Anything-as-a-Service (XaaS) Market

According to a research report "Anything-as-a-Service (XaaS) Market by Service Type, Organization Size, Vertical (BFSI, IT & Telecom, Retail & Consumer Goods, Manufacturing, and Others) and Region - Global Forecast to 2027" published by MarketsandMarkets, the global XaaS market size is expected to grow from USD XX.X billion in 2022 to USD XX.X billion in 2027, at a CAGR of XX.X%. The market is expected to grow potentially owing to the rising need among enterprises to adopt cloud-based consumption models that bring scalability, agility, flexibility, and cost efficiency. Organizations have adopted the as-a-service model to deliver everything that consumers need, even in a real, non-digital world. Therefore, XaaS is a combination of software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS) offering. Outside these categories, XaaS includes a variety of technology service models such as disaster recovery as a service (DRaaS), unified communications as a service (UCaaS), network as a service (NaaS), database as a service (DBaaS), storage as a service (STaaS), desktop as a service (DaaS), monitoring as a service (MaaS), and others. With XaaS, businesses no longer pay upfront for services. Instead, they purchase them on a subscription basis. These factors are driving the growth of XaaS market globally.

By service type, the Anything-as-a-Service market is segmented into STaaS, DBaaS, NaaS, UCaaS, security as a service, backend as a service, and others. These services offer businesses greater flexibility, scalability, and agility to their existing architecture. STaaS is increasingly gaining popularity in the XaaS market as it enables companies to archive and store data in the cloud. It is a highly cost-effective solution where enterprises have to pay only for the utilized storage capacity. The growing demand for advanced storage solutions among enterprises to manage their massive data volumes will propel the growth of this segment during the forecast period.

By organization size, the Anything-as-a-Service market is segmented into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are expected to have the largest global market share. This is owing to the rising adoption of cloud-based SaaS, PaaS, and IaaS platforms by the leading players. Large enterprises have the highest spending on cloud services adoption owing to its benefits such as storage availability and easy access to remote workers. However, the SMEs segment is expected to grow at a higher CAGR owing to meet network requirements and cyber security compliance. XaaS services provide SMEs with required support as SMEs face challenges such as the lack of IT personnel, unscheduled downtime, cost inefficiencies, and cybersecurity risks. With XaaS offerings, SMEs only need to pay for the services they need support for.

North America is one of the early adopters of advanced technologies. Large presence of enterprises with advanced IT infrastructure and the availability of large number of service providers is also favouring the growth of the market in the region. Moreover, North America is home to huge market players with high market shares, such as Cisco (US), Oracle (US), HPE (US), IBM (US), Microsoft (US), Dell (US), VMware (US), Avaya (US), and Google (US). Due to the high competition and high demand prevailing across the North America, the vendors are adopting growth strategies to increase the regional Anything-as-a-Service market share. These companies are undergoing several partnerships, mergers, acquisitions, and collaborations with various large and small-scale XaaS players to generate new revenue streams for long-term sustainable growth. Asia Pacific is expected to witness a high adoption rate for XaaS solutions over the forecast period. This is primarily attributed to rising cloud infrastructure investment by prominent players in this region that drives the market growth.

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