Pune, India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global everything as a service (XaaS) market size was USD 436.82 billion in 2021. The market size is expected to rise from USD 545.35 billion in 2022 to USD 2,378.07 billion by 2029 at a CAGR of 23.4% during the forecast period. Major driving factor includes increasing adoption of the subscription-based pricing model. Fortune Business Insights™ publishes this information in a report titled, "Everything as a Service Market Forecast, 2023-2029".
Key Industry Development:
Salesforce launched Customer Relationship Management (CRM) Analytics in every industry. It is a Platform as a Service (PaaS) model, an AI-powered data and analytics solution that enables Salesforce customers to provide predictive insights. The customers can put any data at the center of CRM.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 23.4% |
| 2029 Value Projection | USD 2378.07 Billion |
| Base Year | 2021 |
| Everything as a Service Market Size in 2021 | USD 436.82 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 120 |
| Segments covered | Type, Enterprise Size, End-user and Geography |
Key Takeaways
- Everything as a service market size in North America was USD 217.9 Billion in 2021
- Major driving factors include adoption of the subscription-based pricing model.
- By type, Software as a service segment has the largest share in the global market
- Global demand is driven by IT, telecom and BFSI industry
- Healthcare end-users will drive the market in the forecast period, 2023-2030
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Drivers and Restraints:
Rising Adoption of Subscription-Based Pricing Model to Augment Growth
Due to the rising adoption of artificial intelligence and IoT as a service platform, the market is expected to exhibit a higher CAGR during the forecast period. Also, increasing demand for enhanced business operation management services is expected to fuel the market growth. Furthermore, the rising adoption of a subscription-based pricing model is anticipated to drive the market in the coming years.
However, rising data security concerns may hamper the market growth.
Segments:
SaaS Segment to Lead Global Market Due to Rising Adoption from IT Sector
By type, the market of Everything as a Service (XaaS) is classified into 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, and others. Further, technology as a service is divided into AI as a service, IoT as a service, edge computing as a service, and others. The SaaS segment is expected to dominate the global market share due to rising IT and telecommunication sector platform demand.
Large Enterprises to Dominate Global Market of Everything as a Service (XaaS) by Adopting Cloud-based SaaS
Based on enterprise size, the market is bifurcated into small & medium enterprise and large enterprise. The large enterprise segment is anticipated to hold the leading position in the global market due to increasing adoption of cloud-based SaaS, PaaS, and IaaS platforms.
BFSI Segment to Acquire Largest Share by Adopting Recent Technologies
On the basis of end-user, the market is categorized into BFSI retail & consumer goods, healthcare, IT and telecommunication, manufacturing, travel & hospitality, and others. BFSI segment is projected to lead the market by implementing digitization and adopting recent technologies introduced in the market.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
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Regional Insights:
North America Holds Highest Market Share Due to Rising Development of SaaS
North America dominated the global Everything as a Service (XaaS) market share by holding USD 217.90 billion in 2021. The regional growth is attributed to the rising development of SaaS-based software and increasing investment in cloud services.
Europe holds the second-highest global market share due to the rising adoption of cloud computing services. Also, the rising implementation of advanced technologies is expected to drive the regional market growth.
List of Key Players 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)
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Major Table of Contents:
- Global Everything as a Service (XaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- 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
- AI as a service
- IoT as a service
- Edge Computing as a service
- Others
- Others
- By Enterprise Size (USD)
- Small & Medium Enterprise
- Large Enterprise
- By End-user (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail
- Government
- Healthcare
- Manufacturing
- Transportation
- IT & Telecom
- Others (Education, Healthcare, Energy & Utilities)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Everything as a Service (XaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- 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
- AI as a service
- IoT as a service
- Edge Computing as a service
- Others
- Others
- By Enterprise Size (USD)
- Small & Medium Enterprise
- Large Enterprise
- By End-user (USD)
- Banking, Financial Services and Insurance (BFSI)
- Retail
- Government
- Healthcare
- Manufacturing
- Transportation
- IT & Telecom
- Others (Education, Healthcare, Energy & Utilities)
- By Country (USD)
- United States
- Canada
- Mexico
- South America Everything as a Service (XaaS) Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- 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
- AI as a service
- IoT as a service
- Edge Computing as a service
- Others
- Others
- By Enterprise Size (USD)
- Small & Medium Enterprise
- Large Enterprise
TOC Continued…!
FAQs
How big is the everything as a service market?
Everything as a service market size was USD 436.82 Billion in 2021.
How fast is the everything as a service market growing?
The everything as a service market will exhibit a CAGR of 23.4% during the forecast period, 2022-2029
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