The report is titled ‘SaaS Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the SaaS market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The SaaS market is expected to grow at a significant rate in the near future.
The global SaaS market is estimated to reach a value of US$ 105.6 Bn by the end of 2020 and expected to reach at a value of US$ 269.8 Bn by 2028 with a significant CAGR of 12.5%
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SaaS Introduction
In today’s business world, the software is pervasive and present all-over the universe, where software applications have the potential to assist us trace consignments across myriad countries, handle large inventories, prepare and instruct employees, and even assists in forming better working relationships with customers. For several decades, companies have operated software on their own computer networks or internal infrastructures. Over the last few years, the conventional software license purchases have commenced seeming outdated or obsolete, as numerous customers and vendors have shifted to software as a service business model.
Cloud computing is basically bifurcated into three components, i.e., Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). Software as a service (SaaS) is a model of software deployment where an application is conducted as a service offered to customers across the Internet. By eliminating the requirement to install and operate an application on an individual’s own computer system, it is observed as a way for businesses to get similar advantages as commercial software along with a lowered cost outlay. Furthermore, SaaS can assuage the affliction of software maintenance and support but users let go of the control over software requirements and versions.
SaaS Market Dynamics
Software-as-a-service (SaaS) is progressively evolving into a feasible alternative for organizations who are in search of functionality, accessibility, and versatility in a relentless and cutthroat business environment. The possibility for companies and organizations to run and operate SaaS software solutions as well as online data analysis without any need of installing the software on their own system to run and operate is majorly gaining momentum in the global markets. This way, these innovations, and advancements are gaining popularity every now and then. Owing to which, the global SaaS market is projected to rise higher in the forecast times.
Even though the worldwide IT spending might be low as economies and businesses suffer, the growth of the cloud is the shining spot, with spending on cloud estimated to jump higher year over year. Owing to the rising inclinations of various industries, including hospitality, retail, technology and communications, financial, and healthcare industry vertices towards revolutionizing their legacy IT structures wholly into a SaaS-based structure, the adoptions of SaaS are anticipated to propel expeditiously in the years to come. Attributing to which, the global SaaS market is projected to witness many breakthroughs in the forthcoming years.
The idea of software as a service authorizes its users to approach all the elements and attributes of software on a subscription model and thus, eliminating the need of licensing the product. Putting it in another way, SaaS is an on-demand software that offers a remote approach of software to its users over the online network. The rapidly developing IT industry and the huge demand for software for analysis and data management in several different domains are further accelerating the growth of the global software as a service market worldwide.
In addition to that, SaaS provides different attributes such as speed deployment, reduced cost, customization, and command over the data among others. Noticeably, licensing software is likely to incur a massive cost as well as expertise to oversee and operate. SaaS offers the attribute of simple accessibility along with speed deployment and many different customizations which makes it further easier to run and operate. Owing to which, the global SaaS market is estimated to witness significant growth in the coming years.
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SaaS Market Segmentation
The global SaaS market is segmented on the basis of deployment, application, end-user, and region. The deployment segment of the SaaS market is divided into Public Cloud, Private Cloud, and Hybrid Cloud.
Furthermore, the end-user segment is divided into SMEs and Large Enterprises. On the basis of application, the market is segmented into Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Supply Chain Management (SCM), and Others (Business Intelligence, Compliance, Messaging and Collaboration, Web Conferencing platforms). On the basis of region, the SaaS market is segmented into six regions – North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Application
- Customer Relationship Management (CRM)
- Enterprise Resource Planning (ERP)
- Human Resource Management (HRM)
- Supply Chain Management (SCM)
- Others
By End User
- SMEs
- Large Enterprises
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East
- Africa
SaaS Market Key Players
The global SaaS market is dominated by Salesforce, LinkedIn, Concur Technologies, Workday, Inc., IBM Corporation, Oracle Corporation, NetSuite Inc., Fujitsu Ltd., Medidata Solutions, ServiceNow, Inc., Microsoft Inc., Google Inc., Zuora, SAP SE, ADP LLC, among others
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