"Smart Strategies, Giving Speed to your Growth Trajectory"
Software as a service (SaaS), also known as on-demand or hosted or web-based software, is a distribution model in which third-party provider hosts applications over the Internet and makes them available for the customers. SaaS up-gradation is done automatically without any customer intervention as well as the availability of a subscription-based SaaS model makes it more cost-effective for customers. SaaS improves data access through any networked device, which makes it easier to manage and monitor data use as well as ensures data availability for everyone at the same time. Furthermore, customers can implement SaaS without installing any additional hardware that makes it more convenient and reliable, leading to an increase in the adoption of SaaS solutions. Application of SaaS in customer relationship management (CRM), document management, accounting, human resource (HR) management, service desk management, content management and collaboration, is expected to create lucrative opportunities for software as a service (SaaS) market.
Key Market Driver -
Growing adoption of SaaS among organizations
Key Market Restraint -
Increasing security and privacy concerns due to increasing cyber attacks
The primary factor that is expected to drive the software as a service (SaaS) market is the increasing adoption of SaaS solutions among organizations, owing to the number of associated benefits, including multi-tenant software architecture, fast investment, shared license, high manageability, cost-effective, and easy customization. Additionally, the pay-as-you-go payment model of SaaS enables enterprises to shift costs to an ongoing operating expense for easier-to-manage budgeting. The rising trend of SaaS integration and the growing need for application programming interface (API) connections will also create lucrative opportunities for the growth of the software as a service (SaaS) market. Additionally, the growing implementation of cutting-edge technologies, such as artificial intelligence (AI), machine learning, cloud computing, and the internet of things (IoT) in the SaaS solutions, is fuelling the growth of the software as a service (SaaS)market.
However, the increasing security and privacy concerns of storing data on a third-party cloud, along with a lack of awareness regarding the software as a service (SaaS) benefits are factors limiting the market growth of the software as a service (SaaS).
By cloud deployment, the market is segmented into public, private and hybrid. Based on application, the market is divided into enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), human resource management (HRM) and others. By industry verticals, the market is fragmented into BFSI, information technology (IT) and telecommunication, manufacturing, retail, healthcare, education, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The major companies in the global software as a service (SaaS)market report include Salesforce.com Inc., SAP SE, Adobe, ServiceNow, Inc., Workday, Inc., Microsoft Corporation, Cisco Systems, Inc., IBM Corporation, Google LLC. and Splunk Inc.
To gain extensive insights into the market, Request for Customization
The global software as a service (SaaS)market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America followed by Europe, dominated the global software as a service (SaaS) market in 2018, due to the presence of a large number of IT enterprises, adoption of advanced cloud infrastructure, and the availability of proficient technical expertise across the region. Furthermore, the growing adoption of cloud-based services across developing countries such as China, India, and Japan is anticipated to fuel the demand for SaaS solutions in Asia-Pacific. Additionally, the increased application of SaaS owing to the rising awareness of associated benefits among organizations is driving the software as a service (SaaS) market growth in Asia-Pacific. Latin America and Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
By Cloud Deployment
By Industry Verticals
Software as a Service (SaaS) Industry Developments
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry