What is the global market size of SAAS Market?

Global SAAS Market size was valued at USD 215.1 billion in 2021 and is poised to grow from USD 257.47 billion in 2022 to USD 1298.92 billion by 2030, growing at a CAGR of 19.7% in the forecast period (2023-2030).

Who are the key vendors in the Global SAAS Market?

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. 'Salesforce.com, Inc.', 'Oracle Corporation', 'IBM Corporation', 'Microsoft Corporation', 'SAP SE', 'Google LLC', 'Adobe Inc.', 'ServiceNow, Inc.', 'Dropbox, Inc.', 'Slack Technologies, Inc.', 'Zoom Video Communications, Inc.', 'Box, Inc.', 'DocuSign, Inc.', 'Dropbox, Inc.', 'Workday, Inc.', 'Atlassian Corporation Plc', 'Shopify Inc.', 'Zoho Corporation Pvt. Ltd.', 'HubSpot, Inc.', 'Smartsheet Inc.'.

What is the key driver of Global SAAS Market?

The rising use of mobile devices and the growing use of artificial intelligence are major factors driving the market growth. Based on a statistic, 80% of industries use one or more SaaS products, and around 73% of all software are expected to be SaaS by 2021. Transporting to cloud software saves revenue and aids the companies to be more flexible.

What is the key market trend for Global SAAS Market?

Adoption of 5G has shown an exponential rise in the use of SAAS. The creation of wireless 5G networks could permit businesses and people to onboard prevalent SaaS products at a quick rate.

Which region accounted for the largest share in Global SAAS Market?

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.

Software As A Service (SaaS) Market Size, Share, Growth Analysis, By Component (Software, Services), By Deployment Mode (Private Cloud, Hybrid Cloud), By Application (CRM, ERP), By Enterprise-Size (Small & Medium Enterprises, Large Enterprises), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45B2028 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 96 | Figures: 76

Software as a Service (SaaS) Market Regional Insights

In 2023, North America is expected to lead the way with a market share of over 44% of the global market, especially with the U.S. The demand in the market and well-established market players are a significant force driving market growth in the region. Moreover, the availability of developed IT infrastructure also helps in the easy implementation of cloud-based virtual service that also boost North America’s large share in the global SaaS market. The prominent and secure internet servers of the region along with greater investment in cloud infrastructure also keep it in the forefront for the market.

The Asia-Pacific region is anticipated to show the highest CAGR during the forecast period. China and India have been leading this growth due to the expansion of outsourcing needs for cloud-based software and growing SMEs across the region. Due to increasing pressure from cost reduction on owning software installed within their premises, SMEs are outsourcing cloud-based software platforms. Furthermore, the profound increase in the IT sector in the region is expected to act as the major driver in the market expansion.

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Global Software as a Service (SaaS) Market size was valued at USD 231.6 billion in 2022 and is poised to grow from USD 286.16 billion in 2023 to USD 1164.76 billion by 2031, growing at a CAGR of 19.18% in the forecast period (2024-2031).

The global market for SaaS is competitive, with the leading players fighting for the largest market share. By using such resources, these companies ensure that they have a strong foundation to base their operations on and that their product offering is diverse to ensure they retain their competitive advantage. Third, there are many emerging players and start-ups entering the market, which brings some new solutions and changes the situation in the market. Strategic partnerships, associations, and acquisitions are regarded as major business models for companies to increase their market share and the range of their services. 'Adobe Inc. (USA) ', 'Microsoft (USA) ', 'Alibaba Cloud (China) ', 'IBM (USA) ', 'Google LLC (USA) ', 'Salesforce, Inc. (USA) ', 'Oracle (USA) ', 'SAP SE (Germany) ', 'Rackspace Technology, Inc. (USA) ', 'IONOS Cloud Inc. (Germany) ', 'Cisco Systems, Inc. (USA) ', 'Adaptavist (UK) ', 'ServiceNow (USA) ', 'Amazon Web Services (AWS) (US) ', 'Tencent Cloud (China) ', 'Hewlett Packard Enterprise (HPE) (USA) ', 'DigitalOcean (USA) ', 'Equinix (USA) ', 'OVHcloud (France) ', 'SONATA SOFTWARE LTD (India)'

The adoption of cloud services by end-use businesses is likely to drive growth in the SaaS industry over the next few years. Some big market players are emphasizing the increase in their investment for a better product portfolio.Additionally, the increasing usage of software solutions like Edge computing, virtualization and containerization across various industries is also contributing to the adoption of SaaS services. This growing trend in the acceptance of new technologies is therefore opening several markets for industry players. AI like cloud computing or big data are other technologies that are also showing growth and are likely to further support the growth of the SaaS industry in the future.

Increasing Demand for Comprehensive Solutions: The growth in the market space is due to the increasing need for an all-encompassing software application for businesses that are facing an array of problems. Today, companies implement SaaS Platform software solutions, which unite various applications, such as customer relationship management (CRM), business intelligence, supply management, and e-Commerce systems. All these solutions can be made as per the requirement of the business where they can be used across a corporate network on different cloud technologies. With the growth of businesses, there is a need to get business-oriented SaaS platforms that suit their official policies, regulations, and procedures. As the usage of mobiles gets escalated in work environments these applications help the employees to attain a higher productivity level. Furthermore, they facilitate interaction, support organizational improvement, and help determine a new market with a potential for capturing value.

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Software As A Service (SaaS) Market Size, Share, Growth Analysis, By Component (Software, Services), By Deployment Mode (Private Cloud, Hybrid Cloud), By Application (CRM, ERP), By Enterprise-Size (Small & Medium Enterprises, Large Enterprises), By Region - Industry Forecast 2024-2031

Software as a Service (SaaS) Market Regional Insights

Software as a Service (SaaS) Market Report Snapshots

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What is the global market size of Software as a Service (SaaS) Market?

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Which region accounted for the largest share in Software as a Service (SaaS) Market?

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