BANGALORE, India, June 23, 2020 /PRNewswire/ -- The global Software as a Service (SaaS) market size is projected to reach USD 307.3 Billion by 2026, from USD 158.2 Billion in 2020, at a CAGR of 11.7% during 2020-2026.
SaaS is a software distribution model where the service provider hosts the application at a data center for customers to access via the internet. By subscribing to the service, customers no longer need to maintain the hardware or other resources that were previously required and instead can access the Software via a client program or web browser.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID- 19) are already starting to be felt and will affect the Software as a Service (SaaS) Market size significantly in 2020.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by each application segment in terms of revenue for the period 2015-2026.
Artificial Intelligence ( AI) is used in various applications to solve complex business problems. The convergence of AI with SaaS enables organizations to achieve greater value through automation, personalizing, and security enhancement. Al-enabled SaaS also speeds up internal processes and operations that allow businesses to make rapid demands and to increase their overall response time.
The major drivers of SaaS market size are increased use of smartphones, tablets, and laptops, increasing public and hybrid cloud adoption, and increasing corporate outsourcing. Another factor that boosts market expansion over the forecast period includes the increasing use of micro SaaS.
The SaaS solutions for human capital management (HCM) are expected to grow rapidly. In this market segment, the growing need for talented and intelligent employees in companies worldwide is expected to fuel the growth of the SaaS market size.
The SaaS market growth market during the forecast period can be constrained by increased threats to data security.
The APAC region will witness the highest incremental growth during the forecast period of 2019-2023. This is due to the presence of key government policies that promote the adoption of cloud solutions in the region.
Many large SaaS enterprises have expanded their branches into European countries. Technological advancements such as artificial intelligence ( AI) integration, machine learning, and digitalization of existing services are contributing to the growth of SaaS market size in Europe.
CRM applications have become more affordable and accessible to small and medium-sized companies ( SMEs) due to the increase in deployment of Cloud and Software as a Service (SaaS).
SaaS CRM is utilized across various sectors, including retail, BFSI, healthcare, telecoms, and IT. SaaS CRM makes compliance and risk management easier, making business operations better through a centralized system of management. Due to these advantages, it is commonly adopted by small and medium-sized enterprises. This increasing adoption by small and medium-sized companies is expected to increase the SaaS CRM market size.
The Enterprise SaaS Market is expected to grow by 17% in 2020, and the revenue will reach US$ 94.2 billion in 2020 from US$ 77.8 billion in 2019.
Based on the region, China's enterprise SaaS market size reached the USD 3.5 billion, with a year-on-year growth rate of 48% in 2018, which is significantly higher than 2016-2017. Further, it is expected that China will witness a 39 % CAGR in 2020 and the revenue will reach USD 6.19 billion in 2020 from US$ 4.42 billion in 2019.
The global SaaS SCM market size is projected to reach USD 3727.7 million by 2026, from USD 3211.6 million in 2020, at a CAGR of 14.9%% during 2021-2026.
Due to the shift in consumer security and significant changes in spending behavior and shopping patterns, the vertical retail industry saw high demand for the global SaaS-based SCM market in 2016. Moreover, the market growth in the near future will be fueled by reduced investment in new raw materials purchases as well as a pay-as-you-go cloud deployment model.
● COVID-19 Impact on Global Security Software as a Service Market
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID- 19) are already starting to be felt and will affect the Security Software as a Service Market size significantly in 2020.
● Covid-19 Impact on Global Integration Software as a Service Market
Integration software as a service (iSaaS) is a cloud-based integration tool that provides either prepackaged or easily configurable integration flows that are aimed at helping non-IT business users and even consumers to address simple application and data integration issues.
The infrastructure as a service market size was valued at USD 38.94 billion in 2019 and is projected to reach USD 201.83 billion by 2027, growing at a CAGR of 23.2% from 2020 to 2027.
Each IaaS service resource operates as an independent service component, and users are able to choose the resources they need. In addition, cloud service offers the IaaS network management tools deployment, setup, and maintenance of their applications. These factors are expected to increase the IaaS market size during the forecast period.
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