USD 143.77 Billion
Report ID: SQMIG45B2028 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 96 | Figures: 66
The Global SAAS Market was valued at USD 143.77 Billion in 2021, and it is expected to reach a value of USD 720.44 Billion by 2028, at a CAGR of 25.89% over the forecast period (2022 - 2028).
SaaS products are compatible with smartphones as they aid in saving time and space, improve access to information from different devices, keep informed rapidly, and make team partnerships quick and efficient. The same applies to laptops as well as tablets that are used more and more for official reasons. Small business is the major attributing factor of mobile SaaS growth. The Software as a Service (SaaS) market comprises sales of cloud-based software services. SaaS is a software resolution that can be bought on a subscription basis to use an application for official purposes and users can access this app over the net, mainly through a web browser.
Global Market Size
USD 143.77 Billion
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The Global SAAS market is segmented based on Deployment, Application Area, End user, and Region. Based on Deployment it is categorized into: Public cloud, Private cloud, Hybrid cloud. Based on Application Area it is categorized into: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Supply Chain Management (SCM), Others. Based on End user it is categorized into: Media & Entertainment, BFSI, Healthcare, Consumer Goods & Retail, Travel & Hospitality, Media & Entertainment, Others. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Application
During the forecast period, CRM is predicted to increase at a significant rate (2022-2028). CRM is one of the fastest-growing applications in India, according to Nasscom's 2020 research. Organizations use SaaS CRM to manage their contacts (leads, prospects, and customers), streamline procedures, track agreements, construct sales pipelines, and cultivate relationships with future and current customers, among other objectives.
Analysis by Deployment
During the forecast period, the public cloud is expected to take the lead among them. The increased usage of cloud services by SMEs is driving market growth in the public cloud. The demand for customized public cloud services will increase as the number of startups grows. According to the Card connect research, the SaaS market would have 15,529 enterprises operating globally in 2021. During the forecast period, the hybrid cloud is expected to grow at the highest compound annual growth rate (2022- 2028).
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In 2021, North America dominated the market by a global revenue share of more than 40%. This can be attributed to the extensive adoption of additive manufacturing in North America. Several North American countries, including the US and Canada, have been early adopters of 3D printing technologies in various manufacturing processes. Meanwhile, Europe has the largest footprint geographically. It is home to a number of additive manufacturing industry players with strong technical expertise. Therefore, the European regional market is the second-largest.
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To safeguard employee well-being and maintain operational efficiency, many companies across verticals have adopted the work-from-home paradigm, resulting in a surge in demand for Software-as-a-Service (SaaS)-based collaboration solutions. Because of the strong demand for collaboration solutions, Microsoft Team platform users have climbed to 44 million worldwide. While the standalone 8x8 Video Meetings cloud service saw a 300 % rise in registered users across 150 countries in early 2020.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Containerization, virtualization, edge computing, and other emerging technologies are increasingly being adopted across end-use industries. The increasing adoption of these technologies will drive demand for SaaS services and open up new market opportunities for players. Furthermore, the increasing advancement of technologies such as AI, cloud, big data, and others are expected to boost demand and support the growth of the software as a service market.
|Market size value in 2021||USD 143.77 Billion|
|Market size value in 2028||USD 720.44 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global SAAS Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global SAAS Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global SAAS Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global SAAS Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Product ID: SQMIG45B2028