Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global SaaS market size was valued at USD 237.48 billion in 2022 and is expected to reach USD 908.21 billion by 2030, exhibiting a CAGR of 18.7% over the forecast period. Fortune Business Insights™ provides this information in its latest research report, titled “SaaS Market Forecast, 2024-2030”.
SaaS is one of the primary components of cloud computing. Companies and organizations are using the SaaS model in varied applications such as conferencing, CRM, salesforce automation, web content management, and others. Thus with the increasing demand, the market is expected to grow substantially during the forecast period.
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Key Industry Development:
May 2023: Informatica, a cloud data management provider, strengthened its partnership with Google Cloud and launched its Intelligent Master Data Management Software on Google Cloud in Europe. This move made Informatica more powerful for customers. The software gives customers a complete view of their data environment, ranging from suppliers, customers, and products to locations, employees, or industry-specific assets for all business domains.
February 2022: Salesforce unveiled an advanced sales cloud feature, which combines CRM analytics with Sales Cloud, thus providing users with a unified revenue management command center. The feature also includes intelligence cloud services for manufacturing, consumer goods, finance, and communications.
July 2021: Tata Consultancy Services (TCS) announced the launch of Jile 5.0. It is an updated version of a SaaS-based corporate agile application. This new solution will help businesses to offer large-scale development needs across numerous remote teams.
Key Takeaways
- SaaS market size in North America was USD 104.64 billion in 2022.
- Rising Usage of Public and Hybrid Cloud Solutions by Organizations to Accelerate Market Growth.
- Early adoption of technologies such as AI, IoT, robotics, and cloud drives the market growth.
- COVID-19 Pandemic Boosted Usage of Cloud Solutions, Enhancing Market Growth.
- Hybrid Deployment Model to Gain Traction with its Rising Adoption in Government and Other Industries
- Improvement in Data Streamlining Process to Boost Product Use in Content, Collaboration & Communication Applications
- Affordability and Scalability of SaaS Solutions to make them Popular Among SMEs
Discover the Leading Players Featured in the Report:
“Companies leading the global SaaS market are Alphabet Inc. (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), Hewlett Packard Enterprise Company (U.S.), ServiceNow, Inc. (U.S.)”.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 18.7% |
| 2030 Value Projection | USD 908.21 Billion |
| Base Year | 2022 |
| SaaS Market Size in 2022 | USD 237.48 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 134 |
| Segments Covered | Deployment Type, Application, Enterprise Type, Industry and Geography |
Drivers Factors:
Rising Usage of Public and Hybrid Cloud Solutions by Organizations to Accelerate Market Growth
Organizations across the world are increasing their inclination toward public and hybrid cloud solutions as they are known to increase a system’s reliability and adapt to the new realities created by the recent COVID-19 outbreak. Many large-scale companies are also encouraging the deployment of cloud solutions as they can ensure their growth in the market. These factors are expected to drive the Software as a Service (SaaS) market growth.
Increasing Investment made by End-use Enterprises to Drive Market Growth
The increasing investment made by end-use enterprises on the cloud-based solution is expected to drive the SaaS Market growth in the upcoming years. For instance, a report by Gartner suggests that end users are spending for cloud application services is projected to reach around USD 102.80 billion in 2020.
Additionally, the prominent players in the software as a service market are focused on increasing their investment to advance their product portfolio. For Instance, In September 2020, Accenture Plc made an investment of USD 3.00 billion and launched Cloud First. This investment assisted users to gain access to Cloud-First across various industries and speed up their digital transformation to generate greater value at speed and scale.
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Segmentation:
By Deployment Type
- Public
- Private
- Hybrid
By Application
- Customer Relationship Management (CRM)
- Enterprise Resource Planning (ERP)
- Content, Collaboration & Communication
- BI & Analytics
- Human Capital Management
- Others (HRM, Operation Management)
By Enterprise Type
- Large Enterprises
- SMEs
By Industry
- IT & Telecom
- BFSI
- Retail & Consumer Goods
- Healthcare
- Education
- Manufacturing
- Others (Travel & Hospitality)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America Market to Gain Traction with Growing Adoption of Advanced Technologies
North America captured a sizeable Software as a Service (SaaS) market share as the region has a vast presence of key players. Presence of prominent players and early adoption of technologies such as robotics, IoT, AI, and cloud are the factors credited for this growth. Moreover, countries, such as the U.S. and Canada, are the early adopters of advanced technologies such as AI, IoT, and robotics.
Europe is predicted to account for a significant share of the market as the region’s leading market participants are introducing advancements in SaaS solutions.
Asia Pacific is expected to display considerable software as a service market share in upcoming years, owing to the presence of large enterprises in nations such as China, India, Japan, and Australia. Additionally, the growing venture capital investments to adopt SaaS platforms is promoting the regional market.
Competitive Landscape:
Leading Companies to Engage in Mergers and Acquisitions to Expand their Market Reach
Some of the prominent organizations involved in the market are signing merger & acquisition deals to expand their market share and presence across the world. They are acquiring local and small-sized enterprises to enhance their market reach.
New Launches Initiated by Key Companies to Propel the Market
The leading players in the market constantly opt for efficient strategies to maximize profits and boost product sales. One such efficient strategy is launching new products or advanced features to increase brand value and meet ever-increasing consumer needs.
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FAQs
How big is the software as a service market?
The software as a service market size was USD 237.48 billion in 2022. It is expected to reach USD 908.21 billion by 2030.
How fast is the software as a service market growing?
The software as a service market will exhibit a CAGR of 18.7% during the forecast period, 2023-2030.
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