Press release
Software as a Service (SaaS) Market is growing at a CAGR of 18.82% from 2021 to 2030
SaaS Market
The growing penetration of the internet is driving the creation and use of innovative content and the development of advanced technologies in PCs and consumer devices. These advancements have significantly accelerated the growth of SaaS platform services. Additionally, the availability of sophisticated and reliable IT infrastructure presents numerous opportunities for the SaaS market, paving the way for substantial growth prospects. However, security breaches remain a critical concern for SaaS platforms, potentially hindering market expansion. On a positive note, the adoption of artificial intelligence (AI) for enhanced security measures is expected to benefit the SaaS market significantly.
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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. On the contrary, high implementation costs associated with SaaS solutions may create hurdles in the growth of the industry. 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.
SaaS Market trends in Asia-Pacific is expected to exhibit highest growth during the forecast period, owing to strong economic growth along with the ongoing development in SaaS application and cloud service management, which drives organizations to invest heavily in SaaS Market to sustain growth and improve productivity. In addition, factors such as major shift toward digital transformation, cloud deployment & technological advancement among small & medium businesses, and continuously ongoing modernization in work force management strategy in emerging economies notably contribute toward the market growth. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the SaaS industry during the forecast period.
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Covid-19 Scenario
1. 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.
2. 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.
Based on deployment mode, the public cloud segment dominated the overall SaaS industry in 2020, and is expected to continue this SaaS Market trends during the forecast period. This is attributed to rise in the adoption public cloud, due to low cost and easier maintenance. The many enterprises are turning to the public cloud as a method to scale existing IT resources on demand without having to invest in new physical equipment, which would provide the lucrative growth opportunities for the market growth. In addition, public cloud data can be optimized from anywhere, which will beneficial for the companies. That would propel the growth of the SaaS Market for this segment. However, the hybrid cloud segment is expected to witness highest SaaS Market growth. Due to increasing adoption of advanced technology, the companies are adopting the hybrid cloud services, to integrate those solutions into existing applications, without installing new on-premises infrastructure, which would drive the growth of this segment.
Based on industry vertical, the BFSI dominated the overall SaaS market share in 2020, and is expected to continue this SaaS Market trends during the forecast period. The financial institutions are adopting SaaS based business applications such as business intelligence (BI) owing to increase of unstructured data. Moreover, SaaS also promotes digital money transfers, safe online payments, and wallets payments, etc. All these advantages of SaaS platform are expected to drive the growth of this market in BFSI industry vertical. However, the Healthcare industry vertical is expected to witness highest SaaS Market growth. The trends in healthcare SaaS such as artificial Intelligence (AI), pay-per-use model, and vertical SaaS, which would facilitate the growth of the market in the upcoming year for this industry vertical. Furthermore, SaaS becomes very popular in healthcare industry and the need to integrate it into existing systems increases as well, which is expected to boost the growth of the market in this industry vertical.
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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.
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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