Software as a Service (SaaS) Market Latest, With the Best Scope, Trends, Benefits, Opportunities to 2030

Report Ocean published the latest research report on the Software as a Service (SaaS) market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Software as a Service (SaaS) market study demonstrates a detailed examination of the business state, which represents creative ways for company growth, financial factors such as production value, key regions, and growth rate.

The global software as a service (SaaS) market size was US$ 144.17 billion in 2021. The global software as a service (SaaS) market size is forecast to reach US$ 703.19 billion by 2030, growing at 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 software is licensed on a subscription basis and hosted centrally. It's also known as "on-demand" software. A SaaS solution is a cloud-based service accessed through an internet browser instead of downloading and installing software on a PC or business network. Accessibility, compatibility, and operational management are the main advantages of SaaS software. Furthermore, SaaS offers lower upfront costs than traditional download and installation models, making them more accessible to businesses of all sizes making it easier for smaller companies to disrupt existing markets while empowering suppliers.

Factors Influencing Market Growth

Growing smartphone usage and apps-based services are boosting the overall market's growth.
A rise in public and hybrid cloud adoption is propelling the growth of the global SaaS market.
Globally, the increasing trend of business outsourcing, coupled with the adoption of artificial intelligence (AI) and machine learning (ML) across industries like BFSI, healthcare, and IT & telecom, provide lucrative opportunities for global market growth in the future.
The lack of security of cloud data and the high cost associated with the implementation and maintenance of SaaS platform solutions may slow down the global market growth.
Impact Analysis of COVID-19

The COVID-19 pandemic had a positive impact on SaaS adoption globally. As a result of government lockdowns, companies focused on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IoT), cloud computing, and analytics across industries to implement contactless technology. Due to this factor, demand for SaaS-based software or services increased, which drove the growth of the SaaS market worldwide. The pandemic has also introduced considerable challenges for companies trying to implement key processes, report accurately with data spread over multiple locations, operate complex systems, and communicate effectively with teammates without the proper infrastructure. As a result, more companies were investing in SaaS platforms. As a result of SaaS's unlimited scalability and continual enhancement of functionality, it assists companies in achieving digital transformation, which boosts global market growth.

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Regional Insights

North America dominated the SaaS Market in 2020, and it is forecast to continue dominating during the forecast period. In the region, a large number of organizations, including healthcare organizations, retail & consumer goods stores, and others, have invested heavily in cloud-based SaaS solutions. In addition, North American countries such as the US and Canada have major SaaS vendors. In order to strengthen their product offerings and grow their client base, market players are entering into partnerships with technology providers.

Leading Competitors

The leading prominent companies profiled in the global software as a service (SaaS) market are:

Adobe Incorporated
Cisco Systems, Incorporated
Google LLC
IBM Corporation
Microsoft Corporation
Oracle Corporation
Salesforce.com, Incorporated
SAP SE
ServiceNow
Other Prominent Players
Scope of the Report

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)
Operation Management
Human Resource Management (HRM)
Supply Chain Management (SCM)
Others
Segmentation based on Deployment Mode

Public Cloud
Private Cloud
Hybrid
Segmentation based on Organization Size

Large Enterprises
Small & Medium-sized Enterprises (SMEs)
Segmentation based on Industry Vertical

BFSI
Manufacturing
IT & Telecom
Retail & E-Commerce
Energy & Utility
Healthcare
Media & Entertainment
Others
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Segmentation based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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