Pune, March 01, 2022 (GLOBE NEWSWIRE) -- The global Everything as a Service (XaaS) Market size was USD 349.71 billion in 2020. The market is anticipated to grow from USD 419.02 billion in 2021 to USD 2,384.12 billion by 2028 at a CAGR of 28.2% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Everything as a Service (XaaS) Market, 2021-2028.” Factors such as improved business agility and increasing operational efficiency will increase the footprint of the market during the forecast period. Additionally, rising demand for artificial intelligence as-a-service will boost the market’s growth.
Prominent Players Present in the Everything as a Service (XaaS) Market are:
- Amazon Web Services (Washington, U.S.)
- Microsoft Corporation (Washington, U.S.)
- Google LLC (California, U.S.)
- AT&T Inc. (Texas, U.S.)
- Avaya Inc. (North Carolina, U.S.)
- Cisco Systems Inc. (California, U.S.)
- IBM Corporation (New York, U.S.)
- McAfee, LLC (California, U.S.)
- Oracle Corporation (California, U.S.)
- Orange Business Services (Paris, France)
COVID-19 to Augment Market Growth due to Rising Work from Home Activities
The COVID-19 pandemic has had a positive impact on the everything as a service (XaaS) sector across various industries such as healthcare, e-commerce, retail, banking, and financial to name a few. The pandemic forced a majority of the workforce towards augmenting a work-from-home approach. Organizations began understanding the advantages of managing costs as per their requirements for achieving improved business agility and rising operational efficiency. Boosting employee experience will fuel the market’s growth during the pandemic era.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/everything-as-a-service-xaas-market-102096
By type, the market can be divided into segmented into software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS), Cybersecurity as a Service, Hardware as a Service (HaaS), Technologies as a Service, and others.
On the basis of enterprise size, the market can be divided into small & medium-sized enterprises and large Enterprises.
With respect to end-user, the market can be broken down into banking and financial services and insurance (BFSI), retail, healthcare, manufacturing, transportation, IT & Telecom, and others (education, energy, and utilities).
In terms of geography, the market can be categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Scope and Segmentation-
|Forecast Period||2021to 2028|
|Forecast Period 2021 to 2028 CAGR||28.2%|
|2028 Value Projection||USD 2,384.12 billion|
|Market Size in 2020||USD 349.71 billion|
|Historical Data for||2017 to 2019|
|No. of Pages||120|
|Segments covered||By Type, By Enterprise Size, By End User, By Region|
|Growth Drivers||Increased Need for Improved Business Agility and Operational Efficiency to Boost Market Growth|
|Growing Demand of Subscription-Based Pricing Model to Boost Market Growth|
|Pitfalls & Challenges||Rising Data Security Concerns To Hamper Market|
The report for everything as a service (XaaS) market highlights the global overview for presenting a better understanding of the market for our readers. The report also sheds light on critical market aspects such as the latest industry trends and ongoing market trends. The report further contains the growth-stimulating factors and restraints that are expected to impact the market in a positive/negative manner during the forecast period.
Drivers & Restraints
Rising Need for Improved Business Agility to Bolster Market Growth
Factors such as rising organizations shifting towards cloud-based platforms, software, and services and consumers demanding more control over their subscribed services will boost the everything as a service (XaaS) market growth during the forecast period. Also, increasing the adoption of cloud-based services and integration of advanced functionalities such as automated management, reduced downtime, and lowered monitoring costs will increase the footprint of the market. Additionally, increasing demand for subscription-based models will fuel market growth.
However, increasing data security measures will limit the growth of the market during the forecast period.
North America to Occupy Significant Market Share due to Increased Adoption of Cloud Services
North America is expected to hold the largest everything as a service (XaaS) market share during the forecast period due to early adoption of the technology and rising adoption of cloud services to name a few. Additionally, the presence of prominent players in the region and increased integration of XaaS will boost the market’s growth.
Europe will witness a considerable market share due to the rising adoption of cloud services by the EU and increasing investment opportunities to name a few.
Asia Pacific will hold remarkable market growth during the forecast period due to rising investment activities and active government initiatives.
Strategic Partnerships & Product Developments to Bolster Market Growth
The dominant players in the everything as a service (XaaS) sector are constantly striving for capturing a larger market share by strategic deployments such as partnership, collaborations, product expansion, and new product offerings. For example, in March 2021, McAfee LLC launched a new security service, McAfee MVISION Cloud-Native Application Protection Platform (MVISION CNAPP), for securing cloud-based applications. Factors such as threat prevention, data protection, compliance, and governance are expected to be deployed across cloud application development. Others are focused on upgrading their existing product portfolios for achieving a new growth potential
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- February 2021: Tata Communications partnered with Google Cloud for providing cloud adoption services. This partnership is aimed at deploying Google Cloud services for Tata Communications via Tata Communications Managed Cloud.
Table of Content
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Everything as a service (XaaS) Key Players Market Share Insights and Analysis, 2021
- Global Everything as a service (XaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Key Findings
- By Type (USD)
- Software as a Service (SaaS)
- Platform as a service (PaaS)
- Infrastructure as a service (IaaS)
- Device as a service (DaaS)
- Security as a service (SECaaS)
- Unified communications as a service (UCaaS)
- Storage as a service (StaaS)
- Technology as a service
- AI as a service
- IoT as a service
- Edge Computing as a service
- By Enterprise Size (USD)
- Small & Medium Enterprise
- Large Enterprise
- By End-user (USD)
- Banking, Financial Services and Insurance (BFSI)
- IT & Telecom
- Others (Education, Healthcare, energy & utilities)
- By Region (USD)
- North America
- South America
- Middle East & Africa
- Asia Pacific
- North America Everything as a service (XaaS) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Key Findings
- By Type (USD)
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