Pune, July 23, 2024 (GLOBE NEWSWIRE) -- Software as a Service (SaaS) Market Size Analysis:
“According to SNS Insider Research, The Software as a Service (SaaS) Market size was recorded at USD 335.21 billion in 2023 and is expected to reach USD 1057.8 billion by 2032, with a growing CAGR of 13.62% over the forecast period of 2024-2032.”
The Software as a Service (SaaS) Market is as growing as ever, and more businesses both small and enterprise-sized companies alike are seeing the value in deploying software that lives on the internet. The cloud-based tools are mostly easy to access, inexpensive to run, and easily expand with the company. To add to that, business has moved towards digitalization so companies expect insights from data processes and SaaS is what comes in handy at a fast pace. 93% of organizations use SaaS software including AWS, Oracle, Power BI, and Tableau to manage their work so that they can limit financial losses by managing the supply chain & making better client interactions.
Driven by its operational efficiency, cost saving, and flexibility prerequisites in every organization globally, the biggest phenomenon to hit our enterprise landscape is Software as a Service (SaaS). In the SaaS market, an enabler for digital transformation Strategies with an array of applications required to meet different needs in a business environment, SaaS becomes the significant way routes as they shift gears towards de-structuring their strategies and designing it on-demand with tailored deployment mechanisms. Anywhere from small businesses to Fortune 500 companies, SaaS offers different productivity, communication, and data management solutions housed on secure cloud-based platforms. For example, Alteryx has discovered the foundational principles for analytic process automation that accelerate how organizations learn from data and empower a more inclusive group of business builders with instantaneous results.
The marketplace calls for groups of cloud- services to migrate further, the SaaS Market comes into a movement to permit both organizations to run effectively and engage successfully. A major transformation in cloud-based services, specifically cloud app ser consistently (SaaS), which increased SaaS to $195 billion by 2023 and is expected to be nearly US$ 245 billion globally by year-end.
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Major Players Analysis Listed in this Report are:
- IBM
- Alphabet Inc.
- Google LLC
- Salesforce, Inc.
- Adobe Inc
- Oracle
- Alibaba Cloud
- SAP SE
- Rackspace Technology, Inc.
- ServiceNow, Inc
- VMware Inc.
- Cisco Systems, Inc.
- IONOS Cloud Inc
- Atlassian
- Microsoft Corporation
- Hewlett Packard Enterprise Company
- Other Players
Recent Developments
- PandaDoc was an all-in-one quote-to-cash and contract automation platform that had acquired Denario, a Berlin-based B2B SaaS company that provided an efficient payment system.
- A financial services provider, River SaaS Capital, announced an Equity Fund for the development of the Software-as-a-Service Market.
Software as a Service (SaaS) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 335.21 Bn |
| Market Size by 2032 | US$ 1057.8 Bn |
| CAGR | CAGR of 13.62% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Factors | • Enterprises Using Public and Hybrid Cloud-Based Tools to Promote Market Growth • The usage of email, instant messaging, and video calls has significantly increased, which stimulates end-user demand for smart gadgets is drive the market. |
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Segment Analysis
Based on Component Type, the Software segment dominated the market in 2023, accounting for more than 83% of the total market share in 2023.
The rising trend of Hybrid work or Remote Work has boosted the demand for Software-as-a-service to enable collaboration, effective working, and production among the members of different Locations. These solutions are useful for tasks including online file storage, video chats, and project management. Additionally, there is a great need for software that can operate autonomously and leverage artificial intelligence (AI) to identify relevant data. This facilitates better and faster company operations. For Instance, The SaaS market survey recorded that more than 90% of businesses are planning to adopt AI-based software to improve their work.
Based on Deployment Type, the private cloud segment led the market with more than 43% of the market share.
The growing need for data security and control has driven the adoption of private cloud-based SaaS solutions. Most organizations want their data to be handled separately from other businesses to maintain privacy and supremacy, which is done with private cloud services and also saves time and improves the budget. For Instance, Amazon Web Services, Google Cloud, Oracle Cloud, etc. are some of that provide services with different sectors starting with AI, Blockchain, Data Analysis, and more. In Addition, Azure Stack HCI v2.0, a new hyper-converged infrastructure solution from Microsoft, improves the range of private cloud options by making private cloud deployment and management easier.
Software as a Service (SaaS) Market Key Segmentation:
By Component
- Software
- Services
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Enterprise-size
- Small & Medium Enterprises
- Large Enterprises
By Application
- Customer Relationship Management (CRM)
- Enterprise Resource Planning (ERP)
- Human Capital Management
- Content, Collaboration & Communication
- BI & Analytics
- Others
By Industry
- Banking, Financial Services & Insurance (BFSI)
- Retail & Consumer Goods
- Healthcare
- Education
- Manufacturing
- Travel & Hospitality
- Others
Regional Analysis:
North America, region led the Software as a Service market with more than 42% of the market share in 2023. The presence of established tech giants and early adoption of cloud technologies have contributed to the market growth and expansion. Due to that more and more companies are transforming towards SaaS, and investing in developing IT infrastructure. For Instance, the top SaaS, and Platform as a Service (PaaS) service providers are, AWS, Microsoft, Google, etc. The increasing threat of Data Breach is also boosting the adoption of SaaS apps in the companies. For Instance, the market survey found that around 95% of organizations have adopted at least one Software as a service app to reduce the data threat.
Asia Pacific was projected to grow with a significant growth rate in 2023, due to the expanding digital economy, and increasing IT infrastructure with supporting Venture capital to establish the market. In Addition, the Government is also providing support that supports the growth of the market.
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Key Takeaways
- SaaS has grown in an unprecedented manner, driven by both changing consumer behavior and digital transformation.
- It is the demand for flexible, scalable, and cost-effective software that fuels market expansion across industries.
- The private cloud segment is gaining traction due to enhanced security and control benefits.
- North America dominates the market, while Asia Pacific is emerging as a significant growth region.
- Continued innovation and strategic acquisitions will shape the future of the SaaS landscape.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Software as a Service Market Segmentation, By Component
8. Software as a Service Market Segmentation, By Deployment Application
9. Software as a Service Market Segmentation, By Enterprise Size
10. Software as a Service Market Segmentation, By Application
11. Software as a Service Market Segmentation, By Industry
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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