Megacorporations’ Market Share to Rise: Fortune Business Insights
Even if you don’t like them, you’re still connected to them. The impact that businesses like Amazon and Google have on our daily lives is astounding. Whether you want an answer to a quick question, respond to emails, or order the latest book, these companies are increasingly expanding into more and more industries and facets of our lives, including software. And whether this may sound like good or bad news to you, this isn’t expected to stop anytime soon.
Although Amazon and Google may be the most prominent and well-known, they’re not the only ones. These kinds of software companies are called XaaS, or Everything as a Service. Similar to SaaS, however, these corporations are much bigger and much more expansive. From Microsoft, IBM, Cisco, and many more, these big players’ growth is expected to skyrocket in the coming years, even after a substantial boost during the pandemic.
According to a study conducted by Fortune Business Insights, the XaaS sector is expected to grow by almost 29% in the next six years, to reach an expected $1.2 trillion in market value by 2028.
The colossal growth is a result of a growing need for cloud-based computing, software, and services. If you already use something like the Google suite for your productivity needs, you already know that it is extremely convenient having an all-in-one, integrated platform. What’s more, according to a study conducted by Deloitte, about the XaaS sector, 81% of adopters agree that the pandemic had a major impact on their switch to this new way of cloud computing.
Although smaller platforms and companies may offer intuitive software, the bigger competitors have more resources and experience cultivating comprehensive platforms.
These kinds of new platforms are becoming more and more attractive to more and more professionals, and whether it’s good or bad, there’s no doubt that these big dogs are on the rise. If the predictions made in the Fortune Business Insights study are correct, then you should expect to be using these platforms more and more in the coming years.