Pune, India, Jan. 10, 2022 (GLOBE NEWSWIRE) -- The global Software as a Service Market size is expected to gain momentum by reaching USD 716.52 billion by 2028 while exhibiting a stellar CAGR of 27.5% between 2021 to 2028. In its report titled “Software as a Service (SaaS) Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 113.82 billion in 2020 and USD 130.69 billion in 2021.
SaaS is one of the primary components of cloud computing. Companies and organizations are using the SaaS model in varied applications such as conferencing, salesforce automation, customer relationship management (CRM), web content management, and others. Thus with the increasing demand, the market is expected to grow substantially during the forecast period. For instance, in June 2021, Kylas announced the launch of an Enterprise-Grade SaaS CRM Product for the Indian market to support cloud computing.
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List of Key Players Profiled in Report
- Microsoft Corporation (New Mexico U.S.)
- Salesforce.com, Inc. (California, U.S.)
- Oracle Corporation (California, U.S.)
- IBM Corporation (New York, U.S.)
- Accenture Plc. (Ireland)
- OutSystems - Software em Rede, S.A. (Massachusetts, U.S.)
- Cisco Systems, Inc. (California, U.S.)
- Hewlett Packard Enterprise Company (Texas, U.S.)
- GitLab, Inc. (California, U.S.)
- Alphabet Inc. (Google LLC) (California, U.S.)
The pandemic crippled the global economy, however, amid the crisis demand for cloud computing increased. Thus, key players made full use of this crisis as an opportunity to come up with strategies to restructure their business model. For instance, in May 2021 Microsoft Corporation collaborated with Aera Technology, an automation company that offers digital technology solutions. This collaboration is expected to help to integrate Microsoft Azure’s digital twins with Aera''s cognitive operating system to come up with a virtual representation of a physical entity in the automation process.
By deployment type, the market is divided into public cloud, private cloud, and hybrid cloud. By application, it is segmented into, customer relationship management(CRM), enterprise resource planning, content, collaboration & communication, business intelligence & analytics, human capital management, and others.
Based on the application, the CRM segment held a market share of 25.1% in 2020. This is attributable to the deployment of SaaS CRM across organizations to manage their contacts, team management, simplify processes, monitor agreements, develop sales pipelines, build relationships with potential and current customers, and others.
By industry, it is divided into BFSI, retail & consumer goods, healthcare, education, manufacturing, travel & hospitality, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa and South America.
What does the Report Provide?
The market report for software as a service provides a methodical evaluation of various factors such as the important drivers and restraints that will affect growth. Moreover, the report offers insights into the regional survey that covers diverse regions, backing the growth of the market. It involves the competitive landscape that includes the leading companies and the embracement of effective stratagem to present novel products, declare collaborations, and mergers to aid 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 software as a service (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.
North America to Lead Backed by Existence of Vital Players in Region
North America is anticipated to remain at the forefront and hold the highest software as a service market share during the forecast period owing to the increasing application and investment done on SaaS by end-users across industries such as healthcare, retail & consumer goods, and others. Additionally, the presence of major SaaS providers such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., in the U.S. and Canada is expected to promote the regional market. The region’s market stood at USD 57.30 billion in 2020.
Asia Pacific is expected to display considerable software as 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.
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Key Players to New Launches to Strengthen Market Growth
The market is combined by prime companies determining to preserve their position by concentrating on novel launches, collaborations & mergers as well as procurements. Such tactics taken up by vital players are anticipated to reinforce its market opportunities. Below is the industry development:
July 2021: Tata Consultancy Services (TCS) announced the launch of Jile 5.0. It is an updated version of SaaS-based corporate agile application. This new solution will help businesses to offer large-scale development needs across numerous remote teams.
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