Software as a Service (SaaS) Market
Increased use of smart gadgets and increased adoption of public and hybrid cloud, which supports business outsourcing, are likely to boost the Market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, October 3, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Software as a Service (SaaS) Market Size Worth USD 702.19 Billion by 2030 | CAGR: 18.82% : AMR .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global SaaS Market size is expected was estimated at $121.33 billion in 2020, and is projected to reach $702.19 billion by 2030, growing at a CAGR of 18.8% from 2021 to 2030.
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Increasing use of smart phones and app-based services, extensive adoption of public and hybrid cloud, and growing trend of business outsourcing in the global economy drive the growth of the global SaaS market. On the other hand, extortionate cost of implementation and maintenance of SaaS platform solutions hinder the growth to some extent. However, increasing adoption of artificial intelligence (AI) and machine learning (ML) across industries such as BFSI, healthcare, and IT & telecom provide tremendous opportunities in the industry.
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The global SaaS market is analyzed across solution type, deployment mode, enterprise size, industry vertical and region.
By deployment mode, the public cloud segment garnered the highest market share in 2020, accounting around three-fifths of the global software as a service market. The hybrid cloud segment, however, would cite the fastest CAGR of 20.0% during the forecast period.
By solution type, the customer relationship management (CRM) accounted for the largest market share in 2020, garnering more than one-fourth of the global market. The operation management segment, on the other hand, would exhibit the fastest CAGR of 21.o% during the forecast period.
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By region, the market across North America held the lion’s share in 2020, garnering around two-fifths of the global market. The Asia Pacific region, on the other hand, exhibit the fastest CAGR of 22.0% during the forecast period by the end of 2030. The other provinces studied in the report include LAMEA and Europe.
The key 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. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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COVID-19 Scenario
• Numerous businesses across the globe increasingly adopted SaaS-based service due to the stringent lockdown restrictions imposed by the government of various countries, which has impacted the global SaaS market positively.
• Moreover, companies are intensively focusing on advanced technologies such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), cloud computing, and analytics across various industries, which has again been beneficial for the industry.
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