Global SAAS Market

Global SAAS Market Size, Share, Growth Analysis, By Deployment(Public cloud, Private cloud), By Application Area(Customer Relationship Management (CRM), Enterprise Resource Planning (ERP)), By End User(Media & Entertainment, BFSI) - Industry Forecast 2024-2031

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

Global SAAS Market Dynamics

SAAS Market Driver

  • 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.
  • Enterprises are concerned about the investment and ongoing costs of hosting data on-premises. Furthermore, electricity costs, employee fees, and downtime issues are a few other concerns for companies. The current competitive environment and global economic conditions have hastened the adoption of cost-effective ways to reorganize business models. The rising shift of organizations toward digital transformation and the acceleration of customer experience are a few more factors driving the adoption of SAAS, ultimately reducing enterprise costs.

SAAS Market Restraint

  • Due to changing company needs, increasing data breaches and cyber-attacks, and expanding data security concerns, the necessity for meeting regulatory and compliance requirements have steadily increased in recent years. Furthermore, businesses must strive to stay afloat in the market by complying with regulatory requirements, avoiding financial penalties, avoiding customer and revenue losses, and avoiding legal action. These factors could affect the demand of SAAS in the market during the forecasted year
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Global SAAS Market size was valued at USD 215.1 billion in 2019 and is poised to grow from USD 257.47 billion in 2023 to USD 1298.92 billion by 2031, growing at a CAGR of 19.7% in the forecast period (2024-2031).

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.'

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.

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.

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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