The Everything as-a-Service (XaaS) market is expected to surpass US$340 billion by 2024. So, what are the XaaS trends in 2024 that will impact the evolution of the business industry and beyond?
From high-tech organizations to media and entertainment platforms and even traditional brick-and-mortar businesses – service-based companies are continuously rethinking their operations and products to keep up with customer demand. Because of this, there is an increasing interest in XaaS models. And no, it’s not just giant organizations considering making this transition.
According to a report by Deloitte, companies in the United States have spent US$20 million on XaaS platforms. And it makes sense! Digital transformation continues to be essential for all businesses that want to stay ahead of the competition. And everything as a service stands at the forefront of tech innovations, as it includes, well… pretty much everything.
But the XaaS industry is experiencing a significant transformation.
Various factors shape how XaaS companies develop their products, engage with their market, and deliver value to their customers. Let’s see the XaaS trends we will see in 2024.
1. Increased AI and ML Adoption
Nowadays, Artificial Intelligence (AI) and Machine Learning (ML) are present in most of our processes and strategies. And XaaS platforms are no different. For this reason, AI and ML will soon be indispensable components for everything as-a-service providers, allowing companies to automate their operations and streamline their processes.
For this reason, in 2024, we expect AI-powered analytics to be implemented into XaaS solutions that offer actionable insights based on real-life data. Whether it’s predictive analytics, sentiment analysis, or even customer behavior tracking, XaaS platforms will take advantage of the fullest potential of artificial intelligence and machine learning capabilities.
2. Expansion to Emerging Markets
From healthcare and education to manufacturing and logistics and other non-tech-related industries, the XaaS revolution doesn’t stop here! On the contrary!
The growing demand for Everything as-a-Service providers will be seen the most in SMEs and startups. At the same time, XaaS platforms will expand their product portfolio into emerging industries, capitalizing on the growing need for digital transformation and technological advancements in these markets.
One example is CareCloud – a cloud-based platform for healthcare providers. CareCloud is your digital healthcare assistant that uses artificial intelligence algorithms, including generative AI, to streamline workflows, automate tasks, and overall improve patient care. Medical professionals have access to electronic health records, patient management, internal workforce augmentation, and even telemedicine.
3. Edge Computing Development
In 2024, XaaS companies are increasingly focusing on developing edge-computing models. This allows for creating smaller, more efficient algorithms combined with advanced 5G networks. Edge computing is also based on the idea that information should be processed as physically close as the place where the data was collected. This is extremely necessary in the health and medicine industries.
This allows organizations to improve their operations by having access to real-time feedback, dealing with fluctuations, and providing immediate responses. Think about it! In important industries like transportation, it can detect possible anomalies early on, resulting in increased safety measures and reduced costs.
4. Partnerships and Collaborations
Our customers’ needs are continuously changing – in any industry. For this reason, another XaaS trend in 2024 that we’re experiencing is that more and more XaaS platforms will partner with other companies to create solutions that meet these evolving needs. In other words, by combining complementary companies, XaaS platforms can leverage their unique strengths, expertise, and resources to develop holistic solutions – solutions that are difficult to achieve alone.
Look at Azure OpenAI Service! Azure OpenAI is a synergy between Microsoft Azure and OpenAI – two of the giant technologies shaping the future of digital transformation. This allows us to integrate OpenAI’s and ChatGPT’s language and algorithms into our cloud apps
The XaaS market is evolving – and rapidly, might I add. Whether it is to explore new business models, innovate their product portfolio, or reach new industries, the XaaS trends in 2024 will contribute to the digital revolution that we’re currently experiencing.
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