The global XaaS (Anything-as-a-Service) market is expected to grow at a CAGR of 24% during 2019-2024. XaaS is a form of cloud computing that delivers a variety of computer-based services and applications to users through the internet instead of physically providing them locally or on-site within an enterprise. It involves delivering services and applications on demand or on a subscription basis which enables the consumers to reduce the cost of purchasing services from a provider.
Factors such as the increasing adoption of cloud-based monitoring and growing requirement of scalable storage services are among the key factors driving the global Xaas market. Organizations across the globe are undergoing digitalization transformational changes which has resulted in robust growth of corporate data. Cloud based storage provides an efficient and economical option for the storage of this data. Moreover, the decreasing cost of purchasing subscribed services with improved bandwidth and connectivity is also expected to create a positive impact on the market growth. Additionally, the surging virtualization of IT solutions such as data center and network functionalities coupled with load balancers, intrusion detection, and firewalls are also contributing to the market growth. Apart from this, XaaS is easy to manage as it replaces the traditional complex methods and is highly customizable to support mobile workforces. As a result, it finds applications across sectors such as insurance, telecom, manufacturing, government, healthcare, finance, banking, etc. Looking forward, IMARC Group expects the market to exhibit strong growth in the next five years.
The report has also analysed the competitive landscape of the market with some of the key players being AWS, Cisco, Google, IBM, Microsoft, Alcatel-Lucent, AT&T, Avaya, BigSwitch, CipherCloud, CommonVault, Dell, enStratus Networks, Ericsson, HP, Intel Security (McAfee), Juniper Networks, M5 Networks, National Electric Corporation (NEC), Oracle, Orange Business Services, etc.
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