August 18th, 2022
The Software as a Service (SaaS) Market was valued at USD 153.4 Billion in 2020 and is expected to reach USD 521 billion in 2028, growing at a robust CAGR of 16.5% during the period (2021-2028).
The factors driving the growth of SaaS Market includes growing demand for smartphones and tablets, increasing adoption of cloud-based solutions, rising trend of business outsourcing and technological advancements by key manufacturers. Moreover, the increasing application of Software as a Service (SaaS) in the end-use industries such as BSFI, Consumer goods, Healthcare and Education, integration of advanced technologies such as Artificial Intelligence (AI), machine learning and Internet of Things (IoT) and rising penetration of internet, are some of the additional factors boosting the SaaS Market Growth. In addition, the increasing application of SaaS for improving the Customer Relationship Management (CRM), enhancing the Supply chain management, monitoring Product life cycle along with growing number of FinTech Startups and rising investments on research and development are further pushing the SaaS Market size.
However, the growth of SaaS Market is hindered attributed to increasing number of cyber-attacks around the globe.
The leading players operating in the market are Hewlett Packard Enterprise Development LP, Infor, Inc., VMware, Inc., IBM Corporation, Microsoft Corporation, SAP SE, SolutionsDots Systems ltd. Symantec Corporation, Cisco Systems, Inc., Amazon Web Services Inc., SAP SE, Oracle Corporation and Salesforce.com, Inc. among others.
Application: Segment Analysis
Based on application, the human resources management segment is anticipated to expand at a significant CAGR over the forecast period because it can be easily upgraded, helps in improving employee’s productivity and offers systematic management of essential HR related activities such as recruitment.
Organization Size: Segment Analysis
Based on organization size, the small and medium-sized enterprises segment is anticipated to grow at a remarkable CAGR during the forecast period because it offers more flexibility to the SMEs, improves customer’s experience and does not any require maintenance cost.
Regional: Segment Analysis
As per the SaaS Market Trends, North American region is expected to expand at faster CAGR over the forecast period. The expansion in BSFI and Telecommunication industries, increasing adoption of cloud-based solutions, presence of the leading players and high per-capita incomes, are some of the important factors influencing the market growth in North America.
Global SaaS Market by End-User
IT & Telecom
Oil & Gas
Global SaaS Market by Application
Customer Relationship Management (CRM)
Human Resource Management (HRM)
Enterprise Resource Planning (ERP)
Supply Chain Management
Global SaaS Market by Deployment Type
Global SaaS Market by Organization Size
Small and Medium Enterprises
Global SaaS Market by Region
Rest of APAC
North AmericaUnited States of America
Rest of Europe
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