PUBLISHER: SkyQuest | PRODUCT CODE: 1120549
PUBLISHER: SkyQuest | PRODUCT CODE: 1120549
The Global SAAS Market was valued at USD 143.77 Billion in 2021, and it is expected to reach a value of USD 720.44 Billion by 2028, at a CAGR of 25.89% over the forecast period 2022 - 2028.
SaaS products are suitable with smartphones because they help to save time and space, increase access to information from multiple devices, stay informed quickly, and make team collaborations swift and efficient. The same is true for laptops and tablets, which are increasingly being utilized for business purposes. Small businesses are a big contributor to mobile SaaS growth. Sales of cloud-based software services form the Software as a Service (SaaS) market. SaaS is a software solution that may be purchased on a subscription basis to utilize an application for official reasons, and users can access this app via the internet, primarily using a web browser.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global SAAS market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
The Global SAAS market is segmented by deployment, by application area, by end user. Based on deployment, the market is categorized into Public cloud, Private cloud, Hybrid cloud. Based on application area, the market is categorized into Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Supply Chain Management (SCM), Others. Based on end user, the market is categorized into Small & Medium Enterprises, Large Enterprises. By region, the global SAAS market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The increasing use of mobile devices and the increasing use of artificial intelligence are important factors driving the growth of the SAAS Market. According to one study, 80% of sectors utilize one or more SaaS applications, and 73% of all software will be SaaS by 2021. Moving to cloud software saves money and allows businesses to be more flexible.
The importance of meeting regulatory and compliance standards has progressively increased in recent years, owing to changing company needs, increasing data breaches and cyber-attacks, and developing data security concerns. Furthermore, firms must seek to remain competitive by adhering to regulatory regulations, avoiding financial penalties, minimizing customer and revenue losses, and avoiding legal action. These factors may have an impact on market demand for SAAS during the anticipated year.
The use of SAAS has increased exponentially with the adoption of 5G. The development of wireless 5G networks may enable organizations and individuals to quickly adopt popular SaaS solutions.