Everything-as-a-Service Market Trends

Growth Drivers

• Upsurge in the Number of Secure Internet Servers – According to the World Bank data, in the year 2020, there were 11,499 thousand secure internet servers per 1 million people globally.
• Increase in the B2C E-Commerce Gross Merchandize Value (GMV) – According to data published by the United Nations Conference on Trade and Development (UNCTAD), the aggregate GMV of top 13 B2C e-commerce companies rose from 17.9% in 2019 to 20.5% in 2020.

• Rise in the Number of Internet Users - As per the World Population Review, only 6% of the world’s population, or 361 million people used internet in 2000, whereas in 2022, there are 4.9 billion people or 69% of the world’s population, actively using the internet. The trends exhibit an annual rate of 4%, meaning that ~196 million new people access the internet each year.
   
• Growing Number of Connected IoT Devices – It was found that, in the year 2022, the IoT connections surged by more than 8% or to ~ 12.2 billion active endpoints in 2021, whereas it is estimated to reach more than 14 billion in 2022 across the globe.

• Promising Employment Opportunities in Computer and Information Technology (ICT) – According to the data revealed by the U.S. Bureau of Labor Statistics, the employment generation in ICT sector is faster than the average for all occupations. Moreover, the demand for these workers will stem from greater emphasis on cloud computing, the collection and storage of big data, and information security. It is forecasted to rise 13% from 2020 to 2030, adding about 667,600 new jobs.
   
• Lack of Skilled Labor – It was found that the number of ICT employment advertisement which included the term Internet of Things (IoT) increased by more than 30% between July 2021 and April 2022.
   
• Concern Regarding Cyber Security and Data Breach – Average cost of data breach grew more than 2.5% from ~USD 4.2 million in 2021 to ~USD 4.3 million in 2022. In the year 2020, compromised credentials, phishing and cloud misconfiguration were responsible for ~19%, ~16%, ~15% of breaches respectively.
   
• High Cost of Investment for Adopting and Constant Modernizing of Technology- The global everything-as-a-service (XaaS) market is segmented and analyzed for demand and supply by business type into B2B and B2C. Out of which, the B2B segment is anticipated to hold the largest share over the forecast period on the back of the growing number of businesses as well as services adopting remote server hosting or cloud computing worldwide. According to the Organization of Economic Co-Operation and Development (OECD) data, in the year 2018, some or the other form of cloud services were purchased by more than one third of businesses in OECD countries, increasing 20% from that in 2015.