According to a new report published by Allied Market Research, titled, “Everything as a Service (XaaS) Market,” The Everything as a Service Market Size was $474.93 billion in 2021, and is estimated to reach $2,631.1 billion by 2031, growing at a CAGR of 18.9% from 2022 to 2031.
The XaaS market is expanding internationally since the development of cloud computing and its services. However, due to enhanced security controls, reduced total cost of ownership, ongoing upgrades, quicker implementation times, greater scalability, and increased accessibility, businesses are switching to XaaS. Therefore, the aforementioned factors are likely to boost the growing XaaS market in the projected timeframe.
The SaaS segment was the highest revenue contributor to the market, with $154.3 billion in 2021, and is estimated to reach $1,073.0 billion by 2031, with a CAGR of 21.6%. The IaaS segment is estimated to reach $505.3 billion by 2031, at a significant CAGR of 16.1% during the forecast period.
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The COVID-19 pandemic is anticipated to have a favorable effect on the XaaS business worldwide. Everything as a Service Marketbroadens the accessibility and flexibility for remote working. The demand for XaaS has increased owing to an increase in end-user acceptance because of the significant cost savings and simplicity of implementation.
Moreover, the growing dependency on the internet and global digitalization started to deploy the XaaS solution and is thus expected to drive the growth of the XaaS market post-pandemic.
Region-wise, North America holds a significant share in the global XaaS market owing to the presence of prime players in this region. In North America, authorities have expressed strong enthusiasm for implementing XaaS infrastructure. XaaS technologies have grown a market for subscription-based general category services in the U.S. opening up new growth opportunities for XaaS solutions.
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The majority of regions in North America especially the U.S. are leading the way in using XaaS technology. Moreover, rapid advancements in sophisticated solutions and rise in reliability on licensed-based online services are the primary factors that drive the growth of the XaaS market in North America.
The key players profiled in the report include Accenture LLP, Alibaba Group Holding Limited, Alphabet Inc. (Google Corporation), Amazon.com Inc. (AWS), AT&T Inc., Cisco Systems, HCL Technologies Limited, IBM Corporation, Microsoft Corporation, Nokia Corporation, Oracle Corporation, and SAP SE. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition, to expand their foothold in the XaaS market.
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KEY FINDINGS OF THE STUDY
- The solutions segment was the highest Everything as a Service Market Share holder, with $448.5 billion in 2021, and is estimated to reach $2,404.4 billion by 2031, with a CAGR of 18.5%.
- The services segment is estimated to reach $226.7 billion by 2031, at a significant CAGR of 24.1% during the forecast period.
- The SaaS segment was the highest revenue contributor to the market with $154.3 billion in 2021, and is estimated to reach $1,073.0 billion by 2031, with a CAGR of 21.6%.
- The BFSI segment was the highest revenue contributor to the market, with $83.0 billion in 2021, and is estimated to reach $340.0 billion by 2031, with a CAGR of 15.3%.
- North America was the highest revenue contributor accounting for $265.0 billion in 2021, and is estimated to reach $1,244.5 billion by 2031, with a CAGR of 17.0%.
- Asia-Pacific is estimated to reach $734.1 billion by 2031, at a significant CAGR of 21.6%.
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