Definition — What is XaaS ?
The term XaaS is popularly known as "Anything as a Service", "Everything as a Service". XaaS concept shows a change in the IT paradigm, it includes a wide variety of products, tools, and technologies that vendors now deliver to clients via the internet through a monthly subscription model. Business owners can pay a monthly fee to an MSP(managed service provider) to ensure they have solutions that are running at peak performance. In the past, digitization typically meant investing a chunk of hard-earned money into computer programs, licenses, and hardware. This takes up space on the premises and must be backed up, maintained, protected against threats via Antivirus software, and upgraded regularly, resulting in inefficiency. With XaaS, business is simplified as they have to pay for what they need. There are countless examples of XaaS, but the most common encompass the three general cloud computing models:
- Software as a Service (SaaS)
- Platform as a Service (PaaS)
- Infrastructure as a Service (IaaS)
The XaaS industry is evolving, more businesses are turning to XaaS to power and grow their enterprises. The global XaaS market is currently growing at a compound annual growth rate of around 31%, and experts predict this trend to continue until at least 2027.