The Everything as a Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Everything as a Service Global Market Report 2024, The everything as a service market size has grown exponentially in recent years. It will grow from $535.77 billion in 2023 to $652.74 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to cost efficiency, scalability, remote accessibility, focus on core competencies, rapid deployment, reduced time to market.
The everything as a service market size is expected to see exponential growth in the next few years. It will grow to $1362.31 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to data security and compliance, enhanced cybersecurity measures, focus on sustainability and green computing, disaster recovery and business continuity, regulatory compliance management.. Major trends in the forecast period include expansion of xaas offerings, edge computing services, subscription-based models, focus on sustainability, managed services growth, industry-specific xaas solutions, collaboration and interoperability.
The increase in demand for subscription-based pricing models is expected to propel the growth of the everything-as-a-service market going forward. A subscription-based pricing model allows a client or organization to purchase or subscribe to an IT provider’s service for a specified amount of time. The adoption of everything as a service reduces operational costs by ordering description-based services only when they are required. This solution enhances the client experience while also assisting in usage monitoring. For instance, in March 2021, according to a report published by the Motion Picture Association (MPA), a UK-based provider of entertainment services, in 2021, there were 1.3 billion internet video service subscribers worldwide, an increase of 14% over the previous year. Due to a $17.9 billion, or 26%, growth in 2021, online video subscription overtook satellite TV as the second-largest subscription revenue industry. Additionally, in 2021, there were 353.2 million online video subscriptions in the United States, up 14% from the previous year. Therefore, an increase in demand for subscription-based pricing models is driving the growth of the everything as a service market.
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The everything as a service market covered in this report is segmented –
1) By Offerings: Solutions, Services
2) By Enterprise: Small and Medium Enterprise, Large Enterprise
3) By End-User: BFSI, IT and Telecommunications, Government, Media and Entertainment, Healthcare, Manufacturing, Oil and Gas, Metals and Mining, Other End Users
The adoption of artificial intelligence and IoT as a service is a key trend gaining popularity in the everything as a service market. Internet of Things (IoT) services are a collection of end-to-end services that allow businesses to design, develop, deploy, and run IoT solutions, including advisory consulting for IoT planning. The outsourcing of artificial intelligence (AI) is done through a third-party service called artificial intelligence as a service (AIaaS). With AI as a service, people and businesses may experiment with the technology for a variety of uses with a smaller initial investment and lesser risk. IoT-as-a-Service enables businesses to swiftly harness the full potential of connected devices, adopt cutting-edge technologies, and shorten the time to value. For instance, in May 2021, Google LLC, a US-based technology company, introduced Vertex Al cloud services that are completely managed and are Al-based. This platform solution is intended to assist businesses in expediting the implementation and maintenance of Al models. Vertex AI unifies the Google Cloud services used for machine learning development under a single UI and API. Companies can quickly train and compare models in Vertex AI using AutoML or custom code training, and all of their models are kept in a single model repository. On Vertex AI, these models can now be deployed to the same endpoints.
The everything as a service market report table of contents includes:
1. Executive Summary
2. Everything as a Service Market Characteristics
3. Everything as a Service Market Trends And Strategies
4. Everything as a Service Market – Macro Economic Scenario
5. Global Everything as a Service Market Size and Growth
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26. South America Everything as a Service Market
27. Brazil Everything as a Service Market
28. Middle East Everything as a Service Market
29. Africa Everything as a Service Market
30. Everything as a Service Market Competitive Landscape And Company Profiles
Top Major Players:
- Cisco Systems Inc
- IBM Corporation
- AT&T Inc
- Google LLC
- Accenture PLC
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