Software as a Service (SaaS) Market
The increasing use of AI and machine learning (ML) in industries such as BFSI, healthcare, and IT and telecom provides tremendous opportunities to the industry.
PORTLAND, PORTLAND, OR, UNITED STATES, July 11, 2022 /EINPresswire.com/ – Increasing use of smart phones and app -based services, widespread use of public and hybrid cloud, and growing business trends outsourcing to the global economy. the growth of the global SaaS market.
The global SaaS market is expected to be estimated at $ 121.33 billion by 2020, and is expected to reach $ 702.19 billion by 2030, growing at a CAGR of 18.8% from 2021 to 2030.
Major industry players – IBM Corporation, Microsoft, ServiceNow, SAP SE, Google LLC, Cisco Systems, Inc., Adobe Inc., Accenture Plc, Oracle Corporation and Salesforce.com, Inc.
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The global SaaS market is analyzed by solution type, deployment mode, business size, industry vertical and region.
The report offers the key drivers driving growth in the global SaaS market. These insights assist market players in developing strategies to gain market presence. Research also outlines market constraints. Insights were mentioned on opportunities to assist market players in taking further steps by identifying potential in unused regions.
According to the region, the market across North America will hold the lion’s share in 2020, capturing nearly two-fifths of the global market. The Asia Pacific region, on the other hand, shows the fastest CAGR of 22.0% during the forecast period by the end of 2030. Other provinces studied in the report include LAMEA and Europe.
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By solution type, customer relationship management (CRM) will have the largest market share in 2020, capturing more than a quarter of the global market. The operations management segment, on the other hand, will show the fastest CAGR of 21.o% during the forecast period.
Through deployment mode, the public cloud segment captured the highest market share in 2020, costing nearly three-fifths of global software as a service market. The hybrid cloud segment, however, did mention the fastest CAGR of 20.0% during the forecast period.
COVID-19 situation
• Many businesses around the world have increasingly adopted SaaS -based services due to strict lockdown restrictions imposed by governments of various countries, which have positively affected the global SaaS market.
• Moreover, companies are intensively focusing on advanced technologies such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), cloud computing, and analytics in various industries, which re became useful for the industry.
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Finally, this report provides market intelligence in the most comprehensive way. The report structure is maintained so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision making for current market players as well as those who want to enter the market.
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