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Citrix Systems, Inc. CTXS recently announced that India-based Canara HSBC Oriental Bank of Commerce Life Insurance has selected its digital workspace solutions to facilitate a simplified and secure access to systems and information needed by employees for seamless remote work experience.
Canara HSBC Oriental Bank is utilizing Citrix’s digital workspace and application delivery and security solutions, which includes Citrix Virtual Apps and Desktops as well as Citrix application delivery controller (ADC) offerings.
Citrix ADC is an application delivery and load balancing solution, that helps to deliver improved user experience anywhere and on any device, and is mainly for small and medium-sized businesses.
Citrix Systems, Inc. Price and Consensus
Citrix Systems, Inc. price-consensus-chart | Citrix Systems, Inc. Quote
Ample Market Prospects
Citrix is witnessing strong traction for unified workspace offerings driven by pandemic-triggered demand for secure remote work solutions. The trend is unlikely to dissipate soon as the global vaccine rollout is expected to be a tedious affair.
In this regard, Citrix’s desktop virtualisation offerings are expected to witness steady demand in the upcoming quarters.
Per Mordor Intelligence data, the desktop virtualization market is projected to hit $12.29 billion by 2026 from $6.7 billion in 2020 at a CAGR of 10.6% from 2021 to 2026. In addition to COVID-19 triggered remote work set up, rapid proliferation of cloud computing along with rise in Bring Your Own Devices (BYOD) at workplace is fuelling growth of desktop virtualisation market, added the report.
Moreover, growing adoption of its solutions is likely to augment the company’s prospects in the lucrative Digital Workplace market. Per Market Research Engine data, the Digital Workplace market is expected to witness a CAGR of 30% between 2021 and 2026.
To capitalize on the trend, the company is continually enhancing its capabilities and entering into strategic collaborations.
As part of its strategy, Citrix recently acquired Wrike for $2.25 billion. Wrike is engaged in providing business enterprises with Software as a service (SaaS) based collaborative work management solutions. Wrike’s offerings enhances Citrix unified digital workspace solutions’ portfolio.
In 2020, Citrix unveiled two new security solutions —Citrix Secure Workplace Access and Citrix Secure Internet Access — to enhance safeguarding of data stored on apps irrespective of location.
Last year, Citrix and Upwork UPWK jointly rolled out Upwork Microapps for Citrix Workspace app that will assist enterprises to lessen friction in the hiring process.
However, higher investments on product enhancements and portfolio expansion, amid increasing competition from VMware's VMW Horizon and Workspace ONE along with Amazon’s AMZN Amazon WorkSpaces, are likely to limit margin expansion in the near term for this Zacks Rank #3 (Hold) stock.
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