Everything-as-a-Service is a category of cloud-based solutions which are installed remotely and are accessed on the requirement. Various services which are included in this are cloud-based digitalized services such as Security-as-a-Service, Network-as-a-Service, and Communication-as-a-Service, among many others. The key benefits of the solution such as cost savings, enhanced productivity, and improved backup & protection help its demand generation from major end-users such as automotive industries, and insurance. The growing adoption of IT integrated technologies across economic sectors has increased the revenue growth of the Everything-as-a-Service market
The Global Everything-as-a-Service Market is projected to grow at a CAGR of around 24.58% during the forecast period, i.e., 2022-27. An economic transaction towards urban & digitalized economy across the world have proliferated the demand for the market, owing to the functional advantages such as reduction in manual operational cost, higher transparency & scalability. Moreover, the increasing demand for real-time analytics across the automotive industries, insurance, etc., to monetize the vehicle data effectively by analyzing the customer driving behaviors has created a huge potential for the growth of the Everything-as-a-Service market globally to effectively & securely record & process the data.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, and Mexico|
|South America: Brazil|
|Europe: Germany, France, Italy, The UK, and Spain|
|Asia-Pacific: China, Japan, India, and Australia|
|Middle East & Africa: Saudi Arabia, UAE, and Israel|
|Key Companies Profiled||Google LLC, Amazon Web Services, Inc., Microsoft Corporation, Cisco Systems, Inc., AT&T Inc., Intel Corporation, International Business Machines Corporation (IBM), Oracle Corporation, Others|
|Unit Denominations||USD Million/Billion|
In addition, the rising penetration of internet users across the world & growth in logistics ride-hailing services has increased the use of everything-as-a-service to provide enhanced security related to user data, ride management, payment, and transaction, among others. Furthermore, the growing interest of the customers toward the pay-as-you-use concept model that allows businesses to utilize products & services as per their usage & needs is augmenting the growth of the market globally. These factors are expected to lead to the growth of the Global Everything-as-a-Service market during 2022-2027.
The growth of everything-as-service companies such as Generis, Teladoc, MDane, MFine, etc., using chatbots in order to extract patient information & medical history & provide customized, end-to-end healthcare solutions is proliferating the revenue growth. Moreover, increasing cases of comorbidity across the Americas, Asia-Pacific, Europe, and the Middle East & Africa countries have significantly increased the need for electronic maintenance of health data of each individual to provide the resident with improved medical assistance. Hence, these factors are anticipated to drive enormous growth opportunities for everything–as-a-Service providers across the world in the forthcoming years.
Impact of COVID-19 on the Everything-as-a-Service (XaaS) Market
The emergence of the COVID-19 pandemic had a positive impact on the Global Everything-as-a-Service market, owing to the rising adoption of digitalized platforms across sectors such as healthcare, industries, education, retail, banking, etc. The imposition of travel restrictions augmented the inclination towards work from home approach, thereby transitioning a shift towards digitalized learning with the use of a software-as-a-service platform. In addition, the increased user traffic in e-commerce platforms to buy household & personal products, owing to the ease of delivery, easy payment options, etc., has proliferated the use of the everything-as-a-service platform to continuously manage & process purchase data, as well as to address frequent customer queries.
Furthermore, the launch of various healthcare apps, such as Cowin, CrowdPass, etc., that provided residents with easy vaccination bookings & health appointments derived lucrative growth opportunities for the global everything-as-a-service providers.