Software as a Service Market Size, Share, Analysis Report [2021-2028]

In 2028, the SaaS (Software as a Service) Market is Projected to grow approximately USD 716.52 billion. SaaS applications are run in the cloud and usually accessible through desktops and mobile applications, as well as through a web interface. In its report titled “Software as a Service (SaaS) Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 113.82 billion in 2020 and USD 130.69 billion in 2021. SaaS is one of the primary components of cloud computing. Companies and organizations are using the SaaS model in varied applicatios such as conferencing, salesforce automation, customer relationship management (CRM), web content management, and others. Thus with the increasing demand, the market is expected to grow substantially during the forecast period. For instance, in June 2021, Kylas announced the launch of an Enterprise-Grade SaaS CRM Product for the Indian market to support cloud computing. Industry Development: July 2021: Tata Consultancy Services (TCS) announced the launch of Jile 5.0. It is an updated version of SaaS-based corporate agile application. This new solution will help businesses to offer large-scale development needs across numerous remote teams. Read More: https://www.fortunebusinessinsights.com/software-as-a-service-saas-market-102222 Regional Insights North America to Lead Backed by Existence of Vital Players in Region North America is anticipated to remain at the forefront and hold the highest software as a service market share during the forecast period owing to the increasing application and investment done on SaaS by end-users across industries such as healthcare, retail & consumer goods, and others. Additionally, the presence of major SaaS providers such as IBM Corporation, Microsoft Corporation, Oracle Corporation, Salesforce, Inc., in the U.S. and Canada is expected to promote the regional market. The region’s market stood at USD 57.30 billion in 2020. Asia Pacific Software as a Service Market is expected to display considerable software as service market share in upcoming years, owing to the presence of large enterprises in nations such as China, India, Japan, and Australia. Additionally, the growing venture capital investments to adopt SaaS platforms is promoting the regional market. As per expert opinion, North America industry held the largest revenue share in 2021. Whereas Asia Pacific market is poised to grow at a rapid rate during the study duration. This growth is attributed to usage of SaaS solutions for operations like e-commerce, web hosting, corporate resource planning, customer relationship management, and others. Software as a service is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. SaaS is also known as ""on-demand software"" and Web-based/Web-hosted software.

Software as a Service [SaaS] Market Growth | Global Report 2028

Global Report 2028