Market and Industry Analysis:
Demand for the Company’s products and services is primarily driven by remote and office workplace industries, as well as students and others taking online courses and programs.
Overall Driver – PaaS (Presence As A Service)
With the exponential increase in sources of distraction (email, phone, texts, social media, TV, radio, and podcasts, to name a few), PaaS (Presence As A Service) is becoming increasingly important. PaaS will allow users to shield themselves from constant interruptions, ensuring their privacy, reducing stress, and preserving their mental and physical health.
- 1. Growing Acceptance of Working from Home – Initially, many employers believed their employees would be too easily distracted if they worked from home.
Nevertheless, teleconferencing and telework technologies have advanced as businesses have flourished with fully remote teams. In addition, according to Global Workplace Analytics, 37% of remote workers would accept a 10% pay cut in order to continue working from home.
- 2. Privacy for multi-family and family members – Protecting confidential information is crucial when working from home, as an individual’s entire career depends on his or her ability to maintain patient or client confidentiality. Conversations about confidential information can be overheard, and leaving computers containing confidential information accessible to others can be exposed. Therefore, individuals who live with family members or housemates must implement safeguards to prevent this.
- 3. Distance Education – In 2020, the number of students enrolled solely in fully online programs increased from 3.5 million in the Fall enrollment data to 5.8 million in the 12-month enrollment data. This equates to approximately 51.8 percent (from 17.6 percent to 22.7 percent of all students) taking at least one online course in 2019-2020. This percentage is significantly greater than the 37 percent reflected in the Fall 2019 enrollment data (that has been cited in the past) and upon which the majority of historical estimates of the prevalence of online learning have been based.
- 4. Covid 19 Pandemic – A survey reveals that since the pandemic-related stay-at-home orders began, 83 percent of employers say the shift towards remote work has been successful for their company, compared to a 73 percent success rate prior to the pandemic. More employees say they’re more productive now than they were before the pandemic (34 percent vs. 28 percent ) and more executives concur; more than half (52 percent) say employee productivity has increased, compared to 44 percent who said the same pre-pandemic.
- 5, Demographics – According to a recent report, people born after 1981 – generations (Gen Y and Z) – make up the majority of the global workforce and are increasingly disconnected from corporate leaders. This in part is due to their different perspectives on work-life balance, business, and other topics. 90% of respondents have no desire to return to full-time office work once the COVID-19 pandemic is over. When comparing work styles, the study found that only 21 percent of current leaders use work-related platforms such as Slack and WhatsApp, whereas 81 percent of younger employees do.
- 6. Advancement of the Gig Economy – The global gig economy is currently worth $347 billion and is projected to reach $455 billion by 2023, expanding at a Compound Annual Growth Rate (CAGR) of 17.4 percent. By 2027, it is anticipated that the number of independent contractors in the United States will increase from 57 million to 86 million. 79% of full-time independents said they were happier working on their own than at a traditional job, with programming, web design, and graphic design comprising nearly half of the freelancer workforce.
- 7. Technology – The technological advancements of the twenty-first century have made working from home, or anywhere else, more acceptable in the corporate environment. The use of cloud-based data management platforms can facilitate data accessibility, with the added benefit of enhancing data security. Even traditionally resistant industries, such as healthcare, have adapted their business models to include remote patient monitoring, remote health checkups, and virtual doctor visits.
- 8. Business Plan – Employees can utilize high-quality collaborative software utilities to maintain the team’s alignment with its common goal and productivity.