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.
Based on the Type of Services
Of them all, Communication as a Service platform gained a noticeable growth in the Global Everything-as-a-Service market during 2017-21. The market growth imputes to the rising integration of autonomous technologies in machinery & automotive to work hand in hand with the evolving economical needs of the society. Moreover, the growing adoption of work from home culture with the use of 5G enables networks across both large & medium and small enterprises, owing to travel restrictions imposed by national & international government bodies around the world in 2020. Hence, this contributed to an increase in the use of communication as a service platform such as Zoom, Google Meet, and others.
Furthermore, increasing penetration of grocery delivery platforms such as Amazon Pantry, Nature’s Basket, ZopNow, Grofers, etc., due to the rise in sedentary lifestyles, is anticipated to make an enormous contribution to driving the revenue growth of the Global Everything-as-a-Service market during 2022-2027.
Based on the Application:
Of them all, the Banking & Financial Institutions captured a major share in the Global Everything-as-a-Service Market during 2017-21. The rapid adoption of digitalized banking services such as net banking, cardless withdrawal, etc., have proliferated the demand for everything-as-a-service platforms to store & process large amounts of data securely during the historical years. Furthermore, the rising integration of advanced IoT-based solutions & services in the BFSI sector to modernize their channel with advanced capabilities such as e-wallets, biometrics, carless withdrawal, etc., has significantly increased the need for everything-as-a-service solutions to manage a large amount of data units.
Moreover, the increasing launch of banking apps providing mobility, such as Paytm, Amazon Pay, and Google pay, among others, and increasing per-user registration rates across the globe have significantly increased the revenue growth of everything-as-a-service providers from BFSI. For instance, in 2021, Amazon registered more than 5 million merchants through Amazon Pay & about 40 million customers using Amazon UPI services since 2019. Therefore, the rising shift of the BFSI segment from traditional to digitalized e-mobility platforms is anticipated to derive a positive trend in the Global Everything-as-a-Service market during 2022-2027.
Based on the Enterprise Size:
Here, Large Enterprises held a significant share in the Everything-as-a-Service market during 2017-21. An increase in the adoption of cloud-connected services such as data handling, storage, network security, etc., by prominent economic verticals to process a large amount of customer data for framing pricing behaviors & improving customer satisfaction & retention has increased the revenue growth of the Everything-as-a-Service market. In addition, comparative advantages such as reduction in operating costs, scalability, and flexibility offered by XaaS by eliminating the cost of hardware & maintenance issues have enormously supported the growth of the market.
Moreover, the rising adoption of the Bring-Your-Own-Device (BYOD) strategy by large organizations to reduce their cost of hardware & devices has significantly increased the demand for cloud-based infrastructure globally. Furthermore, the increasing partnerships among the large enterprises for the adoption of everything-as-a-service to record & process the data of telecommunication, automotive, banking, healthcare, etc., that could support the firm to generate higher revenues is anticipated to significantly boost the revenue growth of the market. For instance:
Geographically, the Global Everything-as-a-Service Market expands across:
Of all the regions globally, North America has been portraying a noticeable market growth in the historical years. North America is one of the global hubs of advanced industries, including healthcare, automotive, building & construction, etc., using advanced technologies such as AI, Machine Learning, and Big data analytics to cater to the emerging demand for autonomous devices. However, wider use of these technologies in industries generated terabytes of data, which led to an increased concern among the industry operators to effectively store & secure this data with lower possible cost & improved transparency. This created lucrative growth opportunities for everything-as-service providers across North America. Moreover, the increasing use of these software-based solutions in the automotive manufacturing units and the rising concerns of the manufacturers to store the data effectively & securely with enhanced transparency have accumulated enormous demand for everything-as-a-service providers across the region.
Additionally, the rising construction of integrated buildings across North America to make sustainable use of resources & improve the quality of human habitat & overall ecosystem health is anticipated to drive the demand for platform & security-as-a-service providers. These developments in the region are anticipated to boost the revenue growth of Everything-as-a-service in North America during 2022-2027.
Recent Development by the Leading Companies:
Key Driver: Increasing adoption of Cloud-based storage Services in Enterprises to Drive the Market Growth
The limited availability of on-premise data storage negatively affects the productivity of an organization & often restricts the tasks of maintaining the data infrastructure rather than focusing on innovations. This has led to the adoption of cloud-based solutions among the enterprises, owing to the advantages such as reduction in infrastructure cost, ease of deployment, enhancement of workforce efficiency, and supportive maintenance.
Moreover, the growing penetration of e-commerce industries across the world & the rising integration of AI to effectively respond to customer queries & provide customized offerings to the users have derived the demand for cloud-based storage services to determine & process data for improved customer satisfaction. This is anticipated to drive the growth of the Everything-as-a-Service market.
Key Restraint: Rising Concerns for Data Security to Pose a Challenge for the Market Growth
The rising inclination of the organizations toward cloud data storage, owing to the benefits such as improved transparency, flexibility, & enhanced storage, etc., has increased the deployment of connected devices & digitalized services within the organizations. However, this increased global concerns regarding data theft, owing to the growing online malicious activities has proven to hamper the growth of Everything-as-a-Service Market. The targets of these theft include sensitive data or personal information of employees & employers, such as health information, identifiable information, and business secrets, among others. As per 2020, Trustwave Global Security Report, the amount of cyberattacks on cloud-based services has more than doubled in 2019 in comparison to 2018. Additionally, Amazon Web Services (AWS) recorded a notable increase in data breaches that disrupted business activities throughout the US. This is anticipated to create a growth hindrance to the Global Everything-as-a-Service market due to a lower reliance of enterprises on cloud-based service.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Everything-as-a-Service Market acquired a CAGR of around 24.58% during 2022-2027.
A. The Banking & Financial Institution segments are expected to emerge as an opportunity area for the Global Everything-as-a-Service Market.
A. The Growing Adoption of Electronic Health Records in Healthcare sectors across the world to effectively track patients’ data & diagnosis history is anticipated to provide lucrative growth opportunities for the Global Everything-as-a-Service Market during 2022-2027.