Pune, India, July 19, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global everything as a service market size was valued at USD 559.14 billion in 2022 and is projected to grow from USD 699.79 billion in 2023 to USD 3221.96 billion by 2030, exhibiting a CAGR of 24.4% during the forecast period. Growing Popularity of IoT as a Service and AI as a Service to Drive Market Growth. Fortune Business Insights presents this information in their report titled "Global Everything as a Service Market Forecast, 2023-2030."
The growing investment in digital transformation to increase business agility and improve business operational efficiency is expected to aid market growth. Moreover, the growing adoption of subscription-based platforms to utilize the products and services as per requirement is aiding market expansion.
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Key Industry Development:
September 2022: NVIDIA unveiled OmniverseTM Cloud, an infrastructure- and software-as-a-service offering. With this wide-ranging suite of cloud services, business teams and developers can design, publish, and operate metaverse applications from anywhere.
Key Takeaways
- Everything as a service market size in North America was USD 282.10 billion in 2022
- Growing Adoption of Digital Technologies During the Pandemic Aided Market Growth
- Growing Adoption of the SaaS Platforms in IT and Telecom Sectors Propels Market Expansion
- Large Enterprises Segment to Lead Due to Growing Adoption of Cloud Services
Discover the Leading Players Featured in the Report:
“Companies leading the global everything as a service market are 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)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 24.4% |
| 2030 Value Projection | USD 3221.96 Billion |
| Base Year | 2022 |
| Everything as a Service Market Size in 2022 | USD 559.14 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 195 |
| Segments covered | Type, Enterprise Type, Industry and Geography |
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Drivers and Restraints:
Growing Popularity of IoT as a Service and AI as a Service to Drive Market Growth
The increasing adoption of AI technology and IoT devices has propelled the need for IoT as a Service and AI-as-a-service. According to the World Economic Forum, the sale of IoT-connected devices will reach USD 75 billion by 2025, up from USD 43 billion in 2022. Thus, the demand for XaaS solutions to manage the data generated by IoT devices has grown significantly. Moreover, leading companies are developing AI-driven and cloud-based services for gaining valuable data-driven insights using machine learning and natural language processing. Furthermore, the rising adoption of intelligent multi-cloud and edge computing services drives Everything as a Service Market growth.
On the other hand, concerns regarding cyber-attacks, data safety, and hacking will pose as challenges for businesses operating in this domain.
Segmentation
By Type
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
- Device as a Service (DaaS)
- Security as a Service (SECaaS)
- Unified Communications as a Service (UCaaS)
- Storage as a Service (StaaS)
- Technology as a Service
- Others (Analytics as a Service, etc.)
By Enterprise Type
- Small & Mid-sized Enterprises (SMEs)
- Large Enterprises
By Industry
- Banking, Financial Services and Insurance (BFSI)
- Retail & Consumer Goods
- Healthcare
- IT and Telecommunication
- Manufacturing
- Travel & Hospitality
- Others (Education, Government, Energy & Utilities, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Due to Growing Investment in Cloud Services by Key Players
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. According to Deloitte’s Everything-as-a-Service Study in the U.S., in 2021, 55% of IT professionals reported that COVID-19 pandemic caused the organizations to invest in more than one everything-as-a-service than previously planned. Thus, rapid adoption of XaaS services by enterprises in the U.S. has attributed to market growth in this region.
Europe market is slated to grow significantly owing to rising adoption of advanced technologies and growing popularity of cloud computing. As per the European Commission Organization, in 2021, around 41% of enterprises adopted cloud computing services for storing data. Growing cloud investment by leading players in U.K. and Germany and their efforts to build new data centers are aiding regional market expansion.
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Competitive Landscape:
Advanced Software Launches by Key Companies to Propel Market Growth
Industry leaders often make tactical decisions such as partnerships, collaborations, mergers and acquisitions to earn higher profits and revenues. These moves help them expand their geographical reach and widen their customer base further contributing to market growth.
FAQs
How big is the everything as a service market?
The everything as a service market size was USD 559.14 billion in 2022. It is expected to reach USD 3221.96 billion by 2030.
How fast is the everything as a service market growing?
The everything as a service market will exhibit a CAGR of 24.4% during the forecast period, 2023-2030.
Related Reports:
Internet of Things Market Size, Share, Revenue Forecast and Opportunities
Cloud Computing Market Overview, Industry Share and Forecast
Software as a Service Market Size, Share, Opportunities & Analysis
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