Major Software as a Service Market participants include 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 global “Software as a Service Market Statistics” size is expected to gain momentum by reaching USD 716.52 billionby 2028 while exhibiting a stellar CAGR of27.5%between 2021 to 2028. In its report titled “Software as a Service (SaaS) Market, 2021-2028,”Fortune Business Insightmentions that the market stood atUSD 113.82 billionin 2020 andUSD 130.69 billionin 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.
Worldwide software as a service market size stood at USD 113.82 Billion in 2020 and is expected to reach USD 716.52 Billion by 2028, registering a CAGR of 27.5% during the forecast period.
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Companies Profiled in the Global Software as a Service Market:
- 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.)
Driving Factors
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.
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What exactly is included in the Report?
Industry Trends and Developments:In this section, the authors of the research discuss the significant trends and developments that are occurring in the Software as a Service Market place, as well as their expected impact on the overall growth.
Analysis of the industry’s size and forecast:The industry analysts have provided information on the size of the industry from both a value and volume standpoint, including historical, present and projected figures.
Future Prospects:In this portion of the study market participants are presented with information about the prospects that the Software as a Service Market is likely to supply them with.
The Competitive Landscape:This section of the study sheds light on the competitive landscape of the Software as a Service Market by examining the important strategies implemented by vendors to strengthen their position in the Software as a Service Market .
Study on Industry Segmentation:This section of the study contains a detailed overview of the important Software as a Service Market segments, which include product type, application, and vertical, among others.
In-Depth Regional Analysis:Vendors are provided with in-depth information about high-growth regions and their particular countries, allowing them to place their money in more profitable areas.
This Report Answers the Following Questions:
- What are the Software as a Service Market growth drivers, hindrances, and dynamics?
- Which companies would lead the market by generating the largest revenue?
- How will the companies surge the processes adoption amid the COVID-19 pandemic?
- Which region and segment would dominate the Software as a Service Market in the coming years?
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Software as a Service Market Segments:
By Deployment Type
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Application
- Customer Relationship Management (CRM)
- Enterprise Resource planning (ERP)
- Content, Collaboration and Communication
- BI and Analytics
- Human Capital Management
- Others
By Industry
- Banking, Financial Services and Insurance (BFSI)
- Retail and Consumer goods
- Healthcare
- Education
- Manufacturing
- Travel and Hospitality
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Software as a Service Market Share is expected to grow USD 716.52 Billion by 2028 | Fortune Business Insights
