Sunday, September 26 2021

DUBLIN, June 24, 2021– (COMMERCIAL THREAD)–The “Global Software as a Service (SaaS) Market Report 2020-30: Impact and Recovery of COVID-19” report was added to ResearchAndMarkets.com offer.

The main players in the Software as a Service (SaaS) market are Salesforce, ServiceNow, Microsoft, Google and Cisco.

The global software as a service (SaaS) market is expected to grow from $ 192.1 billion in 2019 to $ 194 billion in 2020 at a compound annual growth rate (CAGR) of 1%.

The weak growth is mainly due to the economic slowdown in the countries due to the COVID-19 epidemic and the measures to contain it. The market is then expected to recover and grow at a 10% CAGR from 2021 and reach $ 253 billion in 2023.

The Software as a Service (SaaS) market includes sales of cloud-based software services. SaaS is a software solution that can be purchased on a subscription or pay-as-you-go basis to use an application for organizational purposes and customers can access that application over the Internet, primarily through a web browser.

All data and software applications are located in the data center of the service provider. SaaS enables an organization to run an application with minimal upfront cost and speeds up the overall functionality of the organization.

The North American market is the largest market for software as a service and is expected to continue to be the largest market during the forecast period.

Rising threats to data security especially in cloud platforms are expected to limit the growth of companies in the Software as a Service market during the forecast period.

Threats to data security include industrial espionage and hacking which have resulted in multiple data security breaches involving public cloud environments. These violations are mainly due to the negligence of cloud service providers. Additionally, many companies do not trust data security when outsourcing to a third party vendor.

As the vendor has access to the organization’s data, companies fear misuse of the data that could affect the reputation of the organization. For example, Code Spaces, a former SaaS provider, went out of business because hackers had access to their cloud services and stole all of their data, which caused Code Spaces damage to its reputation, finances and operations.

The introduction of artificial intelligence is gaining popularity in the SaaS market. Artificial intelligence (AI) is a field of computing that focuses on the simulation of human intelligence processes by machines. AI in SaaS helps companies to upgrade from time to time with the latest data, create a better user experience through predictive analytics, automate areas where manual functions were previously required, and customize user interface features.

Rapid changes in business dynamics in the market are expected to benefit the Software as a Service (SaaS) market during the forecast period as cloud-based solutions support business operations under changing conditions. Dynamic market conditions include economic uncertainty, competitive rivalry and growing mobile adoption, changing regulations, internet and application usage.

These conditions, along with the growing number of established infrastructures and networks, have forced organizations to seek scalable and flexible solutions such as SaaS and other cloud services to run and oversee their operations profitably and efficiently.

These factors have also forced companies to outsource applications and prefer cloud computing services like SaaS to reduce their cost load on the infrastructure. Businesses that seek the services of a third-party vendor are more likely to achieve better performance, better compliance, and better customer satisfaction at low cost.

For example, Sony Communications aims to provide innovative products and better experience to its customers by using automation and Infosys SaaS solutions. Infosys has helped Sony build customer loyalty and win the competition by providing a robust IT solution and low cost design thinking, which has given Sony a competitive edge in the market.

The General Data Protection Regulation (GDPR) breaks the split in personal data security regulations in the European Union. It includes provisions to protect the personal data and privacy of EU citizens for transactions that occur in EU member states. It also regulates the export of personal data outside the EU.

There could be data subjects frequenting the subscriber who are in the EU, even if a single SaaS subscriber is based in a non-EU location and the SaaS application is based in a non-EU location. This may cause the subscriber to follow GDPR regulations.

Main topics covered:

1. Summary

2. Characteristics of the Software as a Service (SaaS) market

3.Size and Growth of Software as a Service (SaaS) Market

3.1. Historical Global Software as a Service (SaaS) Market, 2015-2019, in USD Billion

3.1.1. Market pilots

3.1.2. Market restrictions

3.2. Global Software as a Service (SaaS) Forecast Market, 2019-2023F, 2025F, 2030F, in USD Billion

3.2.1. Market pilots

3.2.2. Market restrictions

4.Software as a service (SaaS) market segmentation

4.1. Global Software as a Service (SaaS) Market, Segmentation by Application, History and Forecast, 2015-2019, 2023F, 2025F, 2030F, in USD Billion

  • Customer Relationship Management (CRM)

  • Enterprise Resource Planning (ERP)

  • Human resources management (HRM)

  • Manufacturing and operations

  • Supply chain management (SCM)

4.2. Global Software as a Service (SaaS) Market, Deployment Model Segmentation, History and Forecast, 2015-2019, 2023F, 2025F, 2030F, in USD Billion

  • Public cloud

  • Private cloud

Hybrid cloud

5. Regional and Country Analysis of Software as a Service (SaaS) Market

5.1. Global Software as a Service (SaaS) Market Divided by Region, Historical and Forecast, 2015-2019, 2023F, 2025F, 2030F, in USD Billion

5.2. Global Software as a Service (SaaS) Market, Divided by Country, Historical and Forecast, 2015-2019, 2023F, 2025F, 2030F, in USD Billion

Companies mentioned

  • Selling power

  • Service now

  • Microsoft

  • Google

  • Cisco

  • Soft

  • Adobe

  • Oracle

  • Amazon AWS

  • DocuSign

  • Zendesk

  • Drop box

  • ADP

  • Atlassian Confluence

  • Shopify

  • Working day

  • Hubspot

  • SAP

  • IBM

  • Box

  • Okay

  • JIRA

  • GitHub

  • Go to a meeting

  • Twilio

  • CoupaSoftware

  • Xero

  • Zuora

For more information on this report, visit https://www.researchandmarkets.com/r/paig86

View the source version on businesswire.com: https://www.businesswire.com/news/home/20210624005648/en/

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