Global Software As A Service (SaaS) Market Opportunities And Strategies For Major Players In The SaaS Market 2021-2030
20 Aug, 2021
The software as a service (SaaS) market consists of sales of cloud-based software services by entities (organizations, sole traders and partnerships) that deliver applications or information technology resources through an internet platform as a service.
Global Software As A Service (SaaS) Market Size And Drivers:
The global software as a service (SaaS) market is expected to grow from $225,603.7 million in 2020 to $272,494.1 million in 2021 at a compound annual growth rate (CAGR) of 20.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to grow at a CAGR of 14.1% from 2020 to reach $436,904.0 million in 2025. The global SaaS market is expected to reach $714,966.0 million in 2030, at a CAGR of 10.4%. IoT technology adoption by manufacturing, transportation services and other companies is expected to drive the cloud services market in the forecast period.
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Trends In The Global Software As A Service (SaaS) Market
The demand for artificial intelligence (AI) has been increasing in the software as a service (SaaS) market for several reasons. For instance, it can increase productivity and efficiency while automating repetitive tasks, and supporting human capabilities. AI is concerned with building smart machines capable of performing tasks that typically require human intelligence. Artificial Intelligence is expanding across various industries especially in information technology. Artificial Intelligence is helping optimize businesses around the world and is projecting a market value of $733.7 billion by 2027. AI helps the SaaS industry in three major ways, it provides personalization, speed and improved security. For personalization solutions, AI offers the use of technologies such as natural language processing (NLP) which can be activated by human speech and voice control. To offer better speed, AI speeds up various operations across the business and internal processes to attain faster answers, make quick forecasts and to offer rapid responsiveness. For improved security, AI uses its unique ability of machine learning to recognize patterns, SaaS security is enhanced by the quick identification and remedy of potential threats with built-in self-recovery.
Global Software As A Service (SaaS) Market Segments:
The global software as a service market is further segmented based on application, deployment model, enterprise size, end user and geography.
By Application: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and Operations, Supply Chain Management (SCM)
By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
By Enterprise Size: Small & Medium Enterprises (SMEs), Large Enterprises
By End User: Manufacturing, Retail, Education, Healthcare, IT & Telecom, BFSI, Others
By Geography: The global software as a service (SaaS) market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global SaaS market, accounting for 57.5% of the total in 2020.
Read More On The Report For The Global Software As A Service (SaaS) Market At:https://www.thebusinessresearchcompany.com/report/software-as-a-service-saas-market
Software As A Service (SaaS) Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides software as a service (SaaS) market overviews, analyzes and forecasts market size and growth for the global software as a service (SaaS) market, software as a service (SaaS) market share, software as a service (SaaS) market players, software as a service (SaaS) market segments and geographies, software as a service (SaaS) market’s leading competitors’ revenues, profiles and market shares. The software as a service (SaaS) market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.