DUBLIN-(WIRE OF BUSINESS)-The report “Software as a service (SaaS) Global Market Report 2022, By Application, Deployment Model, Enterprise Size, End User” was added to ResearchAndMarkets.com’s alay.
The global software market as a service (saas) is expected to grow from $ 212.20 billion in 2021 to $ 240.61 billion in 2022 at a compound annual growth rate (CAGR) of 13.4%. The market is expected to reach $ 374.48 billion in 2026 at a CAGR of 11.7%.
The major players in the Software as a Service (SaaS) market are Salesforce, ServiceNow, Microsoft, Google, Cisco, Slack, Adobe, Oracle, Amazon AWS, DocuSign, Zendesk, Dropbox, ADP, Atlassian Confluence, Shopify, Workday, Hubspot, SAP, IBM, Box, Concur, JIRA, GitHub, GoToMeeting, Twilio, CoupaSoftware, Xero and Zuora.
The Software as a Service (SaaS) market consists of sales of cloud-based software services. SaaS is a software solution that can be purchased on a subscription or pay per use basis to use the application for organizational purposes and customers can access this application over the internet, primarily through a web browser. All application and software data is located in the data center of the service provider. SaaS allows an organization to run an application at minimal upfront cost and speeds up the overall functionality of the organization.
The main types of software deployment as a service (SaaS) are public cloud and private cloud. The public cloud is an IT model in which on-demand computing services and infrastructure are managed by a third party and shared by multiple organizations via the public Internet. The software is used by small and medium enterprises (SMEs), large enterprises for customer relationship management (CRM), business resource planning (ERP), human resource management (HRM), manufacturing and operations and management supply chain (SCM). The various end users of the software include manufacturing, retail, education, healthcare, IT and telecom, BFSI and more.
North America will be the largest region in the Software as a Service (SaaS) market in 2021. Western Europe will be the second largest region in the Software as a Service (SaaS) market. The regions covered by the Software as a Service (SaaS) market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rapid changes in market business dynamics are expected to benefit the software as a service (SaaS) market during the forecast period as cloud-based solutions support business operations in changing conditions. Dynamic market conditions include economic uncertainty, competitive rivalry and the increase in mobile usage, changing regulations, internet usage and applications.
These conditions along with the growing number of infrastructures and established networks have forced organizations to pursue scalable and flexible solutions such as SaaS and other cloud -enabled services to run and manage their operations in a cost-effective and efficient way. These factors have also motivated companies to outsource applications and prefer cloud computing services such as SaaS to reduce their infrastructure cost burden.
Companies seeking services from a third-party vendor are more likely to get better performance, compliance and customer satisfaction at low cost. For example, Sony Communications aims to deliver innovative products and better experiences to its customers using automation and Infosys SaaS solutions. Infosys helped Sony achieve customer loyalty and win the competition by providing robust IT solutions and design thinking at an affordable cost that helped Sony gain a competitive edge in the market.
Increasing data security threats especially on cloud platforms are expected to limit the growth of software companies as a service market during the forecast period. Data security threats include industrial espionage and hacking that have resulted in numerous data security breaches involving public cloud environments.
These violations are largely due to the negligence of cloud service providers. In addition, many companies do not trust data security when outsourcing from a third-party vendor. Because the vendor has access to the organization’s data, companies fear misuse of the data that could affect the organization’s reputation.
The introduction of artificial intelligence is becoming popular in the SaaS market. Artificial Intelligence (AI) is an area of computer science that focuses on the simulation of human intelligence processes by machines. AI in SaaS helps companies upgrade themselves from time to time with the latest data, create a better user experience through predictive analytics, automate areas where manuals were previously needed function and personalize user interface features. This suggests that AI and machine learning will be differentiating factors for the growth of the SaaS market.
The General Data Protection Regulation (GDPR) breaks down the division of regulations for the security of personal data in the European Union. It makes provisions to protect the personal data and privacy of EU citizens for transactions occurring within EU member states. It also controls the export of personal data outside the EU.
There may be data subjects whose subscriber is located in the EU, even if a SaaS subscriber is based in a non -EU location and the SaaS application is based in a non -EU location. This may result in the subscriber’s compliance with GDPR regulations. For example, Intercom, a U.S.-based SaaS provider shortens its time in storing visitor data on customers ’sites by deleting visitor data if a visitor is not visible within of nine months to comply with the GDPR.
Key Topics Covered:
1. Executive Summary
2. Software as a service (SaaS) Market Characteristics
3. Trends and Strategies in the Software as a Service (SaaS) Market.
4. Impact Of COVID-19 On Software as a Service (SaaS)
5. Software as a service (SaaS) Size And Market Growth
5.1. Global Software as a service (SaaS) Historic Market, 2016-2021, $ Billion
5.1.1. Market Drivers
5.1.2. Market Restrictions
5.2. Global Software as a service (SaaS) Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Market Drivers
5.2.2. Market Restrictions
6. Software as a service (SaaS) Market Segmentation
6.1. Global Software as a service (SaaS) Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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Customer Relationship Management (CRM)
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Enterprise Resource Planning (ERP)
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Human Resource Management (HRM)
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Manufacture and Operation
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Supply Chain Management (SCM)
6.2. Global Software as a service (SaaS) Market, Segmentation By Deployment Model, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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Public Cloud
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Private Cloud
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Hybrid Cloud
6.3. Global Software as a service (SaaS) Market, Segmentation By Enterprise Size, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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Small and Medium Enterprises (SMEs)
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Big Business
6.4. Global Software as a service (SaaS) Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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Working
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Tingi
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Education
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Taking care of your health
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IT and Telecom
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BFSI
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The others
7. Software as a service (SaaS) Market Regional And Country Analysis
7.1. Global Software as a service (SaaS) Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Software as a service (SaaS) Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Mentioned Companies
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Salesforce
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Service Today
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Microsoft
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Google
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Cisco
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Slack
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Adobe
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Oracle
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Amazon AWS
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DocuSign
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Zendesk
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Dropbox
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ADP
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Atlassian Confluence
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Shopify
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Working day
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Hubspot
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SAP
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IBM
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Box
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Agreed
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JIRA
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GitHub
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Go to the meeting
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Twilio
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CoupaSoftware
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Xero
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Zuora
For more information about this report visit https://www.researchandmarkets.com/r/bf4j9d