The Global Everything-as-a-Service Market is projected to grow at a CAGR of 24.58% in the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The digitalized healthcare platforms, including Generis, Moneris, and MFine, which provide personalized & end-to-end healthcare solutions using chatbots, are driving revenue growth for everything-as-a-service providers. In addition, the rising instances of comorbidity across the Americas, Asia-Pacific, Europe, the Middle East & Africa have heightened the demand for electronic health data management of each individual to offer residents better medical care.
Furthermore, these elements are expected to drive huge growth potential for everything-as-a-service providers globally in the coming years. Moreover, the growing number of internet users around the world, as well as the expansion of logistics & ride-hailing services, has expanded the use of everything-as-a-service for improved customer experience & security.
Besides, the growing demand for real-time analytics across the automotive, insurance, and other industries to efficiently monetize vehicle data by studying consumer driving patterns has created enormous potential for the worldwide growth of the Everything-as-a-Service market, further states the research report, " Global Everything-as-a-Service Market Analysis, 2022-2027."
Banking & Financial Institution to Capture a Significant Share in the Global Everything-as-a-Service market
Based on the application, the market bifurcates into Healthcare, Education, Agriculture, Automotive, Aerospace & Defense, Banking & Financial Services, Retail & E-commerce, Transport & Logistics, IT & Telecom, Government, and Energy & Utilities. Among them, Banking & Financial Services held a dominant share in the Global Everything-as-a-Service market. The growing integration of digitalized services in BFSI, such as net banking & virtual biometric analysis, among others, to modernize their channel with advanced customer services has significantly increased the need for everything-as-a-service solutions to manage a large amount of data units effectively.
In addition, the rising penetration of service providers offering e-mobility payment, including Paytm, Phone Pay, WhatsApp Pay, etc., has notably increased the demand for chatbots & customer service providers for enhanced payment experience & safety. Moreover, an increase in data thefts & unauthorized payment transactions across these platforms is anticipated to boost the need for cloud-based platforms such as communication, security, storage & infrastructure services to secure the customer's data in the forthcoming years.
Large Enterprises to Gain Traction in the Forthcoming Years
Based on the enterprise sizes, the market divides into Small & Medium Enterprises & Large Enterprises. Of them all, the Large Enterprises account for the majority share of the Everything-as-a-Service market. The rising inclination of large enterprises towards the adoption of cloud-based platforms to minimize the direct operational costs & gain real-time business analysis to improve customer satisfaction & retention has increased the revenue growth of everything-as-a-service providers globally. Moreover, major enterprises are increasingly adopting the Bring-Your-Own-Device (BYOD) strategy to decrease hardware & device costs. This has derived tremendous potential for the growth of the Everything-as-a-Service market.
In addition, business entities performing a range of activities generally generate a large amount of data related to transactions, personal information, etc., which needs to be secured & processed efficiently, keeping in view the customers' concerns. Hence, this is anticipated to provide a lucrative growth opportunity for the XaaS providers globally.
North America to Dominate the Global Everything-as-a-Service Market
Geographically, North America is anticipated to dominate the Global Everything-as-a-Service market during 2022-2027. The rising adoption of cloud-based services such as platform-as-a-service & communication-as-a-service, among others, by automotive manufacturers such as Tesla, Aurora Innovation Inc., etc., to cater to the emerging consumer needs for connected vehicles contributed to the revenue growth of XaaS providers in the region.
Furthermore, the rising initiatives of the government of the US & Canada to promote the construction of smart buildings by offering construction grants are anticipated to provide lucrative growth opportunities for the North America Everything-as-a-Service market in the forthcoming years, reveals MarkNtel Advisors in their research report, " Global Everything-as-a-Service Market Analysis, 2022-2027."
According to MarkNtel Advisors, the leading players in the Global Everything-as-a-Service Market are Google LLC, Amazon Web Services, Inc., Microsoft Corporation, Cisco Systems, Inc., AT&T Inc., Intel Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Telefonaktiebolaget LM Ericsson, Salesforce, Inc., MongoDB Inc., META Platforms, Inc., HP Inc., Tata Consultancy Services, Cognizant Technology Solutions Corporation, Avaya Inc., Big Switch Networks, Commvault Systems, Inc.
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