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The Everything Economy: Growth of Everything as a Service (XaaS)
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According to The Business Research Company's, The everything as a service market size has grown exponentially in recent years. It will grow from $535.77 billion in 2023 to $652.74 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to cost efficiency, scalability, remote accessibility, focus on core competencies, rapid deployment, reduced time to market.
The everything as a service market size is expected to see exponential growth in the next few years. It will grow to $1362.31 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to data security and compliance, enhanced cybersecurity measures, focus on sustainability and green computing, disaster recovery and business continuity, regulatory compliance management. Major trends in the forecast period include expansion of xaas offerings, edge computing services, subscription-based models, focus on sustainability, managed services growth, industry-specific xaas solutions, collaboration and interoperability.
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Market Drivers and Trends:
The increase in globalization is expected to propel the growth of the everything as a service market going forward. Globalization refers to the interconnectedness and interdependence of countries, cultures, economies, and societies around the world. It is a complex and multifaceted process that involves the exchange of goods, services, information, technology, culture, and ideas across borders, resulting in increased integration and interrelation among nations. Everything as a Service (XaaS) plays a pivotal role in globalization by offering businesses the flexibility to access and manage services from anywhere in the world. Through XaaS solutions, companies can streamline their global operations, provide consistent services across different regions and languages, and expand into new international markets with ease. For instance, in February 2022, the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization within the United Nations published an article that said the value of global trade reached a record level of $28.5 trillion in 2021 which is an increase of 25% compared to 2020 and 13% higher compared to 2019. Therefore, globalization is driving the everything as a service market.
The adoption of artificial intelligence and IoT as a service is a key trend gaining popularity in the everything as a service market. Internet of Things (IoT) services are a collection of end-to-end services that allow businesses to design, develop, deploy, and run IoT solutions, including advisory consulting for IoT planning. The outsourcing of artificial intelligence (AI) is done through a third-party service called artificial intelligence as a service (AIaaS). With AI as a service, people and businesses may experiment with the technology for a variety of uses with a smaller initial investment and lesser risk. IoT-as-a-Service enables businesses to swiftly harness the full potential of connected devices, adopt cutting-edge technologies, and shorten the time to value. For instance, in May 2021, Google LLC, a US-based technology company, introduced Vertex Al cloud services that are completely managed and are Al-based. This platform solution is intended to assist businesses in expediting the implementation and maintenance of Al models. Vertex AI unifies the Google Cloud services used for machine learning development under a single UI and API. Companies can quickly train and compare models in Vertex AI using AutoML or custom code training, and all of their models are kept in a single model repository. On Vertex AI, these models can now be deployed to the same endpoints.
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Major Key Players of the Market:
, Orange Business Services Pvt. Ltd., Sterlite Technologies Limited, Oracle Corporation, McAfee LLC, Avaya Inc., Commvault Systems Inc., Solution Analysts Pvt. Ltd., Dell Inc., Juniper Networks Inc., SAP SE, Microsoft Corporation, Salesforce Inc., Adobe Inc., Alibaba Group Holding Limited, HCL Technologies Limited, Nokia Corporation, ServiceNow Inc., Workday Inc., Alphabet Inc., Amazon Inc., Zoho Corporation, Heroku Inc., Portainer Inc., Green Cloud Technologies LLC, Nutanix Inc., Red Hat Inc., Citrix Systems Inc., Mimecast Services Limited, Dropbox Inc., DocuSign Inc., Zoom Video Communications Inc., Twilio Inc.
Everything as a Service Market 2024 Key Insights:
• The everything as a service market size is expected to see exponential growth in the next few years. It will grow to $1362.31 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%.
• Increase In Demand For Subscription-Based Pricing Models Drives The Growth Of Everything-As-A-Service Market
• Adoption Of Artificial Intelligence And IOT As A Service
• North America was the largest region in the everything as a service market in 2023
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