Software as a Service (SaaS) Market – Global Opportunities and Forecast, 2020-2027

Software as a Service is defined as a software delivery model that is hosted by a third-party provider who makes the application accessible to the target consumers through internet browser. SaaS companies offer access to their software mostly through an application or website. Software as a Service applications are also known as Web-based software, hosted software, and on-demand software. In the Hosted model, software vendors host and maintains the database, code, and servers that make up an application. It is a cloud-based service that enables users to get access to several components and features of software using a subscription model, which includes a software license and other fees. The end-user can run the software locally on their system using the internet without downloading the software.
The major factors that are responsible for the growth of the global Software as a Service market include the increasing use of smartphones, tablets, and laptops, the growing adoption of public and hybrid cloud, and the rising business outsourcing. The increasing penetration of instant messaging applications, emails, and video calls is increasing the demand for smart devices such as smartphones and tablets among the end-users. Thus, the rising demand among the consumers who are actively looking for software with remote access option at a lower price, will lead to an increase in the demand for SaaS solutions across the globe.
Based on the region, North America is projected to grow at a higher CAGR over the forecast period. The increasing adoption of SaaS across the sectors, especially BFSI in this region. The rising demand for cloud computing services across the U.S., coupled with growing adoption of SaaS among government organisation of North America, also fuels the growth of the market. Various notable players operating in the global Software as a Service market include IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Salesforce.com, Inc., Cisco Systems, Inc., Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Infor, Inc., VMware, Inc., SolutionsDots Systems ltd. Symantec Corporation, among others.
Key Developments:
In Oct 2019, SAP entered into three-year cloud partnership with Microsoft called “Embrace” to help their customer to run operations hosted at remote servers supported by SAP’s flagship S/4HANA database. In Jul 2019, Microsoft Corporation entered into a partnership with ServiceNow, an American cloud computing company, to enhance the integration and optimization of the companies’ products, platform and cloud capabilities. This partnership enables their private and government sector customer to accelerate their digital transformation and drive new levels of insights and innovation. The Global Software as a Service market has been segmented based on end-user, application, deployment type, organization size, and key region. Based on end-user, the market is segmented into Manufacturing, Healthcare, IT & Telecom, Retail, Education, Government, BFSI, and Oil & Gas. Based on the application, the market is segmented into Customer Relationship Management (CRM), Human Resource Management (HRM), Financial Management, Sales Management, Enterprise Resource Planning (ERP), and Supply Chain Management. Based on the deployment type, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Based on the organization size, the market is categorized as Small and Medium Enterprises and Large Enterprises.
Key questions answered in this research report: At what pace is the Global Software as a Service market growing? What will be the growth trend in the future?
What are the key drivers and restraints in the Global Software as a Service market? What will be the impact of drivers and restraints in the future?
What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Software as a Service market?
Who are the various end-users of the Global Software as a Service market, and how are they poised to grow?
What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-software-as-a-service-market-saas-technology/
About GMI Research
GMI Research is a market research and consulting firm which provides research-based solutions to business executives and investment professionals so that they can make right business & investment decisions faster based on real facts. We help business leaders through independent fact-based insight, ensuring their business achieve success by beating the competition. GMI Research’s leadership team with extensive experience in research and consulting together with our research and domain expertise creates a strong value proposition to create solutions that addresses our client’s business problems and add significant value to long lasting relationship.
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