Increasing adoption of artificial intelligence (AI) and machine learning (ML) across industries such as BFSI, healthcare, and IT & telecom provide tremendous opportunities in the industry. Increasing use of smart phones and app-based services, extensive adoption of public and hybrid cloud, and growing trend of business outsourcing in the global economy drive the growth of the global SaaS market.
Major industry players – IBM Corporation, Microsoft, ServiceNow, SAP SE, Google LLC, Cisco Systems, Inc., Adobe Inc., Accenture Plc, Oracle Corporation and Salesforce.com, Inc.
The global 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.
The global SaaS market is analyzed across solution type, deployment mode, enterprise size, industry vertical and region.
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, exhibit 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 service 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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