SaaS Market Share Expected to reach USD 702.19 Billion by 2030 | Top Players Such as - Salesforce.com, SAP SE and ServiceNow

According to the report published by Allied Market Research, The SaaS Market Share Expected to reach USD 702.19 Billion by 2030 | Top Players Such as - Salesforce.com, SAP SE and ServiceNow. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

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., 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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