As per Market Research Future (MRFR) analysis, the global software as a service market is estimated to grow at USD 117 billion, with a compound annual growth rate of 21% from 2016 to 2022 (forecast period). The report examines the COVID-19 analysis of the global software as a service market and presents a comprehensive evaluation of key markets, market trends, growth projections, and economic conditions from 2016 to 2022 (forecast period) to identify new opportunities in the market.

Software as a Service is a cloud-based software delivery model in which software and related data are centrally hosted and accessed by clients via a web browser. The concept of software as a service enables users to access all the components and functionality of the subscription model software and not without licensing the product. In other terms, it is on-demand software that offers remote software access to its users over the Internet.

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Market Dynamics

The rising IT industry and the high demand for data management and analysis tools in various domains are adding to the growth of the software as a service market. SaaS provides a range of features, including low cost, speed deployment, customization, and data access, among others. Licensing software incurs high prices as well as a professional to monitor and operate. SaaS offers a simple accessibility feature with speed deployment and a range of customizations that make it easier to operate.

Market Segmentation

The global market for software as a service has been segmented on the basis of deployment, end-user, and Industry.

On the basis of deployment, the global market for software as a service has been segmented into the public cloud, private cloud, hybrid cloud, and community cloud.

On the basis of the end-user, the global software as a service market has been segmented into SMEs and large enterprises, among others.

On the basis of Industry, the global market for Software as a Service (SaaS) has been segmented into IT & telecommunication, entertainment, BFSI, manufacturing, healthcare, retail, among others.

Regional Analysis

On the basis of region, the global market for software as a service has been segmented North America, Europe, Asia Pacific, and the rest of the world.

North America dominates software as a service market due to numerous factors such as – the involvement of significant companies gives North American countries a strategic advantage, the rich entertainment industry, and the strong acceptance of the on-demand software, among others. In addition, the U.S. has emerged as a technologically developed country that is also supporting the growth of the software as a service industry.

Europe stands second-largest in this market. Countries like the United Kingdom, Germany, France, and Italy, which come under the umbrella of developed countries, are creating a high demand for on-demand software for various industries.

The Asia Pacific emerged as the fastest-growing region. Emerging economies of countries, new government policies to encourage start-ups and global attention to the business climate are some of the main factors driving the SaaS market in Asia Pacific.

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Key Players

The key participants identified by MRFR operating in the global software as a service market are- Salesforce (U.S.), LinkedIn (U.S.), Concur Technologies (U.S.), Workday, Inc. (U.S.), IBM Corporation (U.S), Oracle Corporation (U.S.), NetSuite Inc. (U.S.), Medidata Solutions (U.S.), ServiceNow, Inc. (U.S.), Microsoft Inc. (U.S.), Google Inc. (U.S.), Zuora (U.S.) among others.

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