Increasing trend of work from home and surging disposable income to drive the Global Software as a Service market in the forecast period.
According to TechSci Research report, “Software as a Service (SaaS) Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the Global Software as a Service market was valued over USD149 billion in 2021 and is forecast to grow at CAGR of 19.31% to reach USD441.26 billion by 2027. Software as a Service (SaaS) allows companies to run applications at minimal cost while improving internal functionality of the companies therefore, many companies have adopted software as a service during pandemic to rearrange their operations and optimize efficiencies. For this, companies or organizations only have to pay the subscription price and all the information & software are located at the data center of service provider or company.
Software applications are hosted in the cloud using the SaaS model, eliminating the need for local storage. Data is stored on multiple data centers to ensure that if one fails, the other data center can continue to provide the service in the event of a disaster. SaaS solutions also eliminate the time-consuming task of performing weekly backups by triggering automatic backups without user intervention, ensuring the integrity of company data. The model can also be used remotely by multiple users simultaneously, providing more robust and secure data backups and recovery.
SaaS has helped replace an internal IT model in which technicians directly employed by a company modify elements of its software architecture as required. SaaS solutions have helped customers free up their technical staff, focusing on more strategic infrastructure investments. It helps relieve the customer of the burden of IT infrastructure and operations. With the advantage of configuration over customization, functional administrators can frequently configure the system themselves with minimal training, rather than requesting technical IT support.
Browse 156 market Figures spread through 209 Pages and an in-depth TOC on "Global Software as a Service Market”.
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Global Software as a Service (SaaS) market is segmented on the basis of deployment type, organization size, application, end user, and regional distribution. On the basis of deployment type, the market is segmented into public cloud, private cloud & hybrid cloud. Public Cloud segment dominated the overall Software as a Service market in 2021 with a share of 44.91% due to growth in demand for software as a service (SaaS) as numerous users seek more purpose-built and customized solutions, which can meet their specific business outcomes. Public Cloud is lower in cost as companies or organizations that deploy it need not purchase hardware or software and only need to pay for the service they use.
Leading players operating in Global Software as a Service market include:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Oracle Corporation
- Salesforce.com, Inc.
- Amazon Web Services Inc.
- VMware Inc.
- Alphabet Inc.
- Hewlett Packard Enterprise Development LP
- Adobe Inc.
- Cisco Systems Inc.
- Workday Inc.
- Zoom Video Communications Inc.
- ServiceNow, Inc.
- Atlassian Corporation Plc
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“The North American region is the largest in the Global Software as a Service Market with a share of 44.17% in 2021 owing to digitalization of every industry vertical in the United States. The major factors that further drive the growth of the software as a service market in North America are the presence of a dynamic business environment, increasing adoption of multiple software services for cost savings, and an indispensable need to achieve better productivity and efficiency through centralized cloud governance.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Software as a Service (SaaS) Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027, Segmented By Deployment Type (Public Cloud, Hybrid Cloud & Private Cloud), By Organization Size (Large Enterprises & SMEs), By Application (Customer Relationship Management, Content Communication & Collaboration, Business Intelligence/Analytics, Enterprise Resource Planning, Human Resource Management, Supply Chain Management & Others), By End User (IT & Telecom, BFSI, Healthcare, Education, Retail, Manufacturing, Government & Oil & Gas), By Region”, has evaluated the future growth potential of Global Software as a Service market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Global Software as a Service market.
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