Global Software as a Service (SaaS) Market Trends And Strategies Of Major Players In The SaaS Market 2021-2030

30 Sep, 2021

The Software as a Service (SaaS) market consists of sales of cloud based software services. SaaS is a software solution which can be purchased on a subscription or pay per use basis to use an application for organizational purposes and customers can access this application over internet, mainly through a web browser. All the applications data and software are located in the services provider's data center. SaaS allows an organization to run an application at minimal upfront cost and speeds up overall functionality of the organization.

Global Software as a Service (SaaS) Market Size And Drivers:

The global software as a service market is expected to grow from $225.6 billion in 2020 to $272.49 billion 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 reach $436.9 billion in 2025 at a CAGR of 12.5%. Rapid changes in business dynamics in the market are expected to benefit the SaaS market in the forecast period as cloud-based solutions support business operations in changing conditions.

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Trends In The Global Software as a Service (SaaS) Market

The introduction of artificial intelligence is gaining popularity in the SaaS market. Artificial Intelligence (AI) is an area of computer science which focus on the simulation of human intelligence processes by machines. AI in SaaS helps companies to upgrade themselves from time to time with the latest data, create better user experience through predictive analytics, automate the areas where manual functions were required previously and personalize user interface features. For example, Oracle, a big player in SaaS market uses AI and machine learning to overtake salesforce in SaaS. This indicates that AI and machine learning would be differentiating factors for the growth of SaaS market.

Global Software as a Service (SaaS) Market Segments:
The global software as a service market is further segmented –
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 SaaS market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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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.