According to Technavio Research Report, “Software as a Service (SaaS) Market by deployment (public cloud, private cloud, and hybrid cloud), and geographic regions (North America, Europe, APAC, South America, and MEA) is witnessed to grow USD 60.36 billion, at a CAGR of 9% from 2019 to 2023.”
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Technavio has published a new market research report on the global software as a service (SaaS) market from 2019-2023. (Graphic: Business Wire)
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Global software-as-a-service (SaaS) market: Increasing use of vertical SaaS
The use of vertical SaaS solutions is increasing as enterprises find vertical SaaS to be a cost-effective and industry-specific option that allows them to refine the customization of certain features. Virtual SaaS solutions also enable enterprises to generate industry-specific customer data and intelligence. Moreover, vendors are focusing on providing vertical SaaS solutions to adapt features according to the client and industry demands, which allows enterprises to address customer needs within their niche effectively. It will also improve their flexibility and upselling opportunities as well as reduce customer acquisition costs. Therefore, the use of virtual SaaS solutions is increasing, which is expected to fuel the SaaS market growth during the next five years.
“Apart from the increasing use of vertical SaaS, other factors such as the rising use of micro SaaS, increasing need for API connections, and strategic partnerships and collaborations between market participants will have a significant impact on the growth of the SaaS market size during the forecast period,” says a senior analyst at Technavio.
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Global software-as-a-service (SaaS) market: Increasing use of AI-enabled SaaS
The adoption of artificial intelligence (AI) is increasing at a significant rate as it helps researchers to solve complex problems, which can be difficult for humans. It also increases the ability to improve productivity and provide accurate results within a shorter span of time. The integration of AI with SaaS allows enterprises to obtain better value from their data by automating and personalizing services, improving security, and supplementing human capacity. Al-enabled SaaS also quickens internal processes and operations, which allows enterprises to obtain faster replies to questions, make quick forecasts, and speed up their overall level of responsiveness. Such benefits of combining AI with SaaS will positively impact the growth of the SaaS market size during the forecast period.
Global software-as-a-service (SaaS) market: Segmentation analysis
This market research report segments the global software-as-a-service (SaaS) market by deployment (public cloud, private cloud, and hybrid cloud), and geographic regions (North America, Europe, APAC, South America, and MEA).
The North American region led the software-as-a-service (SaaS) market in 2018, followed by Europe, APAC, South America, and MEA respectively. The growth of the SaaS market in North America can be attributed to several factors such as the increasing demand for cloud computing services, the availability of technologically advanced infrastructure and the presence of a large number of cloud service providers (CSPs) such as Microsoft, Salesforce, Oracle, and Adobe.
Few Major Vendors in the Software-as-a-service (SaaS) Market are:
- Adobe Inc.
- Microsoft Corp.
- Oracle Corp.
- Salesforce.com Inc.
- SAP SE.
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