The Worldwide SAAS Industry is Expected to Reach $720.44 Billion by 2028: Increasing Use of Mobile Devices and Artificial Intelligence Drives Growth

DUBLIN, Feb. 20, 2023 /PRNewswire/ -- The "Global SAAS Market, By Deployment, By Application Area, By End User & By Region - Forecast and Analysis 2022-2028" report has been added to  ResearchAndMarkets.com's offering.

The Global SAAS Market was valued at USD 143.77 Billion in 2021, and it is expected to reach a value of USD 720.44 Billion by 2028, at a CAGR of 25.89% over the forecast period 2022 - 2028.

Companies Mentioned:

• American SAAS Company (US)
• Microsoft Corporation (US)
• Salesforce.com, Inc. (US)
• Oracle Corporation (US)
• IBM Corporation (US)
• Accenture PIc. (Ireland)
• OutSystems - Software em Rede, S.A. (US)
• Cisco Systems, Inc. (US)
• Hewlett Packard Enterprise Company (US)
• Alphabet Inc. (Google LLC) (US)

SaaS products are suitable with smartphones because they help to save time and space, increase access to information from multiple devices, stay informed quickly, and make team collaborations swift and efficient. The same is true for laptops and tablets, which are increasingly being utilized for business purposes.

Small businesses are a big contributor to mobile SaaS growth. Sales of cloud-based software services form the Software as a Service (SaaS) market. SaaS is a software solution that may be purchased on a subscription basis to utilize an application for official reasons, and users can access this app via the internet, primarily using a web browser.

Segments covered in this report

The Global SAAS market is segmented by deployment, by application area, by end user. Based on deployment, the market is categorized into Public cloud, Private cloud, Hybrid cloud. Based on application area, the market is categorized into Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Supply Chain Management (SCM), Others.

Based on end user, the market is categorized into Small & Medium Enterprises, Large Enterprises. By region, the global SAAS market is categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.

Driver

The increasing use of mobile devices and the increasing use of artificial intelligence are important factors driving the growth of the SAAS Market. According to one study, 80% of sectors utilize one or more SaaS applications, and 73% of all software will be SaaS by 2021. Moving to cloud software saves money and allows businesses to be more flexible.

Restraint

The importance of meeting regulatory and compliance standards has progressively increased in recent years, owing to changing company needs, increasing data breaches and cyber-attacks, and developing data security concerns. Furthermore, firms must seek to remain competitive by adhering to regulatory regulations, avoiding financial penalties, minimizing customer and revenue losses, and avoiding legal action. These factors may have an impact on market demand for SAAS during the anticipated year.

Market Trends

The use of SAAS has increased exponentially with the adoption of 5G. The development of wireless 5G networks may enable organizations and individuals to quickly adopt popular SaaS solutions.

For more information about this report visit https://www.researchandmarkets.com/r/bn5uuw-saas?w=5

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