The global XaaS (Anything-as-a-Service) market grew at a CAGR of around 26% during 2014-2019. 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 global XaaS (Anything-as-a-Service) market to continue its 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.
Key Questions Answered in This Report:
The global XaaS market was worth around US$ 115 Billion in 2019.
According to the estimates by IMARC Group, the global XaaS market will exhibit strong growth during the next five years.
A rise in the adoption of remote working models due to the rapid spread of the coronavirus disease (COVID-19) and lockdowns imposed by governments of numerous countries is positively influencing the demand for XaaS to provide remote data access.
The increasing adoption of cloud-based monitoring, rising volume of corporate data and the growing requirement of scalable storage services are among the key factors impelling the market growth.
As XaaS is relatively easy to manage and highly customizable for supporting mobile workforces, its applications are expanding in industries, such as telecom, healthcare, and banking, financial services and insurance (BFSI). This represents one of the major trends in the global XaaS market.
Based on the service area, the market has been classified into storage-as-a-service, security-as-a-service, unified communications-as-a-service, network-as-a-service, database-as-a-service and backend-as-a-service.
On the basis of the industry, the market has been divided into information technology (IT) and telecom; banking, financial services and insurance (BFSI); manufacturing; and others.
Region-wise, the market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East and Africa.
Leading industry players are Amazon Web Services, Inc. (AWS), Cisco Systems, Inc., Google LLC, International Business Machines Corporation (IBM), Microsoft Corporation, Alcatel-Lucent SA, AT&T, Inc., Avaya, Inc., Big Switch Networks, Inc., CipherCloud, Inc., Commvault Systems, Inc., Dell Technologies, Inc., enStratus Networks LLC, Telefonaktiebolaget LM Ericsson, Hewlett Packard Enterprise Development LP, McAfee LLC, Juniper Networks, Inc., M5 Networks, Inc., National Electric Corporation (NEC), Oracle Corporation and Orange Business Services (Orange Group).
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