Global Software as a service market was valued at USD 148.03 Bn in 2019 and is expected to reach at USD 369.41 Bn by 2027 at a CAGR of 12.11% over forecast period 2020-2027.
The report covers an in depth analysis of COVID 19 pandemic impact on Global Software as a Service Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Software as a Service Market Dynamics:
Software as a Service (SaaS) is a new mode of software deployment whereby a provider licenses an application to customers for use as a service on demand. SaaS is regarded as a favourable solution to enhance a modern organization’s IT performance and competitiveness which helps organizations avoid capital expenditure and pay for the functionality as an operational expenditure. SaaS has received considerable attention in recent years, and an increasing number of countries have consequently promoted the SaaS market. Rapid changes in business dynamics is mainly driving the global software as a service market. Rapid changes in business dynamics in the market are expected to benefit the software as a service (SaaS) market over forecast period as cloud-based solutions support business operations in changing conditions.
However, various factors include economic uncertainty, competitive rivalry, increasing adoption of mobile and changing regulations are restraining the market growth over forecast period.
Global Software as a Service (SaaS) Market is segmented by end user, by application, by deployment type, by organisation type and by region. By organisation size, SMEs are expected to hold 59.78% of market share in 2019 and is expected to keep its dominance over forecast period. SaaS enables organizations to make their software applications run in a virtual environment. IT professionals no longer have to buy or purchase expensive software applications, which consume a lot of time while installing, and also requires huge sums of money. SaaS in cloud computing takes care of this make businesses viable enough to work in a virtual, flexible yet reliable cloud environment. SaaS has brought considerable and productive changes in the booming business environment. However, many SMEs are still reluctant to introduce SaaS solutions mainly because of the trust concern they may perceive more risks than benefits.
By End user, IT & Telecom end user segment is expected to hold 27.98% of market share over forecast period. SaaS adoption provides a great degree of flexibility regarding the utilization of easily scalable IT resources. This flexibility makes it easier for firms to respond to business-level volatility, because the SaaS provider handles fluctuations in IT workloads.
By geography, The North American held 37.45% of market share in 2019 and is expected to keep its dominance over forecast period owing to presence of major players. The growing use of web-based user interfaces by applications, along with the proliferation of associated practices, continuously decreased the need for traditional client-server applications are mainly driving the North America Software as a service market. North America is followed by APAC and Europe. APAC is expected to hold 29.12% of market share over forecast period. An increasing adoption of SaaS across the sectors, especially BFSI in this region. The rising demand for cloud computing services across the china, coupled with growing adoption of SaaS among government organisation of China, Japan and India, also fuels the growth of the market in this region.
Report covers key development and company profiles of market leaders, potential players and new entrants. Some of the key players covered in this report are IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Salesforce.com, Inc., Cisco Systems, Inc., Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Infor, Inc., VMware, Inc., and SolutionsDots Systems ltd. Symantec Corporation, among others. These key players are adopting various organic and inorganic growth strategies such as merger& acquisition, joint ventures, strategic alliances, expansion, collaborations, new product launches and patent to increase their business opeartions and regional presence.
Recent development in Market:
• In Oct 2019, SAP entered into three-year cloud partnership with Microsoft called “Embrace” to help their customer to run operations hosted at remote servers supported by SAP’s flagship S/4HANA database.
• In Jul 2019, Microsoft Corporation entered into a partnership with ServiceNow, an American cloud computing company, to enhance the integration and optimization of the companies’ products, platform and cloud capabilities. This partnership enables their private and government sector customer to accelerate their digital transformation and drive new levels of insights and innovation.
• In August 2018, SAP acquired Qualtrics for $8 billion. This acquisition is expected to help both SAP and Qualtrics to boost the experience management (XM) software category by combining operational data from SAP with Qualtrics’ experience data.
The objective of the report is to present a comprehensive analysis of the Global Software as a Service (SaaS) Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Software as a Service (SaaS) Market dynamics, structure by analyzing the market segments and project Global Software as a Service (SaaS) Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Software as a Service (SaaS) Market make the report investor’s guide.
Scope of Global Software as a Service (SaaS) Market: Inquire before buying
Global Software as a Service (SaaS) Market by End-User
• IT & Telecom
• Oil & Gas
Global Software as a Service (SaaS) Market by Application
• Customer Relationship Management (CRM)
• Human Resource Management (HRM)
• Financial Management
• Sales Management
• Enterprise Resource Planning (ERP)
• Supply Chain Management
Global Software as a Service (SaaS) Market by Deployment Type
• Public Cloud
• Private Cloud
• Hybrid Cloud
Global Software as a Service (SaaS) Market by Organisation Size
• Small and Medium Enterprises
• Large Enterprises
Global Software as a Service (SaaS) Market by Region
• North America
• MEA& Africa
• Latin America
Global Software as a Service (SaaS) Market Key Players
• IBM Corporation
• Microsoft Corporation
• SAP SE
• Oracle Corporation
• Salesforce.com, Inc.
• Cisco Systems, Inc.
• Amazon Web Services Inc.
• Hewlett Packard Enterprise
• Infor, Inc.
• VMware, Inc.
• SolutionsDots Systems ltd.
• Symantec Corporation
• Amazon AWS
• Atlassian Confluence
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