PUBLISHER: Allied Market Research | PRODUCT CODE: 1396844
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396844
The global everything-as-a-service (XaaS) market was valued at $474.9 billion in 2021, and is projected to reach $2,631.1 billion by 2031, registering a CAGR of 18.9% from 2022 to 2031.
The solutions segment was the highest revenue contributor to the market, 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.
Everything or anything delivered as a service is known as XaaS. Suppliers now offer a wide range of resources, technologies, and answers to customers in the form of digital services. Rather than being given to a corporation directly or on-site, this distribution often occurs through a system, such as the web. Anything as a service includes a variety of cloud and remote computer options. These solutions frequently involve an IT function that has been adjusted to meet a service model enabling businesses to consume digital content. Instead of typical buying license models that demand set, upfront payment regardless of usage quantity, some service providers offer flexible consuming and payment methods.
Some factors including rise in adoption of subscription-based pricing models, migration to cloud computing, and increase in need for better business operations and operational efficiency are funding more expensive IT service providers. Thus, growing data security concerns are likely to be detrimental. However, increase in use of IoT-as-a-service and AI-as-a-service is anticipated to boost market expansion.
The global XaaS market is divided into offering, type, organization size, end-use vertical, and region. The XaaS market research is segmented into offerings that is furthermore divided into services and solutions. By type, it is divided into IaaS, PaaS, SaaS, CaaS, DaaS, SECaaS, DRaaS, and others. On the basis of organization size, the market is bifurcated into large enterprises and small- & medium-sized enterprises (SMEs). In terms of end-use vertical, it can be categorized into BFSI, IT & telecommunications, government, media & entertainment, healthcare, manufacturing, oil & gas, metals & mining, petrochemicals, energy & utilities, agriculture, and others. 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%. The IT & telecommunications segment is estimated to reach $270.1 billion by 2031, at a significant CAGR of 16.0% during the forecast period.
Region wise, the XaaS market trends are analyzed across North America, Europe, Asia-Pacific, and LAMEA. 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%.
The key players operating in the market 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.
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