The global software as a service (SaaS) market size will be US $ 144.17 billion in 2021. The global software as a service (SaaS) market size is estimated to reach US $ 703.19 billion by 2030, growing to a compound annual growth rate (CAGR) of 18.83% during the forecast period from 2022 to 2030.
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Software as a Service refers to a licensing and delivery model where the software is licensed on a subscription basis and hosted centrally. This is also known as “on-demand” software. A SaaS solution is a cloud-based service that is accessed through an internet browser rather than downloading and installing software on a PC or business network. Accessibility, compatibility, and operational management are the key advantages of SaaS software. Furthermore, SaaS offers lower costs than traditional download and installation models, making them more accessible to businesses of all sizes making it easier for to small companies that disrupt existing markets while empowering suppliers.
Factors Influencing Market Growth
The growing use of smartphones and apps -based services is fueling overall market growth.
The increase in public and hybrid cloud adoption is driving the growth of the global SaaS market.
Worldwide, the increasing trend of business outsourcing, along with the use of artificial intelligence (AI) and machine learning (ML) in industries such as BFSI, healthcare, and IT & telecom, provides lucrative opportunities. for future global market growth.
The lack of cloud data security and the high cost associated with implementing and maintaining SaaS platform solutions can slow down the growth of the global market.
Impact Analysis of COVID-19
The COVID-19 pandemic has had a positive impact on SaaS adoption worldwide. As a result of government lockouts, companies are turning to advanced technologies such as artificial intelligence (AI), machine learning (ML), internet of things (IoT), cloud computing, and analytics in industries to implement the contactless technology. Due to this reason, the demand for SaaS -based software or services has increased, which has driven the growth of the SaaS market worldwide. The pandemic also presented major challenges for companies trying to implement key processes, accurately report data spread across multiple locations, operate complex systems, and communicate effectively with teammates. without proper infrastructure. As a result, more companies are investing in SaaS platforms. As a result of SaaS’s unlimited scalability and continuous functionality enhancement, it helps companies achieve digital transformation, boosting global market growth.
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Regional Perspectives
North America led the SaaS Market in 2020, and it is expected to continue to dominate during the forecast period. In the region, many organizations, including healthcare organizations, retail and consumer goods stores, among others, have invested significantly in cloud-based SaaS solutions. In addition, North American countries such as the US and Canada have major SaaS vendors. To strengthen their product offerings and grow their client base, market players are entering into partnerships with technology providers.
Top Competitors
The leading well-known companies profiled in the global software as a service (SaaS) market are:
Accenture plc.
Adobe Incorporated
Cisco Systems, Incorporated
Google LLC
IBM Corporation
Microsoft Corporation
Oracle Corporation
Salesforce.com, Incorporated
SAP SE
Service Today
Other Prominent Players
Report Scope
The global software as a service (SaaS) market segmentation focuses on Solution Type, Deployment Mode, Organization Size, Industry Vertical, and Region.
Segmentation based on Solution Type
Customer Relationship Management (CRM)
Enterprise Resource Planning (ERP)
Operations Management
Human Resource Management (HRM)
Supply Chain Management (SCM)
The others
Segmentation based on Deployment Mode
Public Cloud
Private Cloud
Hybrid
Segmentation based on Organization Size
Big Business
Small and Medium Sized Enterprises (SMEs)
Segmentation based on Industry Vertical
BFSI
Working
IT and Telecom
Retail and E-Commerce
Energy and Utilities
Taking care of your health
Media and Entertainment
The others
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Segmentation by Region
North America
The United States
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Other parts of Western Europe
Eastern Europe
Poland
Russia
Other parts of Eastern Europe
Asia-Pacific
China
India
Japanese
Australia and New Zealand
ASEAN
Other parts of Asia Pacific
Middle East and Africa (MEA)
UAE
Saudi Arabia
South Africa
The rest of the MEA
South America
Brazil
Argentina
Other parts of South America
What are the main findings of the report?
? This report provides comprehensive information on the factors that are expected to influence market growth and market share in the future.
? The report offers the current state of the market and future prospects for different geographical regions.
? This report provides both qualitative and quantitative information about the competitive market landscape.
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