What Factors Propelled The Growth Of The Everything as a Service Market In The Past?
The everything as a service market has seen considerable growth due to a variety of factors.
• The market size for everything as a service has seen a significant increase over the past few years. It is projected to expand from $639.58 billion in 2024 to $770.44 billion in 2025, with a compound annual growth rate (CAGR) of 20.5%. The upsurge in the historical period can be credited to advantages such as cost-effectiveness, scalability, remote access capabilities, concentration on fundamental competencies, speedy deployment, and a decreased time-frame to market.
How Will the Everything as a Service Market?
The Everything as a Service market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience substantial expansion in the coming years, the size of the everything as a service market is projected to mount up to $1660.21 billion in 2029 with a compound annual growth rate (CAGR) of 21.2%.
The projected growth during this forecast period is associated with factors such as enhanced data security and compliance, improved cybersecurity measures, focus on sustainability and green computing, efficient disaster recovery and business continuity, as well as regulatory compliance management. Key trends during this period encompass the development of XaaS offerings, the introduction of edge computing services, the prevalence of subscription-based models, focus on sustainability, the expansion of managed services, the development of industry-specific XaaS solutions and enhanced collaboration and interoperability.
Which Factors Are Boosting Growth In The Everything as a Service Market?
The expected growth in the everything-as-a-service market is thought to be driven by a rising demand for subscription-based pricing models. These models enable a client or company to buy or subscribe to an IT service provider's offerings for a defined duration. The use of everything as a service model minimizes operational costs as it allows services to be ordered as and when they are necessary, and assist in monitoring utilization while boosting the client experience. As an example, according to OMDIA, a UK provider of entertainment services, the number of online video subscriptions is predicted to hit 1.7 billion in 2023, demonstrating the market's robustness. In 2023, SVOD services are estimated to bring in an additional 143 million subscriptions worldwide, representing approximately 50% of the growth experienced in 2020, a standout year for the sector. The U.S. alone anticipates nearly 40 million new SVOD subscriptions, showing sustained demand as the market evolves. Consequently, the everything as a service market is being fuelled by the increasing demand for subscription-based pricing models.
What Key Areas Define The Segmentation Of The Global Everything as a Service Market?
The everything as a service market covered in this report is segmented –
1) By Offerings: Solutions, Services
2) By Enterprise: Small And Medium Enterprise, Large Enterprise
3) By End-User: BFSI, IT And Telecommunications, Government, Media And Entertainment, Healthcare, Manufacturing, Oil And Gas, Metals And Mining, Other End Users
Subsegments:
1) By Solutions: Software As A Service (SaaS), Platform As A Service (PaaS), Infrastructure As A Service (IaaS), Function As A Service (FaaS)
2) By Services: Managed Services, Consulting Services, Support And Maintenance Services, Integration Services
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How Are Emerging Trends Reshaping The Dynamics Of The Everything as a Service Market?
The burgeoning trend in the 'everything as a service' market is the increased adoption and usage of artificial intelligence and IoT as a service. IoT services are a comprehensive grouping of services affording businesses the capacity to strategize, fabricate, implement, and manage IoT solutions, encompassing advisory consultation for IoT strategizing. A third-party service called artificial intelligence as a service (AIaaS) is typically leveraged for the outsourcing of artificial intelligence (AI). This service permits individuals and businesses to safely trial varying applications of this technology at a relatively low upfront cost and lesser risk. IoT-as-a-Service equips businesses to rapidly exploit the capabilities of connected devices, embrace advanced technologies and condense the time to achieve value. As an illustration, in January 2024, IBM, a multinational technology firm based in the US, launched completely managed and AI-based Granite models. Large organizations have 42% of their IT professionals actively deploying AI while 38% are implementing generative AI. Indian, UAE, Singaporean, and Chinese companies are at the forefront of this trend. Utilizing AI for critical functions such as IT automation, customer service, and digital labor is proving to greatly boost operational efficiency in organizations.
Who Are the Key Players In The Everything as a Service Market?
Major companies operating in the everything as a service market include:
• Cisco Systems Inc.
• IBM Corporation
• AT&T Inc.
• Accenture PLC
• Orange Business Services Pvt. Ltd.
• Oracle Corporation
• Avaya Inc.
• Commvault Systems Inc.
• Dell Inc.
• Juniper Networks Inc.
• SAP SE
• Microsoft Corporation
• Salesforce Inc.
• Adobe Inc.
• Alibaba Group Holding Limited
• HCL Technologies Limited
• Nokia Corporation
• ServiceNow Inc.
• Workday Inc.
• Alphabet Inc.
• Amazon Inc.
• Zoho Corporation
• Heroku Inc.
• Green Cloud Technologies LLC
• Nutanix Inc.
• Red Hat Inc.
• Citrix Systems Inc.
• Mimecast Services Limited
• Dropbox Inc.
• DocuSign Inc.
• Zoom Video Communications Inc.
• Twilio Inc.
What Is The Most Dominant Region In The Everything as a Service Market?
North America was the largest region in the everything as a service market in 2024. The regions covered in the everything as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
