Everything-as-a-Service (XaaS), also known as Anything-as-a-Service is a subscription-based general category of services related to cloud computing and remote access. It includes large number of products, tools, and technologies that are now delivered to users as a service over the internet. Improving the expense model, speeding new apps and business processes, and shifting IT resources to higher-value projects are the major benefits of Everything-as-a-Service (XaaS).
Global Everything-as-a-Service (XaaS) Market – Dynamics
Increased Demand for Pay-as-you-go Subscription Model Driving Growth of the Everything-as-a-Service (XaaS) Market
Demand for subscription based pricing model and pay-as-you-go pricing model has increased and is adopted widely with the increasing adoption of cloud based technology. This has helped vendors to increase the customer base as well as help end-users to save costs incurred on the deployment of solutions. Major cost benefits and improved flexibility is driving the demand for Everything-as-a-Service (XaaS).
Security and Transparency Issues Hampering Growth of the Market
Everything-as-a-Service (XaaS) is highly dependent on cloud deployment which increases the security concern of end-users. The risk related to data privacy and data management in cloud services are high in comparison to on-premise deployment. Although strict GDPR guidelines govern data protection of users, but skepticism with regards to cloud-based services is still high.
North America to Dominate the Global Everything-as-a-Service (XaaS) Market
In terms of region, the global Everything-as-a-Service (XaaS) market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the market as the adoption of subscription-based solutions specific to information & technology is highest within this region. It is expected that the market in Asia Pacific will expand at the highest CAGR as this region is highly cost sensitive with regards to product and services.
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COVID-19 Impact on the Global Everything-as-a-Service (XaaS) Market
The COVID-19 pandemic is expected to positively impact the global Everything-as-a-Service (XaaS) market. Everything-as-a-Service (XaaS) increases the flexibility and accessibility within remote working. Increased adoption from end-users due to major cost benefits and ease of deployment has pushed the demand for Everything-as-a-Service (XaaS).
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