop as a Service DaaS Market, by End-User, 2024 – 2033
- 7.8.1 Europe Desktop as a Service DaaS Market, by End-User, 2024 – 2033 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.9.1.1 Asia Pacific Desktop as a Service DaaS Market, by Country, 2024 – 2033 (USD Billion)
- 7.9.1 Asia Pacific Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.10 Asia Pacific Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033
- 7.10.1 Asia Pacific Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033 (USD Billion)
- 7.11 Asia Pacific Desktop as a Service DaaS Market, by End-User, 2024 – 2033
- 7.11.1 Asia Pacific Desktop as a Service DaaS Market, by End-User, 2024 – 2033 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.12.1.1 Latin America Desktop as a Service DaaS Market, by Country, 2024 – 2033 (USD Billion)
- 7.12.1 Latin America Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.13 Latin America Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033
- 7.13.1 Latin America Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033 (USD Billion)
- 7.14 Latin America Desktop as a Service DaaS Market, by End-User, 2024 – 2033
- 7.14.1 Latin America Desktop as a Service DaaS Market, by End-User, 2024 – 2033 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Desktop as a Service DaaS Market, by Country, 2024 – 2033 (USD Billion)
- 7.15.1 The Middle-East and Africa Desktop as a Service DaaS Market, 2024 – 2033 (USD Billion)
- 7.16 The Middle-East and Africa Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033
- 7.16.1 The Middle-East and Africa Desktop as a Service DaaS Market, by Enterprise, 2024 – 2033 (USD Billion)
- 7.17 The Middle-East and Africa Desktop as a Service DaaS Market, by End-User, 2024 – 2033
- 7.17.1 The Middle-East and Africa Desktop as a Service DaaS Market, by End-User, 2024 – 2033 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 VMware Inc.
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Amazon Web Services Inc.
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Oracle Corporation
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Microsoft Corporation
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 Citrix Systems Inc.
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 NetApp Inc. (SolidFire)
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Cisco Systems Inc.
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 Leostream Corporation
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 IBM
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 Dincloud
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Others.
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.1 VMware Inc.
List Of Figures
Figures No 1 to 24
List Of Tables
Tables No 1 to 52
Prominent Players
- VMware Inc.
- Amazon Web Services Inc.
- Oracle Corporation
- Microsoft Corporation
- Citrix Systems Inc.
- NetApp Inc. (SolidFire)
- Cisco Systems Inc.
- Leostream Corporation
- IBM
- Dincloud
- Others
FAQs
The key factors driving the Market are Remote Work and Flexible Work Environments, Cost-Effectiveness, Scalability, Enhanced Security, Device Independence, Simplified IT Management, Disaster Recovery and Business Continuity, Green IT Initiatives, Growing Cloud Adoption And Advancements in Technology.
The “End-User” category dominated the market in 2022.
The key players in the market are VMware Inc., Amazon Web Services Inc., Oracle Corporation, Microsoft Corporation, Citrix Systems Inc., NetApp Inc. (SolidFire), Cisco Systems Inc., Leostream Corporation, IBM, Dincloud, Others.
“North America” had the largest share in the Desktop as a Service (DaaS) Market.
The global market is projected to grow at a CAGR of 21% during the forecast period, 2023-2032.
The Desktop as a Service (DaaS) Market size was valued at USD 4.9 Billion in 2022.