2020 Analysis: Software as a Service (SaaS) Market is Emerging with Software Artificial Intelligence (AI) and Automation of Bots by 2025

SaaS is an emerging technology that is transforming traditional on-premise software systems into a modern cloud-based solution globally. Along with reduced efforts of running a process, installing and purchasing software, it also helps an organization minimize its costs and maximize its revenue. Consequently, private organizations across the world have understood the potential behind these services and come up with cloud-based services. The adoption for SaaS has today reached a point where the popularity of Big Data and IoT goes hand-in-hand with the progress of the SaaS market. Business Intelligence, predictive analysis, prediction of buying behavior of the customer all such software can be found at the SaaS vendor. The need to include Big Data and IoT as an integral part of various businesses is thus driving the SaaS market today.

According to the new research report published by The Insight Partners, titled "Software as a Service (SaaS) Market - Global Analysis and Forecast to 2025", the global SaaS market is expected to reach US$ 172.20 Bn in 2025, registering a CAGR of 18.6% during the forecast period 2016-2025.

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Infrastructure requirements are crucial for any technology to succeed. The ease of integration of technology with the existing infrastructure makes it much more popular. Considering the current scenario, it would be impractical to think that AI can become a convention in SaaS products without provisioning an AI infrastructure for its development. Also, hiring a team of AI specialists would not be feasible for small startups always. So, the commercialization of AI is only possible when either big players enter this market, or huge investments are made in this market. Currently, the major players are open-sourcing AI libraries, this combined with more and more emerging startups offering AI in the form of APIs. 2016 is expected to witness the growth of both trends. However, the scope for improvement is there and scope to improve the knowledge about the product should be considered as an opportunity for startups venturing out into these fields before easy to use & developer-friendly APIs become ubiquitous.

Small organizations venturing into new businesses cannot invest heavily for storage spaces. Even if they keep such huge investments only in storage spaces, they wouldn't be able to then invest for their products. Break-even time would also have a bearing in the profitability of the organization. This is where the need and huge opportunity for a shared infrastructure for data storage, management and maintenance arises. SaaS model is a kind of shared infrastructure wherein such small organizations have to pay for on-demand usage of the software and need not store any data or purchase the software. This provides smaller organizations with a good opportunity cost. SaaS market players can take this opportunity to capitalize on the worldwide market here.

Adoptions of SaaS is expected to accelerate exponentially in the coming few years due to retail, hospitality, financial, technology and communications and healthcare industry verticals' inclination towards transforming their legacy IT structures completely into a SaaS-based structure. Many SME's and large scale industries in the above verticals have adopted SaaS-based solutions owing to the advantages it offers and are significantly contributing to SaaS market. Offering services at cheaper rates drive SME's to adopt these solutions while providing redundancies and data privacy with less time to market the product are the reasons behind the large scale adoptions of SaaS-based solutions by large industries in all verticals are driving the SaaS market.

SaaS Market Strategic Insights

The partnership and recent development were observed as the most adopted strategy in Global SaaSr Market. Few of the recent strategies by some of the players in SaaS Market landscape are listed below:

2016: IBM announced the acquisition of Optevia. Optevia is a privately owned Software-as-a-Service, systems Integrator specializing in Microsoft Dynamics CRM solutions. This acquisition would help IBM meet its client demand to provide with CRM SaaS solutions within the public sector.

2016: Oracle Corporation launched new SaaS, PaaS, and IaaS services to help organizations transitions to the cloud. With the help of these technologies, the business would be able to capitalize on the latest trends of Big Data, IoT and gain a competitive edge in the market. For Oracle, this creates an opportunity to increase their customer footprint.

Key findings of the study:

- North America is anticipated to account the high Y-o-Y growth during the forecast period of the SaaS market and is expected to register a CAGR of 18.3%
- Based on the end-user, the SMEs segment is expected to dominate the market during the forecast period
- European countries are witnessing high demand for SaaS due to the increasing demand from the industries.
- Europe is the second biggest consumer in the SaaS market, compelled by wide adoptions in Western European countries such as UK, France, and Ireland. Apart from Europe and North America, APAC remains at third but is expected to outpace other regions in the near future in the adoptions of SaaS applications. With developing internet infrastructure, huge outsourced industry, and Government support, countries like India and China are to witness highest adoptions for the emerging SaaS technology. Major IT hubs housed in the European continents, the huge automotive industry in Germany and a large number of SMEs spread across the European continent have contributed towards the growth of the SaaS market in this region. The need to move from traditional methods and adopt a better way to manage respective IT infrastructures by the businesses along with well-equipped technology and internet connectivity has been the main driving force behind large adoptions of SaaS in this region.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.