The Business as a Service (BaaS) market is expected to grow at a mammoth CAGR of 20.2% during the forecast period. The valuation of this market stands at US$ 170800 million as on 2022, and it is anticipated to be valued at US$ 1074100 million in 2032.
If we view the Business as a Service (BaaS) as a very basic form of business service, it is like giving the business the much-required head start. The businesses can promote their products/services through A2P messaging, wherein the messages will be sent through an application, rather than a person, and the message can be related to marketing communications, notifications, etc. From the very basic level itself, sky is the limit for the business opportunities.
The applications of Business as a Service are not only limited to messaging. It provides a variety of applications like democratising business functions, seamless access to core services amongst the verticals etc. Additionally, business management becomes much easier by the implementation of Business as a Service. Being an application of Everything as a Service (XaaS) model, it paves the way for businesses to be reasonable, i.e., payment as per usage. Such factors might very well increase the demand for Business as a Service.
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We are living in the times of instant gratification. Verticals across the businesses want to immediately access the services which is delivered by someone else. The application of Business as a Service helps us achieve this using the cloud technology.
One of the biggest benefits of using this service is that the application of cloud technology is democratising the functionalities. This promotes the concept of crowdsourcing within the organisation, as a result of which only the best practices are applied across departments. This is anticipated to increase the demand for Business as a Service.
This also helps the enterprises to revamp the business processes and develop their existing products/services.
It is essential to understand that companies which have been operating for quite a long time cannot change their conventional systems on an immediate basis. However, with the usage of Business as a Service (BaaS), the companies can either rope in or discard what they wish to spontaneously on a real-time basis.
Thus, from the analysis of Future Market Insights, it is quite clear that "The urgency to implement new technologies to drive the fundamentally different ways to drive a business through the proper implementation of data driven communication, coupled with many other factors are expected to surge the demand for Business as a Service."
- The anticipated CAGR during the forecast period is 20.2%.
- The valuation of Business as a Service market as on 2022 is US$ 170800 million
- The anticipated valuation of Business as a Service market in 2032 is US$ 1074100 million
- By service type, the Software as a Service (SaaS) segment had the highest market share of 67.6% in 2021.
- The large enterprises had a higher market share of 65.4% in 2021, as compared to SMEs, which had a share of 35.6%.
- Based on the industry size, the IT & Telecom sector had the highest market share of 23.5% in 2021.
- North American market had a market share of 33.6% in2021
- European market had a share of 21.3% in 2021
- Asia Pacific market had a share of 30.5% in 2021
- The MEA market had a share of 6.6% and Latin American market had a share of 8% in 2021
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With increasing cases of data theft and cybersecurity issues, the key players are looking at ways to empower cloud service with trust and transparency as per the compliance with GDPR requirements. This would certainly reaffirm commitments to global data protection laws and standards. Some of the recent developments in the competitive landscape are as follows:
- In August 2022, Microsoft announced that the Microsoft Offensive Research & Security Engineering (MORSE) takes a three-pronged approach to securing code within the Operating System. Red, blue and green teams, each with a different role to play, help MORSE aggressively battle security threats, repair broken code and prevent issues from ever happening.
- In July 2022, AWS announced AWS Wickr, which is an end-to-end encrypted enterprise communication, which allows secure collaboration across messaging, voice and video calling, file sharing, and screen sharing.
- In August 2022, Google Cloud announced the launch of Data Studio, which is a self-service business intelligence and data visualization product, as a Google cloud service, enabling customers to get Data Studio on the Google Cloud Terms of Service.
Key Companies Profiled:
- Adobe Creative Cloud
- Alibaba Elastic Compute Service
- Google Cloud
- Engine Yard
- IBM Cloud
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Key Segments in the Business as a Service Market
By Service Type:
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
By Enterprise Size:
- Large Enterprises
- IT & Telecom
- North America
- Latin America
- Asia Pacific
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