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Software as a Service (SaaS) Market: $702.19 Billion by 2030, at 18.8% of CAGR

The global SaaS market is analyzed across solution type, deployment mode, enterprise size, industry vertical, and region.

Increasing adoption of artificial intelligence (AI) and machine learning (ML) across industries such as BFSI, healthcare, and IT & telecom provides tremendous opportunities in the industry. Increasing use of smartphones and app-based services, extensive adoption of public and hybrid cloud, and the growing trend of business outsourcing in the global economy drive the growth of the global SaaS market.

Major industry players such as – IBM Corporation, Microsoft, ServiceNow, SAP SE, Google LLC, Cisco Systems, Inc., Adobe Inc., Accenture Plc, Oracle Corporation, and Salesforce.com, Inc.

The global software as a service (SaaS) market is expected was estimated at $121.33 billion in 2020, and is projected to reach $702.19 billion by 2030, growing at a CAGR of 18.8% from 2021 to 2030.

By region, the market across North America held the lion’s share in 2020, garnering around two-fifths of the global market. The Asia Pacific region, on the other hand, exhibits the fastest CAGR of 22.0% during the forecast period by the end of 2030. The other provinces studied in the report include LAMEA and Europe.

By solution type, the customer relationship management (CRM) accounted for the largest market share in 2020, garnering more than one-fourth of the global market. The operation management segment, on the other hand, would exhibit the fastest CAGR of 21.o% during the forecast period.

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By deployment mode, the public cloud segment garnered the highest market share in 2020, accounting around three-fifths of the global software as a service market. The hybrid cloud segment, however, would cite the fastest CAGR of 20.0% during the forecast period.

 COVID-19 Scenario

  • Numerous businesses across the globe increasingly adopted SaaS-based services due to the stringent lockdown restrictions imposed by the government of various countries, which has impacted the global SaaS market positively.
  • Moreover, companies are intensively focusing on advanced technologies such as artificial intelligence (AI), machine learning (ML), internet of things (IOT), cloud computing, and analytics across various industries, which has again been beneficial for the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” 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.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, and researchers and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients’ requirements is complemented with analyst support and customization requests.

 

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