Software as a Service (SaaS) Market Size,Regional Status and Outlook (2024-2031)

SaaS is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is a software distribution model in which a third-party provider hosts - applications and makes them available to customers over the Internet. In this web-based model, software vendors host and maintain the servers, databases, and code that constitute an application. This is a significant departure from the on-premise software delivery model.The report covers all the major trends and drivers playing a vital role in the growth of the global SaaS market. The market has been segmented based on region, deployment, application, and vertical.

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The global SaaS market growth is primarily driven by a rise in the adoption of hybrid cloud solutions. As the cloud computing market continues to grow, enterprises are exploring different cloud models in search of the right balance of functionality, flexibility, and investment protection. Hybrid cloud lets organizations provision, use, and manage IT resources across their on-site data center and a compatible public cloud. Factors such as increased speed of delivery of IT resources to end-users, need for improved disaster recovery capabilities, improved resource utilization, and reducing IT capital expenses; are driving organizations to move workloads to hybrid cloud.Moreover, increasing business outsourcing and globalization are prompting organizations to expand their boundaries to offer services to clients around the world. Organizations are looking for reliable business data to improve their workforce investment strategies and discover potential problems and their causes.

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Segment Analysis

The global SaaS market is segmented into public, private, and hybrid. In 2018, the public cloud deployment segment accounted for the largest market share in the global market. Cloud technology enables developers to adopt Agile workflows, significantly reducing lead times in testing and deploying new products and releasing product updates. As public cloud users, organizations aren't responsible for managing cloud hosting solutions. The cloud service provider is responsible for the management and maintenance of the data center(s) in which the data is stored. This means no lengthy procurement processes and no waiting around for operations to install an operating system, configure and assemble servers, or establish connectivity.By vertical, the global SaaS market is segmented into BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and Public sector, and Others. In 2018, BFSI vertical accounted for the majority share in the market.

Competitive Landscape

Some major players in the market are Adobe Inc., Amazon.com, Microsoft Corp., Oracle Corp., Salesforce.com Inc., SAP SE., Google LLC, ServiceNow, Inc., Workday, Inc., Zendesk Inc, Atlassian Corporation Plc, Splunk Inc., Box, Inc., Cisco Systems, Inc., and among others. These players have adopted various strategies, such as new product/service developments, mergers and acquisitions, collaborations, and partnerships, to expand their presence in the global SaaS market.

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