Global SAAS Market Is Expected to Reach 21.9 Billion by 2027.
The SAAS market was valued at USD 6 Billion in 2020, and it is expected to reach a value of USD 21.9 Billion by 2027, at a CAGR of 20.8% over the forecast period (2020 - 2027).
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.
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SaaS products are compatible with smartphones as they aid in saving time and space, improve access to information from different devices, keep informed it rapidly, and make team partnerships quick and efficient. The same applies to laptops as well as tablets that are used more and more for official reasons. Small business is the major attributing factor of mobile SaaS growth. The Software as a Service (SaaS) market comprises sales of cloud-based software services. SaaS is a software resolution that can be bought on a subscription basis to use an application for official purposes and users can access this app over the net, mainly through a web browser.
This report provides in-depth analysis of Global SAAS market. We have analyzed 20+ data points that include product price trends, consumer purchase patterns, company annual sales performance, COVID-19 impact on distribution channels, parent industry performance, regional trends, and technological innovations, for tracking the Global market size and performance in the recent years.
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Global SAAS Market Segmentation
The Global SAAS market is segmented based on Deployment, Application Area, End user, and Region. Based on Deployment it is categorized into: Public cloud, Private cloud , Hybrid cloud. Based on Application Area it is categorized into: Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Supply Chain Management (SCM), Others. Based on End user it is categorized into: Small & Medium Enterprises, Large Enterprises. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Global SAAS Market: Impact of COVID 19
The high growth in this market is contributed to companies repositioning their operations and recuperating from the COVID-19 impact, which had previously led to limiting containment measures involving work from home, social distancing, and the closure of marketable activities that resulted in operative challenges..
Key Trends in 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 to prevalent SaaS products at a quick rate.
· Specialists predict that asset and value in analytics-centric SaaS models will upsurge by 23.3% by 2022. In 2021, analytics has become a major component of various service-based software offers, making business intelligence and data-driven choices easier.
· White label SaaS is set to become one of the most state-of-the-art and intriguing topics of Saas over the coming years.
Global SAAS Market: Regional Dynamics
More than 40% share of the global revenue in 2020 will come from North America. This can be attributed to the extensive adoption of additive manufacturing in North America. Several North American countries, including the U.S. 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.
Global SAAS Market: Competitive Landscape
The market is characterized by the presence of a few well-established players. New product launches, partnerships and investing in research & development have been a key business strategy. Some of their recent developments are as follows:
· Google announced a partnership with Telefónica in June 2020. Google plans to launch a cloud region in Spain that will rely on Telefonica's Madrid region infrastructure. This partnership aimed to aid Spain's economic recovery after COVID-19 by encouraging the digitalization of companies and supporting public administration.
· In 2018, Oracle Cloud capabilities were strengthened by the acquisition of PrimeQ, Inc.
· In August 2018, Qualtrics was acquired by SAP, acquired for revenue of $8 billion. This acquisition aided both the companies to increase their experience management (XM) software category by bringing together their expertise.
Key players in SAAS market are:
· SAP SE
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