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Global Software as a Service (SaaS) Markets Report 2022: Public Cloud Segment is Expected to Hold the Largest Market Share During 2023-2027
Global Software as a Service (SaaS) Market
Dublin, April 05, 2022 (GLOBE NEWSWIRE) -- The "Global Software as a Service (SaaS) Market, By Deployment Type (Public Cloud, Hybrid Cloud & Private Cloud), By Organization Size (SMEs & Large Enterprises), By Application, By End User, By Region, Competition Forecast and Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Software as a Service (SaaS) Market stood at USD149.07 billion in 2021 and is expected to grow at a CAGR of 19.31% in the forecast period, to reach USD441.26 billion by 2027.
Increasing investments for the development of IT infrastructure by leading authorities and market players, growing internet penetration and rise in the demand for data backup and security to protect critical information are the primary factors driving the growth of the Global Software as a Service (SaaS) Market in the forecast period.
Rapid digitalization of organizations is generating large volume of data. The cost-saving benefits of convenience of using the digital technology is proliferating the demand for various type of software for different purposes. Software as a Service saves the software applications and critical information on cloud platform which eliminates the need to invest in purchasing and maintaining local infrastructure.
They remove the need to manually back-up the data by allowing timely backups which ensures the data integrity and security in an organization. However, high implementation costs and difficulty in integrating hybrid infrastructure may hinder the growth of the Global Software as a Service (SaaS) Market in the forecast period.
The public cloud segment is expected to hold the largest market share in the forecast period, 2023-2027. Public cloud offers several advantages such as high flexibility, scalability, no maintenance costs and have lower complexity than the other cloud models. The growing advancements in technology and the rise in the number of vendors offering are supporting the adoption of public cloud by organizations.
The top players operating in the Global Software as a Service (SaaS) Market are
IBM Corporation
Microsoft Corporation
SAP SE
Oracle Corporation
Salesforce.com, Inc.
Amazon Web Services Inc.
VMware Inc.
Alphabet Inc.
Hewlett Packard Enterprise Development LP
Adobe Inc.
Cisco Systems Inc.
Workday Inc.
Zoom Video Communications Inc.
ServiceNow, Inc.
Atlassian Corporation Plc
Report Scope:
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022E
Forecast Period: 2023F-2027F
Software as a Service (SaaS) Market, By Deployment Type
Public Cloud
Private Cloud
Hybrid Cloud
Software as a Service (SaaS) Market, By Organization Size
Large Enterprises
SMEs
Software as a Service (SaaS) Market, By Application
Customer Relationship Management
Content Communication & Collaboration
Business Intelligence/Analytics
Enterprise Resource Planning
Human Resource Management
Supply Chain Management
Others
Software as a Service (SaaS) Market, By End-User
IT & Telecom
BFSI
Healthcare
Education
Retail
Manufacturing
Government
Oil & Gas
Software as a Service (SaaS) Market, By Region
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Spain
Asia-Pacific
China
Japan
India
South Korea
Singapore
South America
Brazil
Colombia
Argentina
Middle East & Africa
UAE
Saudi Arabia
South Africa
For more information about this report visit https://www.researchandmarkets.com/r/7vp9t6
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