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Software as a Service (SaaS) market to reach $ 716.52

Pune, India, January 10, 2022 (GLOBE NEWSWIRE) – The world Software as a Service Marketplace the size should gain momentum by reaching $ 716.52 billion by 2028 while posting a stellar CAGR of 27.5% between 2021 and 2028. In its report entitled “Software as a Service (SaaS) Market, 2021-2028, ” Fortune Business Insight mentions that the market amounted to $ 113.82 billion in 2020 and $ 130.69 billion in 2021.

SaaS is one of the main components of cloud computing. Businesses and organizations use the SaaS model in various applications such as conferencing, sales force automation, customer relationship management (CRM), web content management, etc. So, with the increasing demand, the market is expected to grow significantly during the forecast period. For example, in June 2021, Kylas announced the launch of an enterprise-grade SaaS CRM product for the Indian market to support cloud computing.

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List of key players presented in the report

  • Microsoft Corporation (New Mexico, United States)
  • Salesforce.com, Inc. (California, United States)
  • Oracle Corporation (California, United States)
  • IBM Corporation (New York, United States)
  • Accenture Plc. (Ireland)
  • OutSystems – Software in Rede, SA (Massachusetts, US)
  • Cisco Systems, Inc. (California, United States)
  • Hewlett Packard Enterprise Company (Texas, United States)
  • GitLab, Inc. (California, United States)
  • Alphabet Inc. (Google LLC) (California, United States)

Impact of COVID-19

However, the pandemic has crippled the global economy, as crisis demand for cloud computing has grown. Thus, the key players took full advantage of this crisis to imagine restructuring strategies for their economic model. For example, in May 2021, Microsoft Corporation collaborated with Aera Technology, an automation company that provides digital technology solutions. This collaboration is expected to help integrate the digital twins of Microsoft Azure with Aera’s cognitive operating system to provide a virtual representation of a physical entity in the automation process.

Segmentation:

By deployment type, the market is divided into public cloud, private cloud, and hybrid cloud. By application, it is segmented into customer relationship management (CRM), enterprise resource planning, content, collaboration and communication, business intelligence and analytics, human capital management and others.

Based on the application, the CRM segment held a 25.1% market share in 2020. This is attributable to the deployment of SaaS CRM in organizations to manage their contacts, manage teams, simplify processes, monitor agreements, developing sales pipelines, building relationships with potential and current customers, and more.

By industry, it is further divided into BFSI, retail and consumer goods, health care, education, manufacturing, travel and hospitality, and others. Finally, based on the region, the market is categorized as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

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What does the report provide?

The Software as a Service market report provides a methodical assessment of various factors such as major drivers and restraints that will affect the growth. Moreover, the report provides an overview of the regional survey which covers various regions, supporting the market growth. It involves the competitive landscape that includes leading companies and adopting an effective ploy to showcase new products, declare collaborations and mergers to drive market growth.

Determining factors

Increase investments made by end-use companies to drive market growth

The growing investment by end-use companies in the cloud-based solution is expected to drive the growth of the Software as a Service (SaaS) market in the coming years. For example, a report from Gartner suggests that end-user spending on cloud application services is expected to reach around $ 102.80 billion in 2020.

In addition, the major players in the Software as a Service market are focused on increasing their investments to advance their product portfolio. For example, in September 2020, Accenture Plc invested $ 3.00 billion and launched Cloud First. This investment has helped users access Cloud-First across various industries and accelerate their digital transformation to drive greater value at speed and scale.

Regional perspectives

North America will be in the lead thanks to the existence of vital players in the region

North America is expected to remain at the forefront and hold the highest Software as a Service market share during the forecast period due to increased applications and investment in SaaS by end users in industries such as healthcare, retail and consumer goods etc. . In addition, the presence of large SaaS providers such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., in the United States and Canada, should promote the regional market. The region’s market was worth $ 57.30 billion in 2020.

Asia-Pacific is expected to show considerable software market share as a services market share in the coming years, due to the presence of large companies in countries such as China, India, Japan and Australia. In addition, the growing venture capital investments to adopt SaaS platforms favor the regional market.

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Competitive landscape

Key players in new launches to strengthen market growth

The market is combined by leading companies determined to maintain their position by focusing on innovative launches, collaborations and mergers as well as purchasing. Such tactics adopted by key players should strengthen its market opportunities. Here is the evolution of the industry:

July 2021: Tata Consultancy Services (TCS) announced the launch of Jile 5.0. This is an updated version of the SaaS-based enterprise agile application. This new solution will help companies deliver large-scale development needs across multiple remote teams.

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