Software as a Service (SaaS) Market Demand Analysis and Projected Huge Growth by 2021-2030

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.

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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 the highest growth during the forecast period, owing to strong economic growth along with the ongoing development in SaaS applications and cloud service management, which drives organizations to invest heavily in SaaS Market to sustain growth and improve productivity.

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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 to 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.

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.

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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 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.

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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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