Global Software-as-a-service (SaaS) Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2027, at CAGR of 21.XX% during forecast period of 2019 to 2027.
Global Software-as-a-service (SaaS) Market Overview:
Software-as-a-service (SaaS) has become the first choice of organizations to be incorporated into the strategy of nearly all leading enterprise software companies worldwide. It eliminates the need to install and run applications on computers or in data centers, which reduces the need for hardware acquisition, provisioning and maintenance and software licensing, installation and support. As these many tasks gets reduced, it has become the most effective cost cutting tool for an organization. Hence the SaaS market is anticipated to grow at CAGR of 21.XX% during the forecast period.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The growth of SaaS technologies market has reached revenue figures of $86.XX billion by the end of 2018. This growth, of an XX.XX% increase from previous years, which accounts for a huge growth in revenues and forecasted to reach US$ XX.XX billion by the year 2027.
The overall growth of the SaaS industry will experience rapid growth through these years as most of the companies adopt SaaS solutions for a variety of business functions, not limited to core engineering and sales applications. The SaaS cloud application services market segment will reach $1XX.X1 billion by end of the 2027.
In recent years, The Global Software-as-a-service (SaaS) Market has witnessed the drastic growth in the number of users of SaaS products. Users are not just the small firms but also large enterprises using SaaS technologies to empower their business with several Saas benefits. However, research finds that organizations with over 250 employees use over 100 SaaS apps, while small firms of up to 50 employees use up between 25-50 SaaS solutions on an average. Though, the growth of the SaaS market is contributed by organizations of all sizes. The growth is registered by both internal requirements attributed to tooling-focused product development approaches such as Agile and DevOps as well as the growing availability of useful SaaS products in the enterprise IT market segment.
The issues relating to data security, lack of integration and the need for uninterrupted and high-speed internet connectivity create limitations to the growth of the SaaS industry. The complications involved in direct access to data, generates a high level of complexity in combining legacy on premise systems, cloud applications and multiple SaaS applications.