The global software as a service market growth is driven by adopting modular structure that can scale up the IT infrastructure, storage, computing, fabric, and virtualization in a single architecture is being rapidly adopted across the globe. Asia Pacific is expected to register the highest CAGR in the market from 2022 to 2028.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Software as a Service Market Size, Share, Growth and Trends Forecast to 2028 – COVID-19 Impact and Global Analysis By Deployment Model (Private Cloud, Public Cloud, and Hybrid Cloud), Applications [Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Planning (HRP), Supply Chain Management (SCM), and Others], and End User [Small & Medium Enterprises (SMEs) and Large Enterprises]”; the global software as a service market size to grow from USD 167.53 billion in 2022 to USD 462.94 billion by 2028; it is anticipated to grow at a CAGR of 18.5% from 2022 to 2028.
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Global Software as a Service Market – Report Scope:
|Market Size Value in||USD 167.53 Billion in 2022|
|Market Size Value by||USD 462.94 Billion by 2028|
|Growth rate||CAGR of 18.5% from 2022 to 2028|
|No. of Pages||233|
|No. of Tables||110|
|No. of Charts & Figures||41|
|Historical data available||Yes|
|Segments covered||Deployment Model, Application, and End User|
Global Software as a Service Market: Competitive Landscape and Key Developments
ADP LLC, Amazon.com Inc, Google Inc, IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce.com Inc, SAP SE, Fujitsu Limited, and Workday Inc are among the key software as a service market players operating across the globe.
In August 2022, Cloudera announced the launch of its first all-in-one data lakehouse cloud service, enabling fast and easy self-service analytics on different types of data.
In April 2022, Fujitsu announced the launch of its new computing as a service (CaaS) for accelerating digital transformation among both SMEs and large enterprises.
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A software as a service model allows sharing of applications and offers access to organizations via a single-tenant or multi-tenant architecture in the cloud. In this model, applications are hosted by a vendor, and organizations are charged on a pay-as-per-use basis. This feature reduces the additional costs of maintaining the infrastructure for software storage which the organizations had to pay for the traditional model of using software. SaaS is replacing the traditional application service provider model because of its various benefits. It is being increasingly deployed into organizations via three different deployment models (private, public, and hybrid). Each model has its own advantages and disadvantages; however, the public cloud deployment model has been the most adopted model for this market. Cost savings, reduced time to market for the product, and ease to use and implementation are among the driving factors for the global software as a service market growth.
Salesforce.com was the pioneer in introducing SaaS and its advantages to the world. It started as an organization that provided software for CRM applications. Today, this organization has grown as an entirely SaaS-based CRM services provider. North America, being a technologically advanced region with a developed internet infrastructure, has witnessed the highest growth in adopting SaaS by various organizations. Europe is the second-largest adopter of SaaS solutions, while APAC, with moderately developed internet infrastructure, lags these two regions; however, it is expected to grow at the highest CAGR over the forecast period.
The biggest end users of SaaS have been technology companies, communication providers, media companies, and financial service firms. The healthcare vertical, off late, has realized the advantages offered by SaaS and has witnessed an upward trend in its adoption, thereby offering lucrative business opportunities to the software as a service market players.
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Impact of COVID-19 Pandemic on Global Software as a Service Market Growth:
The COVID-19 pandemic positively impacted the growth of the software as a service market size owing to the rise in demand for advanced digital solutions among industries such as IT & telecom, manufacturing, healthcare, and media & entertainment. The initial phase of the pandemic recorded slow growth owing to sudden closure of business activities. However, with all organizations adopting work from home since Q2 of 2020, the demand for digital solutions has increased rapidly. These factors positively impacted the software as a service market growth.
Global Software as a Service Market: Deployment Model Overview
Based on deployment model, the software as a service market size is segmented into private cloud, public cloud, and hybrid cloud. The public cloud segment accounted for the largest share of the global software as a service market in 2021. SMEs generally prefer public cloud models as the capital investment for this model is much less than the private cloud model. Hence, the public cloud segment has observed higher adoptions by SMEs compared to larger organizations. The level of infrastructure and security provided is also comparatively less in the public cloud model; however, it offers efficiency. Organizations that require to store their nonsensitive data generally opt for this model as it gives them the benefits of using the cloud at very cheap costs. Economies of scale are achieved using the public cloud model. This makes it cost-effective for many organizations. In many cases, software can be free of cost to the organizations, and the revenues can be generated from advertisements.
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