Software as a Service (SaaS) market size.
Having an advanced and stable IT infrastructure opens up many possibilities for the SaaS Market.
PORTLAND, PORTLAND, OR, UNITED STATES, October 26, 2022 /EINPresswire.com/ — According to a report published by Allied Market Research, the global Software as a Service (SaaS) Market is expected to be valued at $121.33 billion in 2020, and expected to reach $702.19 billion by 2030, growing at a CAGR of 18.8% from 2021 to 2030. The report provides an in-depth analysis of top investment pockets, top winning strategies, drivers and opportunities, market size and estimation , competitive scenario, and uncertainty in market trends.
Market Dynamics –
Increasing use of smart phones and app-based services, widespread use of public and hybrid cloud, and growing trend of business outsourcing in the global economy are driving the growth of the global SaaS market. On the other hand, the exorbitant 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 to the industry.
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The global SaaS market has been analyzed by solution type, deployment mode, business size, industry vertical and region.
By solution type, customer relationship management (CRM) held the largest market share in 2020, capturing more than a quarter of the global market. The operations management segment, on the other hand, will exhibit the fastest CAGR of 21.o% during the forecast period.
By deployment mode, the public cloud segment captured the highest market share in 2020, accounting for nearly three-fifths of the global software as a service market. The hybrid cloud segment, however, will post the fastest CAGR of 20.0% during the forecast period.
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By region, the market across North America held 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 ending 2030. Other provinces studied in the report include LAMEA and Europe.
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Major market players analyzed in the global SaaS market include IBM Corporation, Microsoft, ServiceNow, SAP SE, Google LLC, Cisco Systems, Inc., Adobe Inc., Accenture Plc, Oracle Corporation and Salesforce.com, Inc. . Players in this market have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to strengthen their position in the industry.
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