Everything-as a Service Market Share, Size, Trends, Industry Analysis Report, By Offerings (Solution, Services); By Type; By Organization Size; By Industry Verticals; By Region; Segment Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3865
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global everything-as a service market was valued at USD 273.92 billion in 2023 and is expected to grow at a CAGR of 20.10% during the forecast period.
The constant increase in the adoption and emergence of XaaS models all over the world, along with the surging prominence of different types of innovative products and services, digitally-powered technology architecture, and insights-driven strategies, due to increased inclination towards XaaS models across various sectors, are the primary factors boosting the market growth. In addition, the growing introduction to new models equipped with cutting-edge technologies like artificial intelligence, machine learning, and analytics, while eliminating the need for long implementation cycles and allowing businesses to adopt or deploy services quickly, is further likely to create huge growth opportunities soon.
Everything-as a Service (XaaS) is a broad category of cloud computing and remote access services. It encompasses the vast array of products, tools, and technologies that users can access on the internet upon request. Essentially, any IT function can be transformed into a service for consumption by enterprises. The service is based on a flexible consumption model, offering users the chance to pay flexibly instead of making an upfront purchase or buying a license. Everything as a Service is used in several industry verticals, including BFSI, IT & telecom, media and government, healthcare, and manufacturing, amongst others.
There are several types of XaaS, including Software as a Service, Platform as a Service, Infrastructure as a Service, and Communication as a Service. Also, there are numerous benefits associated with everything as a service. Using XaaS, businesses can cut costs by purchasing services from everything-as a service market key players on a subscription basis. Besides, the model allows companies to quickly adapt to changing market conditions by introducing new apps or solutions. Furthermore, businesses can allocate resources to higher-value projects. With the rising adoption of cloud-based services, the market is projected to witness rapid growth over the forecast period.
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- For instance, in July 2023, Verinext, a global company offering transformative business outcomes through technology and services for everything, announced the launch of its new disaster recovery-as-a-service. The newly launched service solution will provide compliant, secure, and flexible DRaaS-managed services for customers wanting continuous data protection and ransomware resilience.
Moreover, there has been a significant increase in the proliferation of IoT devices and the need for low-latency processing all over the world, which has fueled the adoption of XaaS models, as major XaaS solution providers are offering edge services to process data more closely to the source while enhancing the overall performance and efficiency. For instance, according to a recent study, currently, there are more than 15.14 billion connected IoT devices around the world, and the number of active IoT devices is estimated to reach 29.42 by 2030, almost double the current number.
The report provides information on everything-as a service market revenue and sales at the global, national, and regional levels. Besides, it includes a detailed segmentation of the market, primarily based on types, applications, end-uses and regions. The segmentation helps businesses and stakeholders plan their products, finances, and business strategies by considering the upcoming development rate for every segment.
The outbreak of the COVID-19 pandemic has positively impacted the growth of the everything-as-a-service market. The rapid spread of the deadly coronavirus across the globe forced many businesses to rapidly transition to remote work and digital operations, which have resulted in increased adoption of XaaS solutions, especially Software-as-a-Service applications, to enable remote collaboration, communication, and access to critical business tools worldwide.
Industry Dynamics
Growth Drivers
Rising Adoption of Cloud-Based Services
The rising demand for improved or enhanced business operations and surge in the adoption of various cloud-based services across the globe in order to modernize business operations and improve customer experience coupled with the exponential rise in the number of organizations shifting their workloads into the cloud-based platforms from traditional infrastructure are major factors propelling the demand and growth of the market.
Furthermore, there is an emerging trend among IT professionals and organizations towards the adoption of the XaaS delivery model for streamlining their operations and freeing up resources for innovations and also to utilize the advantages of XaaS better to shift their operations digitally and boost their agility, which in turn, have paved the way for higher product demand and growth of the everything-as a service market.
Report Segmentation
The market is primarily segmented based on offerings, type, organization size, industry verticals, and region.
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By Offerings |
By Type |
By Organization Size |
By Industry Verticals |
By Region |
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By Type Analysis
Software as a Service segment accounted for the largest market share during the forecast period.
Software as a Service segment accounted for the largest market share during the forecast period due to continuously rising adoption of SaaS platforms across the globe, mainly among the telecom, BFSI, and IT sectors along with this higher scalability and flexibility, allowing businesses to easily scale their software usage up or down as per their needs. For instance, in August 2021, Union Bank of Philippines announced that they have partnered with Infosys to adopt or use their Finacle SaaS platform to scale up their banking operations effectively.
The infrastructure as a service segment is likely to exhibit a significant growth rate over the coming years on account of its rising prevalence and penetration among small and mid-size businesses, as it offers strong elasticity, on-demand self-service, increased scalability, and broader network access.
By Organization Size Analysis
The large enterprises segment held a significant market share in 2022
The large enterprises segment held a significant market share in 2022, which is mainly driven by their high investment capabilities and ability to access newer and advanced technologies more quickly compared to small & mid-size businesses. Additionally, large enterprises worldwide experience fluctuating demand for their services and solutions; hence, XaaS offerings provide them greater flexibility to increase or decrease their software usage based on their current needs, which makes them a crucial tool for reducing overall operations costs.
By Industry Verticals Analysis
The healthcare segment accounted for the highest market share during the forecast period.
The healthcare segment accounted for the highest market share during the projected period, mainly attributable to the increasing adoption of this XaaS in the healthcare industry to provide access to remote patient monitoring, diagnosis, and treatment and also due to their ability to facilitate better interoperability between different healthcare systems and providers globally.
The BFSI sector led the industry market with considerable revenue share in 2022, which is majorly driven by numerous beneficial features or properties it brings to the banking and insurance sector, including cost efficiency, greater flexibility, data security & compliance, remote accessibility, and improved customer experience, among others. Besides this, XaaS solutions also enable BFSI organizations to easily or quickly deploy new services, products, or features without the delays associated with traditional software development cycles. They are crucial for staying in this competitive market and meeting customer demands.
Regional Insights
North America region dominated the largest market share in 2022
The North American region dominated the largest market share in 2022. The regional market growth is highly attributable to the region’s quick adoption of technological advancements and the presence of some of the world’s top or well-established players in countries like the US and Canada, coupled with the surge in the number of businesses across the region actively undergoing digital transformation to stay competitive and agile in the market.
The Asia Pacific region is anticipated to be the fastest growing region with a healthy CAGR over the forecast period, owing to significant growth potentials in industries like energy & utilities, IT & telecom, and BFSI sectors and continuous increase in penetration of platform as a service and infrastructure as a service to complement the rising demands of IT businesses and professionals efficiently.
For instance, according to a recent study by Infobip-IDC, around 63% of businesses in India are planning to increase their communication platform spending in the financial year 2023-24, which includes the higher demand for communications platform-as-a-service in the country. And 59% of Indian businesses have already adopted CPaaS solutions in their organizations.
Key Market Players & Competitive Insights
The everything-as a service market is highly competitive, with key players continually striving to innovate, expand their global reach, and address the diverse needs of businesses and consumers. This competition benefits customers by driving innovation and fostering the development of a wide range of cloud-based services and solutions.
Major key players include:
- Accenture
- Adobe Inc.
- Alibaba Group
- Amazon Web Services
- AT&T
- Avaya Inc.
- Cisco Systems
- Dell Technologies
- HCL Technologies
- IBM Corporation
- McAfee
- Microsoft Corporation
- NetApp
- Oracle Corporation
- Orange Business Services
- Rack Space
- Salesforce
- SAP
- VMware
Recent Developments
- In March 2022, Cisco Systems announced its new Everything-as-a-service strategy, which will allow company customers to purchase their IT in a more flexible and consumption-based way.
- In September 2021, Lenovo introduced its newly developed Lenovo TruScale. With this launch, the company is expanding its TruScale brand beyond the infrastructure services and bringing the company’s as-a-service offerings under an umbrella.
Everything-as a Service Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 328.56 billion |
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Revenue Forecast in 2032 |
USD 1,425.05 billion |
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CAGR |
20.10% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments Covered |
By Offerings, Type, By Organization Size, By Industry Verticals, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Delve into the intricacies of everything-as a service in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
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