Citrix Systems
CTXS
recently announced that The Royal Berkshire NHS Foundation Trust (“RBFT”) selected its Virtual Apps and Desktops service to improve support for clinicians as well as protect patient data.
Located in Reading, Royal Berkshire NHS is one of the biggest district general hospitals in the U.K.
By leveraging Citrix’s desktop virtualization solutions, RBFT can offer its doctors secured access to systems and applications anytime and anywhere to facilitate them to provide uninterrupted and quality care to patients.
RBFT further stated that by offering a seamless IT support, it can accelerate decision-making for doctors and improve patient care especially in the emergency department.
Citrix Systems, Inc. Price and Consensus
Citrix Systems, Inc. price-consensus-chart
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Citrix Systems, Inc. Quote
Citrix’s healthcare IT solutions will also enable RBFT for the management of patient data, which is a critical workload.
Citrix is benefiting from robust uptake of unified workspace offerings driven by coronavirus crisis-triggered demand for secure remote work solutions. Moreover, growing adoption of its solutions is likely to expand the company’s presence in the Digital Workplace market.
Per
Market Research Engine data
, the market is expected to witness a CAGR of 30% between 2020 and 2025 to reach $39.6 billion. Healthcare sector is likely to witness the highest CAGR during the period, owing to the need to support front line hospital staff and emphasize on patient satisfaction, added the report.
This is expected to drive revenues in the quarters ahead and boost investors’ optimism in the stock. Notably, shares of Citrix have increased 8.3% year to date compared with the
industry
’s rise of 29.3%.
Abundant Market Prospects
With vaccine still some time away, remote work trend is unlikely to subside. Therefore, the demand for secure solutions that aid organizations in management of tasks pertaining to remote work will increase as enterprises scout for productivity enhancing measures amid the need for social distancing.
Citrix’s desktop virtualisation offerings are expected to witness steady demand as centralized management of employee desktops improves security, control and fosters cost savings for business enterprises.
Going ahead, desktop virtualization market is likely to be driven by increases in cloud computing and Bring Your Own Devices (BYOD) at workplace, per
Mordor Intelligence data
.
The research firm also stated that desktop virtualization solutions offer increased cost effectiveness that makes it an attractive option, thereby driving growth for the market. The desktop virtualization market is forecast to reach $10.84 billion by 2025 at a CAGR of 10.79% from 2020 to 2025.
Citrix is undertaking efforts to capitalize on the rapidly-transforming workspace requirements triggered by the coronavirus crisis.
Citrix
rolled out
two new security solutions — Citrix Secure Internet Access and Citrix Secure Workplace Access — to enhance safeguarding of data stored on apps irrespective of location.
Secure Internet Access includes next-generation firewall, secure web gateway, cloud access security broker (CASB), and detection of AI-driven attack features. Secure Workplace Access provides zero trust access to web and Software-as-a-service applications operated from both BYOD and managed devices.
Prior to that, Citrix also expanded it collaboration with
Upwork
UPWK
. The companies jointly rolled out Upwork Microapps for Citrix Workspace app that will enable enterprises to lower friction in the hiring process.
Earlier in the year,
Citrix
partnered with Upwork for the Upwork Talent Solution with Citrix Workspace solution, which offers easy access to a huge pool of professional talent, and secure remote infrastructure for the smooth onboarding among other services.
In July 2020, the company expanded its collaboration with
Microsoft
MSFT
to migrate its on-premise customers onto Microsoft’s Azure cloud platform to allow employees to work on any device from anywhere.
Nevertheless, increasing investments on portfolio expansion and product enhancements, amid stiff competition from VMware’s Horizon and
Amazon
’s
AMZN
Amazon WorkSpaces are likely to limit margin expansion, at least in the near term.
Citrix currently carries a Zacks Rank #3 (Hold). You can see
the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here
.
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