Software as a Service (SaaS) Market Update 2030: Projected to Exhibit $702.19 Billion Revenue, Claims AMR

As per the report published by Allied Market Research, the global software as a service market is anticipated to garner $702.19 billion by 2030. The market accounted for $121.33 billion in 2020 and is estimated to register a CAGR of 18.8% during the 2021-2030 period. The report offers a comprehensive study of the growth drivers & opportunities and the latest updates and trends in the industry.

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 the shift towards business outsourcing in the global economy will further lead to the expansion of the market. Moreover, widespread adoption of public and hybrid cloud might also push the growth of the market in the forecast period.

Download Sample Report (Get Full Insights in PDF - 364 Pages) at: https://www.alliedmarketresearch.com/request-sample/A14951

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 workforce management strategy in emerging economies notably contribute toward 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.

Buy Now & Get Exclusive Discount on this Report: https://www.alliedmarketresearch.com/software-as-a-service-saas-market/purchase-options

Covid-19 Scenario

1. The global COVID-19 pandemic has drastically affected businesses across the globe. It has affected positively on the adoption of SaaS based services, owing to lockdowns 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 the contactless operation.

On the basis of 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 lucrative growth opportunities for the market growth.

Access the full summary at: https://www.alliedmarketresearch.com/software-as-a-service-saas-market-A14951

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, companies are adopting 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 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 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.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A14951

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.

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.

If you have any special requirements, Request customization: https://www.alliedmarketresearch.com/request-for-customization/A14951

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: + 1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.

This release was published on openPR.