Software as a Service (SaaS) Market - Growing Rapidly with Recent Trends and Outlook By 2030

Due to Increase in penetration of the internet is increasingly encouraging the creation and usage of innovative material, as well as the development of new technologies in PC and consumer devices. These developments have resulted in the rapid development of SaaS platform services.

Furthermore, the availability of advanced and robust IT infrastructure opens up numerous possibilities for SaaS Market, which would provide lucrative opportunities for market growth.'

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However, security breaches are concern for the SaaS platform, which will hamper the growth of the market. Furthermore, companies are adopting artificial intelligence (AI) services for security reason which will beneficial for SaaS Market.

According to the report published by Allied Market Research, the global SaaS market 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.

The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

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The global SaaS market is analyzed across solution type, deployment mode, enterprise size, industry vertical and region.

By solution type, 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.

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.

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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., 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

• There has been an increase in the adoption of work-from-home culture due to lockdowns imposed by governments. Many companies have been trying to execute key processes, surge reporting operations from multiple locations, operate complex systems, and communicate with teammates efficiently. These factors led to rise in adoption of SaaS-based expense management services.

• Advanced technologies such as artificial intelligence (AI), internet of Things (IoT), machine learning (ML), cloud computing, and analytics were implemented across various industries such as healthcare, BFSI, and IT & telecom to carry out contactless operations. This factor generated huge demand for SaaS-based software or services. This, in turn, impacted the SaaS-based expense management market positively.

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