The Business Research Company Software as a Service (SaaS) Global Market Report 2022-Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 8, 2022 /EINpresswire.com/ – The rapid change in business dynamics in the software market as a service (SaaS) market is expected to benefit during the forecast period while supported by cloud the business operations in changing conditions. Dynamic market conditions include economic uncertainty, competitiveness 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. According to the analysis of the growth of the software as a service (SaaS) market, these factors have also motivated companies to outsource applications and prefer cloud computing services such as SaaS to reduce their burden on infrastructure costs. 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.
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The size of the global software as a service (SaaS) market 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 growth in the market was largely due to the reorganization of companies of their operations and recovery from the impact of COVID-19, which had previously led to restrictive prevention measures involving social distancing, remote employment, and the closure of commercial activities that resulted in operational challenges. The SaaS market is expected to reach $ 374.48 billion by 2026 at a CAGR of 11.7%.
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. For example, Oracle, a major player in the SaaS market is using AI and machine learning to reach salesforce in SaaS. This suggests that AI and machine learning will be a variety of factors for the growth of the SaaS market.
The major players with software as a service (SaaS) market shares 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.
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 market. The regions covered by the SaaS market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
TBRC’s global software as a service (SaaS) market segmentation is divided according to application into customer relationship management (CRM), enterprise resource planning (ERP), human resource management (HRM), manufacturing and operations, supply chain management (SCM) , through the deployment model in the public cloud, private cloud, hybrid cloud, by enterprise size in small and medium enterprises (SMEs), large enterprises, through end-users in manufacturing, retail, education, healthcare, IT and telecom, BFSI, etc.
Software as a service (SaaS) Global Market Report 2022 – By Application (Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and Operations, Supply Chain Management (SCM)), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Enterprise Size (Small & Medium Enterprises (SMEs), Large Enterprises), By End User (Manufacturing, Retail, Education, Healthcare, IT & Telecom, BFSI) – Market Size, The Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides an overview of the software as a service (SaaS) market, software as a service (SaaS) market forecast software as a service (SaaS) market size and software as a service (SaaS) market growth for the entire market, software as a service (SaaS) market segments, geography, software as a the service (SaaS) market trends, software as a service (SaaS) market drivers, constraints, leading revenue of competitors, es profile, and market share.
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