Market Research Future published a research report on “Software as a Service Market Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Global Software as a Service Market Overview
Software as a service refers to a delivery model of software through the cloud where the software and all the associated data is hosted on a central database and is accessible to clients through a web browser. This concept of delivering a service through the use of a software enables the users to gain access to all the features and components of the software by subscribing and obtaining a license to the product. Alternatively stating, it works as an on-demand software where remote access to the software is available for the users residing anywhere, as long as they have internet connectivity and a subscription.
The global Software as a Service Market is estimated to showcase an impressive CAGR of 21% during the forecast period. Factors accrediting to this market growth include the proliferating IT industry and flourishing demand for software for data management and analysis in several industrial verticals. Further, a SaaS integration aids easier accessibility with quick deployment, fueling the demand for software as a service in various organizations from different domains. Additionally, the software as a service market is gaining traction due to rising demand for customized software solutions by numerous enterprises to meet their unique operational needs. The report published by MRFR suggests that the global software as a service market is likely to reach a revenue mark of USD 117 billion by the end of 2022.
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The global software as a service market is studied by MRFR for various segments to arrive at specific and accurate analysis. These segmentations are carried out on the basis of deployment, end-user, industry, and region. The software as a service market is segmented into public cloud, private cloud, hybrid cloud, and community cloud on the basis of deployment. On the basis of end-user, the global SaaS market is segmented into Small & medium enterprises and large enterprises. The Saas market is segmented into entertainment, BFSI, manufacturing, IT & telecommunication, retail, and healthcare on the basis of industry.
The major players operating in the market of Software as a Service Market are- Salesforce (U.S.), LinkedIn (U.S.), Concur Technologies (U.S.), Workday, Inc. (U.S.), IBM Corporation (U.S), Oracle Corporation (U.S.), NetSuite Inc. (U.S.), Medidata Solutions (U.S.), ServiceNow, Inc. (U.S.), Microsoft Inc. (U.S.), Google Inc. (U.S.), Zuora (U.S.) among others.
Detailed Regional Analysis
The global SaaS market is studied for the regional segments of North America, Asia Pacific, Europe, and Rest of the World. North America is assessed to dominate the global software as a service market owing to the presence of prominent players, hence, gaining a competitive advantage over other regions. Further, a rich entertainment industry in the region is estimated to drive up the sales of SaaS in the forecast period. High adoption of on-demand SaaS is also expected to fuel the market growth in North America during the forecast period. Among country-specific markets, the U.S. is estimated to emerge as a leading market for software as a service due to technological advancements in the nation.
Europe is anticipated to hold the second largest share in the global software as a service market. The U.K., Germany, Italy, and France are some of the developed countries in the region that are likely to emerge as some of the highest adopters of software as a service owing to high demand from enterprises from numerous sectors. Asia Pacific is likely to grow at the fastest rate because of the presence of many fast-growing economies in the region. Further, new government policies promoting the startup ecosystem is also contributing heavily to the prompt growth of the software as a service market.
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- Software developers
- Government Agencies
- On-Demand Software providers
- Cloud service providers
- Cloud computing companies
- Research Institutes & Universities
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