SaaS Market Size

Growth opportunities in the SaaS market look promising over the next six years. This is mainly due to the increasing use of smartphones, tablets, and laptops, rising demand in consumers actively looking for software with remote access options, and the growing trend of business outsourcing.

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SaaS Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The drivers responsible for the increasing prominence of the global software as a service market includes the accelerating penetration of tablets, smartphones, and laptops, augmenting acquisition of public and hybrid cloud, along the growing outsourcing of businesses. Also, the surging usage of applications, video calls, e-mails, and instant messaging leads to the stimulation of smart devices, which include tablets and smartphones, across the end-users. Therefore, the rising demand for software with remote access options at an economical price will strengthen the market size.

The increasing employment of mobile apps for payments, healthcare, and food delivery services will rapidly raise the demand for SaaS-based apps as they are easy to use and cost-effective. The escalating propensity of business outsourcing and fast globalization is persuading enterprises to enlarge their global dominance and capture the propelling demand of customers. Organizations seek dependable business data software to improve their workforce investment strategies and find out major problems and their solutions, thereby promoting market growth.

Furthermore, the fuelling acceptance and incorporation of Artificial Intelligence (AI) with SaaS to enhance the security level and provide various features like easy customization at the minimum price will allure many end-users towards the market. Additionally, other features offered by SaaS are reduction in time spent on installation and configuration, compatibility, less cost of hardware and software licenses, compatibility, smooth installation, and upgradation features, and compatibility will contribute to the market growth. However, the increasing concerns about data security and complications with norms compliance are likely to restrain the market growth.

Regional Drivers

Based on the regional coverage, North America is expected to witness a higher CAGR over the forecast period owing to their escalating adoption across the sectors, primarily BFSI. The increasing demand for cloud computing services across the U.S., along with the growing adoption of SaaS among government organizations of North America, will bolster the market growth.

SaaS Market’s leading Manufacturers:

· SolutionsDots Systems ltd.

· Symantec Corporation

· Infor, Inc.

· Amazon Web Services Inc.

· Salesforce.com, Inc.

· SAP SE

· IBM Corporation

· VMware, Inc

· Hewlett Packard Enterprise Development LP

· Cisco Systems, Inc.

· Oracle Corporation

· Microsoft Corporation

SaaS Market Segmentation:

Segmentation by End-User:

· Manufacturing

· Healthcare

· IT & Telecom

· Retail

· Education

· Government

· BFSI

· Oil & Gas

Segmentation by Application:

· Customer Relationship Management (CRM)

· Human Resource Management (HRM)

· Financial Management

· Sales Management

· Enterprise Resource Planning (ERP)

· Supply Chain Management

Segmentation by Deployment Type:

· Public Cloud

· Private Cloud

· Hybrid Cloud

Segmentation by Organisation Size:

· Small and Medium Enterprises

· Large Enterprises

Segmentation by Region:

· North America

o United States of America

o Canada

· Asia Pacific

o China

o Japan

o India

o Rest of APAC

· Europe

o United Kingdom

o Germany

o France

o Spain

o Rest of Europe

· RoW

o Brazil

o South Africa

o Saudi Arabia

o UAE

o Rest of the world (remaining countries of the LAMEA region)

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