Software as a Service (SaaS) Market
The increasing use of smart phones and app -based services, widespread use of public and hybrid cloud, and the growing trend of business outsourcing in the global economy are driving the growth of the global SaaS market.
On the other hand, the excessive cost of implementing and maintaining SaaS platform solutions hinders growth to some extent. However, the increasing use of artificial intelligence (AI) and machine learning (ML) in industries such as BFSI, healthcare, and IT & telecom provides tremendous opportunities in the industry.
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According to the report published by Allied Market Research, 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.
The report provides in-depth analysis of top investment pockets, top winning strategies, drivers and opportunities, market size and estimates, competitive scenario, and skepticism on market trends.
The global SaaS market is analyzed by solution type, deployment mode, business size, industry vertical and region.
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.
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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.
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.
Major market players analyzed in the global SaaS market include IBM Corporation, Microsoft, ServiceNow, SAP SE, Google LLC, Cisco Systems, Inc., Adobe Inc., Oracle Corporation and Salesforce.com, Inc.
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These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, etc. to solidify their foothold in the industry.
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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