Pune, India, June 29, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global software as a service market size was valued at USD 237.48 billion in 2022 and is projected to grow from USD 273.55 billion in 2023 to USD 908.21 billion by 2030, exhibiting a CAGR of 18.7% during the forecast period. Rising Usage of Public and Hybrid Cloud Solutions by Organizations to Accelerate Market Growth. Fortune Business Insights presents this information in their report titled "Global Software as a Service Market Forecast, 2023-2030."
A growing number of organizations across the world are adopting hybrid & public cloud solutions on a large scale to improve their overall business performance. They are also seeking centralized data-driven analytics, which can help them make informed decisions about their business. These factors are expected to positively impact the SaaS market growth.
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Key Industry Development:
May 2023: Informatica, a cloud data management provider, strengthened its partnership with Google Cloud and launched its Intelligent Master Data Management Software on Google Cloud in Europe. This move made Informatica more powerful for customers. The software gives customers a complete view of their data environment, ranging from suppliers, customers, and products to locations, employees, or industry-specific assets for all business domains.
Key Takeaways
- Software as a service market size in North America was USD 104.64 Billion in 2022
- COVID-19 Pandemic Boosted Usage of Cloud Solutions, Enhancing Market Growth
- Hybrid Deployment Model to Gain Traction with its Rising Adoption in Government and Other Industries
- Ability to Obtain Real-time Insights on Health Data to Augment Product Adoption in the Healthcare Industry
Discover the Leading Players Featured in the Report:
“Companies leading the global software as a service market are Alphabet Inc. (U.S.), Amazon.com, Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Salesforce Inc. (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), Hewlett Packard Enterprise Company (U.S.), ServiceNow, Inc. (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 18.7% |
| 2030 Value Projection | USD 908.21 Billion |
| Base Year | 2022 |
| Software as a Service Market Size in 2022 | USD 237.48 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 134 |
| Segments covered | Deployment Type, Application, Enterprise Type, Industry and Geography |
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Drivers and Restraints:
Rising Usage of Public and Hybrid Cloud Solutions by Organizations to Accelerate Market Growth
Organizations across the world are increasing their inclination toward public and hybrid cloud solutions as they are known to increase a system’s reliability and adapt to the new realities created by the recent COVID-19 outbreak. Many large-scale companies are also encouraging the deployment of cloud solutions as they can ensure their growth in the market. These factors are expected to drive the Software as a Service (SaaS) market growth.
However, lack of adequate data security infrastructure for confidential data may restrain the market’s development.
Segmentation:
By Deployment Type
- Public
- Private
- Hybrid
By Application
- Customer Relationship Management (CRM)
- Enterprise Resource Planning (ERP)
- Content, Collaboration & Communication
- BI & Analytics
- Human Capital Management
- Others (HRM, Operation Management)
By Enterprise Type
- Large Enterprises
- SMEs
By Industry
- IT & Telecom
- BFSI
- Retail & Consumer Goods
- Healthcare
- Education
- Manufacturing
- Others (Travel & Hospitality)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America Market to Gain Traction with Growing Adoption of Advanced Technologies
North America captured a sizeable Software as a Service (SaaS) market share as the region has a vast presence of key players. Moreover, countries, such as the U.S. and Canada, are the early adopters of advanced technologies such as AI, IoT, and robotics.
Europe is predicted to account for a significant share of the market as the region’s leading market participants are introducing advancements in SaaS solutions.
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Competitive Landscape:
Leading Companies to Engage in Mergers and Acquisitions to Expand their Market Reach
Some of the prominent organizations involved in the market are signing merger & acquisition deals to expand their market share and presence across the world. They are acquiring local and small-sized enterprises to enhance their market reach.
FAQs
How big is the software as a service market?
The software as a service market size was USD 237.48 billion in 2022. It is expected to reach USD 908.21 billion by 2030.
How fast is the software as a service market growing?
The software as a service market will exhibit a CAGR of 18.7% during the forecast period, 2023-2030.
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