Wilmington, DE, Oct. 30, 2023 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global software as a service market is anticipated to garner $702.19 billion by 2030. The market accounted for $121.33 billion in 2020 and is estimated to register a CAGR of 18.8% during the 2021-2030 period. The report offers a comprehensive study of the growth drivers & opportunities and the latest updates and trends in the industry.
The global SaaS market is primarily being driven by the rise in penetration of smartphones all across the globe. Additionally, growing use of app-based services and shift towards business outsourcing in the global economy will further lead to expansion of the market. Moreover, widespread adoption of public and hybrid cloud might also push the growth of the market in the forecast period. On the contrary, high implementation costs associated with SaaS solutions may create hurdles in the growth of the industry. Nonetheless, increasing adoption of advanced technologies including AI and ML in various end-use industries such as healthcare, BFSI, and IT is expected to create numerous growth opportunities in the growth of the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2030 |
| Base Year | 2020 |
| Market Size in 2020 | $121.33 Billion in 2020 |
| Market Size in 2030 | $702.19 Billion by 2030 |
| CAGR | 18.82% |
| No. of Pages in Report | 364 |
| Segments covered | Solution Type, Deployment Mode, Enterprise Size, Industry Vertical |
| Drivers | Rise In Adoption of Smart Phones and App-based Services. Rise in adoption of public and hybrid cloud propel growth of the SaaS market |
| Opportunities | Rise in trend of business outsourcing in the global economy as well as adoption of artificial intelligence (AI) and machine learning (ML) across industries such as BFSI, healthcare, and IT & telecom provide lucrative opportunities for the market growth in the future |
| Restraints | Lack of security of data over cloud platform and high cost associated with implementation and maintenance of SaaS platform solutions hamper growth of the market. |
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Covid-19 Scenario
- The global COVID-19 pandemic has drastically affected businesses across the globe. It has affected positively on adoption of SaaS based service, owing to lockdown imposed by governments of different countries.
- Post COVID-19 situation, companies are focusing on advanced technology such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), cloud computing, and analytics across industries such as BFSI, healthcare, and IT & telecom to perform contactless operation.
The global software as a service market is studied across different segments such as solution type, deployment mode, enterprise size, industry vertical and region.
Based on solution type, the customer relationship management (CRM) sub-segment held the highest market share in 2020, with a market share of one-fourth of the total revenue. On the other hand, the operation management sub-segment is expected to have the fastest CAGR of 21.0% during the 2021-2030 period.
Based on deployment mode, the public cloud sub-segment gathered the highest market revenue in 2020, with a market share of three-fifths of the total market. However, the hybrid cloud sub-segment is predicted to have the fastest growth rate with a CAGR of 20.0% during the analysis timeframe.
Based on region, the North America SaaS market was highly profitable in 2020, holding around two-fifths of the total market share. On the other hand, the Asia Pacific SaaS market is projected to have the highest growth rate with a CAGR of 22.0% by 2030. The other regions analyzed in the report are Europe and LAMEA.
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The major companies studied in the global software as a service market include IBM Corporation, Google LLC, Accenture Plc, Microsoft, Cisco Systems, Inc., Oracle Corporation, ServiceNow, Adobe Inc., Salesforce.com, Inc., and SAP SE. These companies have engaged in forming different strategic alliances including acquisitions, partnership, mergers, collaboration, and joint ventures to establish their dominance in the market.
About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
