XaaS, also referred to as Anything-as-a-Service, is essentially a consumption-based model and a utility-based offering. The letter “X” in XaaS relates to the prospects of involving business solutions across industries and business functions.
Modern enterprises ought to focus on their core business, invariably innovate, stay ahead of the competition and scale rapidly. This, coupled with the necessity to optimize costs, has been the primary factor driving the worldwide XaaS market. In addition, organizations worldwide are experiencing digitalization and altering how enterprises function, resulting in the accelerated advancement of these solutions.
Digital technologies like cloud, IoT, Analytics & 5G have powered the growth of XaaS solutions across different industries. Furthermore, the falling cost of purchasing subscribed services with enhanced bandwidth and connectivity will likely boost the blossoming market. In addition, the expanding virtualization of IT systems such as data center and network functionalities along with load balancers, intrusion detection, and firewalls is fueling the market expansion.
Contemporary XaaS Market Overview
According to research by Fortune Business Insights, particularly after the Coronavirus (COVID-19), markets have spurred XaaS adoption in various industries such as E-Commerce, Healthcare, BFSI, Retail, Manufacturing & Life Sciences. Some fundamental discernments of these studies demonstrate:
- In 2020, the global Everything-as-a-Service (XaaS) market was worth USD 349.71 Billion
- The market is anticipated to advance at a CAGR of 28.2%
- The market is envisioned to grow from USD 419.02 Billion in 2021 to USD 2,384.12 Billion in 2028
- 55% of IT professionals expressed they are inclined to invest more in the “as a service” model
- 81% of technological specialists exhibited an inquisitiveness in employing new technological models