Everything as a Service Market to Record 24.4% CAGR During 2023-2030; Surging Need to Streamline Business Operations and Improve Operational Efficiency to Aid Market Expansion

The global Everything as a Service Market size was valued at USD 559.14 billion in 2022 Fortune Business Insights™ in its report titled “Everything as a Service Market Size, Share & COVID-19 Impact Analysis, By Type (Software as a Service (SaaS), Platform as a Service (PaaS), Infrastructure as a Service (IaaS), Security as a Service (SECaaS), Device as a Service (DaaS), Unified Communications as a Service (UCaaS), Storage as a Service (StaaS), Technology as a Service, and Others), By Enterprise Type (Small and Mid-sized Enterprises (SMEs) and Large Enterprises), By Industry (Banking, Financial Services and Insurance (BFSI), Retail & Consumer Goods, Healthcare, IT and Telecommunication, Manufacturing, Travel & Hospitality, and Others) and Regional Forecast, 2023-2030” observes that the market is projected to grow from USD 699.79 billion in 2023 to USD 3,221.96 billion by 2030, exhibiting a CAGR of 24.4% during the forecast period. The growing adoption of AI technology and IoT technology has boosted the popularity of IoT as a service and AI as a service. This in turn propels the demand for everything-as-a-service software thus aiding market expansion.

Cisco Systems Inc. and Telenor Group to Join Forces to Address Privacy Concerns

In April 2022, Cisco Systems, Inc. and Telenor Group signed a joint purpose agreement for delivering flexible and secure services. This agreement consists of a cybersecurity as a service solution for enterprises, users, and clients. It helps to address privacy concerns such as cyber security, data breaches for businesses, and digital transformation.

Rising Adoption of Digital Technologies During COVID-19 Pandemic to Drive Market Growth

The COVID-19 pandemic boosted the need to adopt cutting-edge technologies such as AI, cloud computing, machine learning, and others. Organizations are adopting these technologies to meet their digital technology demand and digitize their business processes during the COVID-19 pandemic. According to the Deloitte Insights Survey in 2021, around 55% of the respondents in the IT sector have invested in one or more types of XaaS model during the pandemic. This move helped the organizations boost business productivity and improve the employee experience.

Surging Need to Streamline Business Operations and Improve Operational Efficiency to Aid Market Expansion

Organizations are rapidly shifting their workloads to cloud-based platforms from the traditional infrastructure globally. Cloud-based solutions and services help enterprises improve customer engagement and enhance business operations. Cloud-based services provide enterprises to enhance workforce efficiency, decrease overall costs, and offer better support and maintenance. This rapid adoption of cloud-based services for digitizing business operations and improving customer experience are driving Everything as a Service Market growth.

On the other hand, the availability of vast amounts of data and concerns regarding data thefts and breaches, and cyber attacks will serve as challenges for businesses operating in this domain.

Advanced Software Launches by Key Companies to Aid Market Augmentation

Industry leaders often partake in strategic decisions such as partnerships, mergers and acquisitions, collaborations, and launching new products and offerings to earn higher profits and revenues. These moves help the companies in gaining a competitive edge against other players and strengthen their market positioning.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/everything-as-a-service-xaas-market-102096

Notable Industry Development

• February 2023: Akamai Technologies Inc. announced the launch of Akamai Connected Cloud a hugely distributed cloud and edge platform for security, content delivery, and cloud computing. Developers can now secure, run, and build highly efficient workloads with the help of new strategic cloud computing services from Akamai.

List of Key Companies Profiled in the Report:

• SAP SE (Germany)
• Microsoft Corporation (U.S.)
• Oracle Corporation (U.S.)
• Salesforce Inc. (U.S.)
•  Adobe, Inc. (U.S.)
• IBM Corporation (U.S.)
• Cisco Systems, Inc. (U.S.)
• Alphabet Inc. (U.S.)
• Amazon.com, Inc. (U.S.)
• Alibaba Group Holding Limited (China)

Further Report Findings

• As per enterprise type, the large enterprises segment held the dominant market share in 2022 due to the rising adoption of cloud-based SaaS, PaaS, and IaaS platforms by leading players.
• Based on industry, the BFSI segment led the market in 2022 owing to growing adoption of new technologies to provide better banking services and acquire new customers.
• North America held majority of the market share in 2022 owing to early deployment of SaaS-based software and rising investment in cloud services by key players.

Table of Segmentation