USD 702.19 Billion SaaS Market Share Expected to Reach by 2030

According to the report published by Allied Market Research, The USD 702.19 Billion SaaS Market Share Expected to Reach by 2030. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The global SaaS market is primarily being driven by the rise in penetration of smartphones all across the globe. Additionally, growing use of app-based services and shift towards business outsourcing in the global economy will further lead to expansion of the market. Moreover, widespread adoption of public and hybrid cloud might also push the growth of the market in the forecast period. Nonetheless, increasing adoption of advanced technologies including AI and ML in various end-use industries such as healthcare, BFSI, and IT is expected to create numerous growth opportunities in the growth of the market.

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The global SaaS market size was valued at USD 121.33 billion in 2020, and is projected to reach USD 702.19 billion by 2030, growing at a CAGR of 18.82% from 2021 to 2030.

The SaaS market is segmented on the basis of deployment mode, solution type, organization size, industry vertical, and region. By deployment mode, it is segregated into public cloud, hybrid cloud, and private cloud. By solution type, it is segregated into customer relationship management, enterprise resource planning (ERP), operation management, human resource management (HRM), supply chain management, and others. By industry vertical, it is segregated into BFSI, manufacturing, IT & telecom, retail and e-commerce, energy & utility, healthcare, media & entertainment, and others. By enterprise size it is categorized into small to medium enterprise and large-scale enterprise. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on solution type, the customer relationship management (CRM) sub-segment held the highest market share in 2020, with a market share of one-fourth of the total revenue. On the other hand, the operation management sub-segment is expected to have the fastest CAGR of 21.0% during the 2021-2030 period.

Based on deployment mode, the public cloud sub-segment gathered the highest market revenue in 2020, with a market share of three-fifths of the total market. However, the hybrid cloud sub-segment is predicted to have the fastest growth rate with a CAGR of 20.0% during the analysis timeframe.

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Based on region, the North America SaaS market was highly profitable in 2020, holding around two-fifths of the total market share. On the other hand, the Asia Pacific SaaS market is projected to have the highest growth rate with a CAGR of 22.0% by 2030. The other regions analyzed in the report are Europe and LAMEA.

The major companies studied in the global software as a service market include IBM Corporation, Google LLC, Microsoft, Cisco Systems, Inc., Oracle Corporation, ServiceNow, Adobe Inc., Salesforce.com, Inc., and SAP SE. These companies have engaged in forming different strategic alliances including acquisitions, partnership, mergers, collaboration, and joint ventures to establish their dominance in the market.

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Covid-19 Scenario

● The global COVID-19 pandemic has drastically affected businesses across the globe. It has affected positively on adoption of SaaS based service, owing to lockdown imposed by governments of different countries.

● Post COVID-19 situation, companies are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), cloud computing, and analytics across industries such as BFSI, healthcare, and IT & telecom to perform contactless operation.

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