Software as a Service (SaaS) Market Will Exhibit an Impressive Expansion by 2024-2031

The global Software as a Service (SaaS) market is expected to grow at a compound annual growth rate (CAGR) of 13.2% during the forecast period. SaaS applications are typically more affordable than traditional on-premises software, as businesses only pay for the features they need on a subscription basis. This reduces upfront costs and offers predictable pricing. Traditional on-premises software often requires significant upfront investments in hardware, software licenses, and installation costs. This can be a financial burden for businesses, especially small and medium-sized enterprises (SMEs), making it difficult to access the latest software solutions. In contrast, SaaS applications offer a more affordable and flexible pricing model, typically based on a subscription fee. Businesses only pay for the features they need and the number of users they have, eliminating the need for large upfront investments. This subscription-based model provides several advantages. Businesses can start using SaaS applications with minimal upfront costs, as subscription fees are typically lower than the initial purchase price of traditional on-premises software. SaaS subscription plans can be scaled up or down as business needs change. Subscription-based pricing provides businesses with predictable ongoing expenses, enabling better financial planning and budgeting.

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The affordability and flexible pricing of SaaS applications have made them a popular choice for SMEs. According to a study by Statista, 69% of SMEs use SaaS applications, with the most common applications being CRM (Customer Relationship Management), email, and project management tools. Adobe's Creative Cloud, a suite of design and creative tools, has seen widespread adoption due to its subscription-based pricing model. The company shifted from traditional on-premises licenses to a cloud-based subscription model, providing users with access to the latest software features and updates for a monthly fee. This move has been successful, with Creative Cloud generating over $8 billion in annual revenue for Adobe.

Global Software as a Service (SaaS) Market Report Segment

By Deployment Model

• Public Cloud
• Private Cloud
• Hybrid Cloud

By Business Size

• Small and medium-sized businesses (SMBs)
• Enterprise

By Industry

• BFSI
• Healthcare
• Retail
• Manufacturing
• IT and Telecommunications
• Others (Media and entertainment, Transportation and logistics)

By Application

• Business Applications
• Productivity Applications
• Collaboration Applications
• Security Applications
• Marketing Applications

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Software as a Service (SaaS) Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• Adobe
• Anaplan, Inc.
• Atlassian Pty Ltd.
• Autodesk Inc.
• Change Healthcare
• CrowdStrike, Inc.
• Datadog, Inc.
• DocuSign, Inc.
• Dynatrace, LLC
• HubSpot, Inc.
• Infor
• Intuit Inc.

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