Market Research Future (MRFR)’s latest assessment reveals that the global software as a service market is projected to thrive at a stellar CAGR of 21% during the forecast period. Its valuation has been presumed to reach USD 117 Bn towards the end of the assessment period. The rapid expansion of the IT industry has penetrated across major industry verticals. The industry leaders are endeavoring to capitalize on technological advancements for evading obsoleteness. This has encouraged the growth of the Software as a Service Market in the upcoming years.
The small and medium enterprises are benefitting exceptionally from the growth of software as a service market. The payment models that allow them to reap the benefits of the software for a comparatively smaller amount without needing to make the purchase is likely to drive the growth of the market over the review period.
The development of cloud technology has simplified the delivery of services and its upgradations. It has accelerated the deployment of software across the organizations of all sizes – large, medium and small. In addition, the convenience offered by the subscription model is one of the major driving forces of the global software as a service market. It is expected to accelerate revenue creation for the market players in the forthcoming years.
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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.
The software as a service market, by deployment, has been segmented into private cloud, hybrid cloud, public cloud, and community cloud.
On the basis of end-user, the global software as a service market has been segmented into SMEs and large enterprises.
The software as a service market, by industry, has been segmented into BFSI, IT & telecommunication, manufacturing, entertainment, healthcare, and retail.
By region, the global software as a service market has been segmented into Europe, North America, Asia Pacific, and the Rest of the World (ROW). North America is likely to lead the growth of the market through the forecast period owing to the competitive advantage of the consolidation of key players. The region gets a firsthand experience on the novel technologies which is poised to drive the expansion of the market in the upcoming years. Furthermore, the highly developed IT infrastructure of the U.S. is projected to favor the expansion of the software as a service market in the region over the next couple of years.
Europe is an important growth pocket and is expected to grow significantly owing to the presence of developed economies such as the U.K., Germany, France, and Italy. Meanwhile, Asia Pacific is prognosticated to become the fastest growing region over the next few years. The factors that are responsible for aiding the proliferation of the software as a service market in the region are favorable government policies, digitization drive, fast developing economies, etc.
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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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