Global SaaS Market Size [2021-2028] | to Reach USD 716.52 Billion and Exhibit a CAGR of 27.5%

Global SaaS Market Size [2021-2028] | to Reach USD 716.52 Billion and Exhibit a CAGR of 27.5%

Growing Adoption of Cloud Computing Technology in the Corporate Sector to Prove Beneficial for the Software as a Service (SaaS) Market; Increasing Emphasis on Improved Customer Relationship Management in Organizations to Fuel Market Growth; Rising Demand for Higher Efficiency in Supply Chain Management Worldwide to Boost Market Prospects: Fortune Business Insights™

The global SaaS market size is anticipated to grow at a considerable rate as a result of the rising popularity of SaaS technology among organizations, according to the Fortune Business Insights™ report, Worldwide “SaaS Market Size” is projected to reach USD 716.52 Billion by 2028, from 113.82 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 27.5% during the forecast period. titled “Software as a Service (SaaS) Market Size, Share and Industry Analysis, By Cloud Deployment, By Application, By Industry Verticals and Regional Forecast, 2021-2028”.

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SaaS Market Size Overview:

  • USD 716.52 Billion in 2028
  • USD 113.82 Billion in 2020
  • CAGR: (2021-2028) 27.5%
  • Base Year: 2020

Regional Analysis

Robust IT Infrastructure to Propel the Market in North America and Europe

Regionally, North America and Europe are foreseen to lead the SaaS market share during the forecast period owing to the well-established and fluid information and technology infrastructure and environment in these continents. Additionally, these regions are home some of the largest tech companies in the world, which are constantly developing advanced and intelligent technologies.

Together, these factors will propel the market growth in North America and Europe. On the other hand, the SaaS market in Asia-Pacific will be mainly driven by the increasing awareness about the advantages of SaaS applications among organizations in India and China, which will fuel their uptake in the region.

The SaaS Market Size report contains the following information:

  • Elaborative overview of the overall industry outlook;
  • Comprehensive research into the key market drivers and trends;
  • Detailed evaluation of the Software as a Service Market hindrances;
  • Precise computation of relevant market figures; and
  • Valuable insights into the regional dynamics and competitive milieu of the Software as a Service Industry.

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This surge in popularity of SaaS is attributable to the multiple advantages this technology offers. For example, deploying SaaS applications requires almost no upfront investment, since it eliminates the need for large infrastructure and hardware. Further, these applications are maintained and operated through cloud systems, allowing vendors to innovate rapidly and provide access to clients in a swift and costless manner. These solutions also provide immense flexibility. For instance, every user can customize the application according to their business needs, without affecting or disturbing the common infrastructure. Thus, the plethora of benefits offered by this technology is fueling its uptake across industries and boosting the SaaS market size, growth in the process.

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 taking 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.

Market Restraint

Fears Surrounding Cyber Threats to Impede SaaS Market Growth

With most organizations, big and small, uploading their data on virtual networks, the threat of cyber-attacks has gained tremendous weight in the 21st century. Moreover, in the past few years, their frequency has grown manifold. For instance, in May 2019, the billing service provider, American Medical Collection Agency (AMCA), reported that its data pertaining to millions of patients was compromised after its records were hacked between August 2018 and March 2019. Within a span of a couple of months after AMCA’s revelation, Capital One, the banking and credit card major, admitted that credit score details, banking transactions, and Social Security numbers of its millions of customers were stolen in July 2019.

Earlier during the same year, following the Cambridge Analytica scandal, Facebook confessed that over 540 million records in its databases have been exposed to hackers. Thus, cloud computing systems, despite their wide-ranging benefits, have made data more vulnerable to cyber threats and have endangered privacy of users.

Competitive Landscape

Partnerships and Acquisitions to Characterize Market Competition

The competitive landscape of this market is dominated by the presence of well-established and technological giants such as IBM and Google, whose financial strength allows them to invest in innovation. Moreover, these companies are collaborating with small players, which give the latter an opportunity to diversify their offerings and expand their presence in the SaaS market.

Industry Developments:

  • November 2019: The US-based hybrid cloud specialist, NetApp, teamed up with Google to make available its two flagship solutions, NetApp Cloud Volumes ONTAP® and NetApp® Cloud Volumes Service, for Google Cloud. The partnership will also allow the company to provide support for Anthos on NetApp HCIto aid companies to innovate across environments.
  • September 2019: Microsoft announced its acquisition of a US-based cloud migration expert, Movere, to strengthen its cloud offerings. The acquisition will enable Microsoft to facilitate migration of their customers’ applications and data to the Azure platform, with an aim to smoothen business transformation processes.

List of Players Covered in the Software as a Service (SaaS) Market Report:

  • Splunk Inc.
  • IBM Corporation
  • Microsoft Corporation
  • ServiceNow, Inc.
  • SAP SE
  • Google LLC
  • Cisco Systems, Inc.
  • Workday, Inc.
  • Adobe
  • com Inc.

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

Press Release Distributed by The Express Wire

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Published Tue, 17 May 2022 05:45:42 -0500

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