Press release
Dynamic Business Dynamics Driving SaaS Market Growth: Key Factor Driving The Growth In The Software as a service (SaaS) Market
Software as a service (SaaS)
How Big Is the Software as a service (SaaS) Market Size Expected to Be by 2034?
The steady expansion of the software as a service (SaaS) market size has been observed in recent years. The market is estimated to increase from $243.02 billion in 2024 to $253.58 billion in 2025, with a compound annual growth rate (CAGR) of 4.3%. Factors contributing to growth during the historical period include improved internet accessibility, technological advancements, focus on cutting down IT infrastructure expenses, government interventions, and a surge in e-commerce penetration.
In the forthcoming years, the software as a service (SaaS) market is projected to experience robust expansion. It is anticipated to escalate to $308.37 billion in 2029, with a compound annual growth rate (CAGR) of 5.0%. This growth rate in the predicted period may be traced back to the adoption of iot technology, the spread of the COVID-19 disease and the rise in smart cities. Key trends for the forecast period include the application of artificial intelligence (AI) for superior personalization, speed, and security, embracing white-label SaaS and providing bespoke solutions to attract clients, instituting centralized analytics to boost and accelerate the process, and the adoption of mobile optimization.
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What Are the Emerging Segments Within the Software as a service (SaaS) Market?
The software as a service (SaaS) market covered in this report is segmented -
1) By Application: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and Operations, Supply Chain Management (SCM)
2) By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
3) By Enterprise Size: Small & Medium Enterprises (SMEs), Large Enterprises
4) By End User: Manufacturing, Retail, Education, Healthcare, IT & Telecom, BFSI, Other End-Users
Subsegments:
1) By Customer Relationship Management (Crm): Sales Automation Tools, Customer Support And Service Management, Marketing Automation And Analytics
2) By Enterprise Resource Planning (Erp): Financial Management Solutions, Procurement And Sourcing, Project Management
3) By Human Resource Management (Hrm): Recruitment And Talent Acquisition Systems, Employee Onboarding And Training Solutions, Payroll And Benefits Administration
4) By Manufacturing And Operations: Manufacturing Execution Systems (Mes), Production Planning And Scheduling Software, Quality Management Systems (Qms)
5) By Supply Chain Management (Scm): Inventory Management And Order Fulfillment, Supplier Relationship Management, Demand Forecasting And Planning Tools
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What Long-Term Drivers Are Shaping Software as a service (SaaS) Market Trends?
The expected benefits to the software as a service (SaaS) market are due to swift alterations in market business dynamics during the forecast period, as business operations in fluctuating conditions are supported by cloud-based solutions. Factors contributing to these dynamic market conditions include economic instability, increased rivalry among competitors, growing usage of mobile and changing regulations, internet utilization, and application adoption. In light of these conditions and the rise in infrastructures and established networks, organizations have been compelled to seek out adaptable and expandable solutions like SaaS and other services facilitated by the cloud. This is in order to manage their operations in a way that is efficient and cost-effective. These factors have also driven businesses to outsource their applications and choose cloud computing services, such as SaaS, to alleviate their financial burden linked to infrastructure. Businesses that opt for services from third-party vendors are likely to achieve enhanced performance, compliance, and customer satisfaction at a reduced cost. An example of this is Sony Communications, which is focused on delivering inventive products and superior experiences to its customers through the utilization of automation and SaaS solutions from Infosys. With robust IT solutions and design thinking provided at a reduced cost by Infosys, Sony achieved success in securing customer loyalty and outperforming competitors, giving it an advantage in the SaaS market.
Who Are the Top Competitors in Key Software as a service (SaaS) Market Segments?
Major companies operating in the software as a service (SaaS) market include Microsoft Corporation, Salesforce.com Inc., Oracle Corporation, Automatic Data Processing Inc., Alphabet Inc., Adobe Inc., Amazon.com Inc., Cisco Systems Inc., ServiceNow Inc., Shopify Inc., Alibaba, Tencent, Kingsoft Corporation, UCloud Information Technology, Fujitsu Ltd., Toshiba Corporation, Hitachi Ltd., KDDI Corporation, Nippon Telegraph and Telephone Corporation, Infosys Technologies Ltd., Tata Consultancy Services, Zenith Infotech Limited, DigitalOcean Inc., Wipro Ltd., NetApp India Pvt. Ltd., SAVVIS Australia Pty Ltd, Computacenter, Sage, Commerce Decisions, Mimecast, Wise, GoCardless, Sequel, Triptease, Duffel, MeTail, SKB Kontur, Softline, Tensor, Mango Telecom, Rostelecom, Neuron Soundware, Manta, IP Fabric, 1C BItrix, TOTVS S.A, Beedoo Edtech, Tiendanube, Vates, Glamit, GOintegro, CodeLab, Kitopi, LMKR, Dimension Data, T-Systems South Africa (TSSA), Kobo360, Teraco Data Environments, Main Data Nigeria Limited, accenture* PLC
What Software as a service (SaaS) Market Trends Are Gaining Traction Across Different Segments?
The SaaS market is increasingly embracing the advent of artificial intelligence. As a subfield of computer science, Artificial Intelligence (AI) centres on imitating human intelligence processes through machines. Implementing AI in SaaS allows businesses to continually modernize with fresh data, enhance user experiences by leveraging predictive analytics, create automation in areas that previously required manual input and customize user interface elements. For instance, Oracle, a key player in the SaaS market, employs AI and machine learning to surpass salesforce in SaaS. This suggests that AI and machine learning could become essential growth drivers in the SaaS market.
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Which Regions Are Becoming Hubs for Software as a service (SaaS) Market Innovation?
North America was the largest region in the Software as a Service (SaaS) market in 2024. Western Europe was the second largest region in the global Software as a Service (SaaS) market share. The regions covered in the software as a service (SaaS) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Software as a service (SaaS) Market?
2. What is the CAGR expected in the Software as a service (SaaS) Market?
3. What Are the Key Innovations Transforming the Software as a service (SaaS) Industry?
4. Which Region Is Leading the Software as a service (SaaS) Market?
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