Software as a Service SaaS Industry Potential and Forecast: Unlocking Growth Opportunities to 2030

Global Software as a service market was valued at USD 148.03 Bn in 2019 and is expected to reach at USD 369.41 Bn by 2027 at a CAGR of 12.11% over forecast period 2020-2027.

SaaS is regarded as a favourable solution to enhance a modern organization’s IT performance and competitiveness which helps organizations avoid capital expenditure and pay for the functionality as an operational expenditure.

However, various factors include economic uncertainty, competitive rivalry, increasing adoption of mobile and changing regulations are restraining the market growth over forecast period.

By organisation size, SMEs are expected to hold 59.78% of market share in 2019 and is expected to keep its dominance over forecast period.

SaaS enables organizations to make their software applications run in a virtual environment.

However, many SMEs are still reluctant to introduce SaaS solutions mainly because of the trust concern they may perceive more risks than benefits.

Global Security-as-a-Service (SaaS) market revenues totalled US$ 3.3 billion in 2016, and are anticipated to grow at a staggering CAGR of 17.1% through 2026.

The key end use sectors for SaaS include telecom and IT, BFSI, and healthcare remain the largest end-users of SaaS, with telecom and IT particularly witnessing robust adoption.

By 2026, the revenue share of telecom & IT is expected to reach 30%, whereas BFSI sector will account for 20.3% of total revenues.Concerns about potential security threats to confidential and important information is influencing telecom & IT companies to invest in SaaS.

Consequently, providing end-to-end security solutions remains a lucrative mode of operation of SaaS companies.

Prominent SaaS companies, including Intel Security, Cisco Systems, Inc., and Oracle Corporation are focusing on offering customised solutions to their clients.

While IT & telecom will continue to remain the most lucrative end-user, gains will be steady in the healthcare and BFSI sector.Request For Report Sample: https://www.researchreportinsights.com/report/upsample/120124598/Security-as-a-Service-MarketGlobal SaaS market revenues remain equally concentrated between large players and local vendors.

The current growth dynamics and investments in SaaS are remarkable (SaaS industry is now worth $116 billion worldwide). It is a promising and competitive business. If you already have a great SaaS idea, these trends will definitely help you stand out from the big boys in SaaS world.

The SaaS industry is maturing each year, as more and more businesses are moving from on-premises software models to web-based Software-as-a-service (SaaS) solutions.

Global SaaS market is expected to grow to a value of $117 billion by the end of 2022, according to Market Research Future (MRFR).

The rising market raises competition. On average, an emerging SaaS business is reported to have more than 9 competitors.

Yeah, the bar is higher than ever to succeed, but we’ve yet to hit peak SaaS. Adopting at least one of the below-mentioned trends can help propel success to your SaaS idea and drive faster, more efficient growth.

The popularity of SaaS product development is growing extremely fast. It has become one of the frequently used and reasonable approaches to launch new software products. This business tactic is known for the number of distinctive advantages. Both businesses and customers have benefited from them. Take a moment to check out the complete guide on SaaS development in our article.

Global Software as a Service Market OverviewSoftware 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.

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.Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/2003Market Segmentation:By deployment, the global software as a service market has been segmented into public cloud, private cloud, hybrid cloud, and community cloud.By end-user, the global software as a service market has been segmented into SMEs and large enterprises.By industry, the software as a service market has been segmented into IT & telecommunication, entertainment, BFSI, manufacturing, healthcare, and retail.Key PlayersThe 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.Regional Analysis:North America is dominating the market of Software as a Service Market due to various factors such as- presence of global players is giving competitive advantage to North American countries, rich entertainment industry and high adoption of on-demand software among others.