Global SaaS Market, By Deployment (Public Cloud, Private Cloud, Hybrid Cloud), By End-user (SMEs and Large Enterprises), By Industry (IT & Telecommunication, Entertainment, BFSI, Manufacturing, Healthcare, Retail and others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
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%.
The SaaS sector has been thriving viral owing to the increasing demand for SaaS products, SaaS applications, and the SaaS platform is attaining acceptance and traction in small, medium as well as large enterprises across the world. Software as a service application can be basically understood as the cloud-based service that enables an individual to approach an application through the Internet browser.
Fundamentally, SaaS exempts an individual from intricate hardware and software management, as one does not need to download software in the business network or computer system to function and update. Being fully maintained by a central provider, and based on a software distribution model, SaaS tools provide more diverse and feature-rich online services one can reach through mobile or web browsers, without any need to download and install “lengthy” updates and programs. Owing to such beneficial features, the SaaS industry is observing massive demand in the global markets, which is why the global SaaS market is projected to grow substantially in the years to come.
In addition to that, in the present times, the large as well as small businesses consist of enormous amounts of data and information and they do not want to invest their fundings in storage spaces. The SaaS model is a type of mutual infrastructure whereby such small organizations have to pay for on-request utilisation of the software and need not to buy any software or reserve any data. Attributing to such factors, the SaaS model is estimated to witness high demand in the near future, therefore the global SaaS market is expected to elevate higher in the forthcoming years.
By the same token, organizations, nowadays, are looking for accessibility, functionality, and versatility in a persistent and fierce business environment and Software-as-a-service (SaaS) model is more and more developing into a feasible alternative for organizations, which is further playing a positive role in escalating the demand of SaaS model in the global markets. Thus, the global SaaS market is projected to witness significant growth in the coming years.
Furthermore, the increasing count of partnerships and acquisitions as well as the developing strategies in the SaaS market is also expected to propel the growth of the global SaaS market over the forecast period.
MMC Study identifies some of the key participating players in the SaaS market globally are Salesforce, LinkedIn, Concur Technologies, Workday, Inc., IBM Corporation, Oracle Corporation, NetSuite Inc., Medidata Solutions, ServiceNow, Inc., Microsoft Inc., Google Inc., Zuora, among others.
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