According to the latest report by IMARC Group, titled “Anything-as-a-Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global anything-as-service market size reached US$ 93.8 Billion in 2018. Anything-as-a-service (XaaS), also known as everything-as-a-service, refers to the availability of various services over the internet through cloud computing, instead of being provided by an enterprise within the premises. It is an extension of infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) and software-as-a-service (SaaS). It assists in cost-cutting and simplifying the deployment and integration of cloud computing services. Besides this, XaaS helps organizations in minimizing their efforts in setting up and maintaining their IT infrastructure, thereby resulting in the need for fewer servers, hard disk drives and network switches.
Global Anything-As-A-Service Market Trends:
The increasing adoption of cloud-based monitoring, coupled with the growing need for scalable storage services, represents one of the key factors which are strengthening the growth of the global XaaS market. Apart from this, organizations worldwide are currently undergoing digital transformation, which has resulted in the robust growth of corporate data. Cloud-based solutions offer affordable and efficient options for the storage of data, which is further contributing to the market growth. In line with this, the reducing cost of subscriptions with improved bandwidth and connectivity is also anticipated to bolster the market growth. Furthermore, XaaS is relatively easy to manage as it replaces the conventional methods and is highly customizable for supporting mobile workforces. Consequently, it finds applications in various industries, such as telecom, insurance, manufacturing, healthcare, government, and banking and finance. Looking forward, the market value is projected to reach US$ 344.3 Billion by 2024, expanding at a CAGR of 24% during 2019-2024.
- 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. At present, storage-as-a-service exhibits a clear dominance in the market.
- 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. Amongst these, IT and telecom account for the majority of the total market share.
- Region-wise, North America represents the largest market for XaaS around the world. Other major regions include Latin America, Europe, Asia Pacific, and Middle East and Africa.
- The competitive landscape of the market has been examined with some of the key players being Amazon Web Services, Inc. (AWS), Cisco Systems, Inc., Google LLC, Hewlett-Packard Company (HP), National Electric Corporation (NEC), 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, McAfee LLC (Intel Security), Juniper Networks, Inc., M5 Networks, Inc., Oracle Corporation and Orange Business Services.
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