Mar 23, 2020, 04:07 EST
San Francisco, United States, Mar 23, 2020, 04:07 /Comserve / -- The software as a service (SaaS) market has reaped in massive profits owing to the rise in software development outsourcing and ancillary services over the past few years.
Vast number of service and software providers has started looking out for new avenues of growth due to the economic sluggishness and the low expansion rates. In the emerging nations, the most preferred service comes across as business outsourcing. Also, owing to the continuing transition in requirements of business due to the recent IT trends, the organizations are focusing on SaaS solutions so that they can provide efficient approach for deployment. This is resulting in the rapid growth of SaaS market.
The global Software as a Service (SaaS) market is valued at USD 60.36 billion by the end of 2027, growing at a CAGR of 10% during 2020-2027.
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Global Software as a Service (SaaS) Market are quantitatively also subjectively valued to think about the Global just as regional market equally. This market study presents basic data and true figures about the market giving a general assessable analysis of this market based on market trends, market drivers, constraints and its future prospects. The report supplies the worldwide monetary challenge with the help of Porter’s Five Forces Analysis and SWOT Analysis.
The key players in the market are Symantec Corporation, Google Inc., Fujitsu Ltd., Amazon.com Inc., IBM Corporation, HP, Oracle Corporation, SAP SE, Microsoft Corporation and Salesforce.
By region, North America has the largest market share in the global SaaS market. The main reason is the extensive use of SaaS-based solutions such as human capital management (HCM), office suites, emails and web conferencing. Asia-Pacific is anticipated to be the fastest growing region for the SaaS market, owing to the increasing number of SaaS vendors who provide continuous marketing, support and sales services to their clients.
It illuminates the political scenario of the market and anticipates its impact on the market for Software-as-a-Service (SaaS).
Middle East and Africa (GCC countries and Egypt)
North America (USA, Mexico and Canada)
South America (Brazil, etc.)
Europe (Turkey, Germany, Russia, United Kingdom, Italy, France, etc.)
Asia Pacific (Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia)
By Type: Cloud Based, Web Based
By Application: Large Enterprise, SMB
Key growth factors
The increasing business outsourcing and globalization are prompting the organizations to expand their boundaries to offer services to clients around the world. Organizations are looking for reliable business data to improve their workforce investment strategies and discover potential problems and their causes. The extensive use of social media and instant messaging has led to the adoption of SaaS among various enterprises.
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