Software as a Service Market Insights, Leading Key Players And Top Factors Driving 2020–2027

The major factors that are responsible for the growth of the global Software as a Service market include the increasing use of smartphones, tablets, and laptops, the growing adoption of public and hybrid cloud, and the rising business outsourcing. The increasing penetration of instant messaging applications, emails, and video calls is increasing the demand for smart devices such as smartphones and tablets among the end-users. Thus, the rising demand among the consumers who are actively looking for software with remote access option at a lower price, will lead to an increase in the demand for SaaS solutions across the globe.

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Software as a Service is defined as a software delivery model that is hosted by a third-party provider who makes the application accessible to the target consumers through internet browser. SaaS companies offer access to their software mostly through an application or website. Software as a Service applications are also known as Web-based software, hosted software, and on-demand software. In the Hosted model, software vendors host and maintains the database, code, and servers that make up an application. It is a cloud-based service that enables users to get access to several components and features of software using a subscription model, which includes a software license and other fees. The end-user can run the software locally on their system using the internet without downloading the software.

In addition to this, the rising usage of mobile apps for food delivery, payments, and healthcare services will drastically increase the demand for SaaS-based mobile apps as it is cost-efficient and easy to use. The growing trend of business outsourcing and rapid globalization is encouraging enterprises to expand their global footprint to capture the increasing demand of the consumers. Various organizations are looking for reliable business data software to enhance their workforce investment strategies and to discover potential problems and their solution, thereby fuelling the growth of the market. Moreover, the increasing adoption and integration of Artificial intelligence (AI) with SaaS as it improves security level and offers features such as easy customization at minimal cost, will attract a large number of end-users towards the market. SaaS offers various benefits such as lower license costs of hardware and software, reduces the time spent in installation and configuration. It also provides scalability, compatibility, accessibility, and easy to installation and upgradation features. However, the growing data security concerns and complexity with regulations compliance are restraining the market growth.

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Based on the application, the human resources management segment is projected to grow at a higher CAGR during the forecast period owing to the growing penetration of SaaS-based HR management software among SMEs driven by its lower cost and easy to upgrade feature. It also enables remote access and increases the profitability of an enterprises. SaaS-based HR management applications help to improve employee productivity as user can quickly adapt to the additional features in minimum time and effort. The SaaS-based human resource application offers a systematic management of all the HR related activities such as employees attendance management, notices & announcements, employee tracking, recruitment, and other activities.

Based on the deployment type, the public cloud segment is expected to grow at a higher CAGR in the Software as a Service market during the forecast period due to its higher elasticity and scalability, which are best suited for IT-enabled services. Public cloud software offers various benefits such as cost-effectiveness, easy and quick to integrate, eliminates the maintenance cost, and enhances the overall security.

Based on the organization size, the small and medium-sized enterprises is expected to grow at a higher CAGR over the forecast period. SaaS offers various benefits to SMEs, such as it reduces hardware and software costs and eliminates the licensing and maintenance cost. SaaS-based solutions are easy to use and offer high scalability and flexibility, which is encouraging the demand for SaaS among SMEs to enhance the customer experience.

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Based on the region, North America is projected to grow at a higher CAGR over the forecast period. The increasing adoption of SaaS across the sectors, especially BFSI in this region. The rising demand for cloud computing services across the U.S., coupled with growing adoption of SaaS among government organisation of North America, also fuels the growth of the market.

Various notable players operating in the global Software as a Service market include IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Salesforce.com, Inc., Cisco Systems, Inc., Amazon Web Services Inc., Hewlett Packard Enterprise Development LP, Infor, Inc., VMware, Inc., SolutionsDots Systems ltd. Symantec Corporation, among others.

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Key Development:

• In Oct 2019, SAP entered into three-year cloud partnership with Microsoft called “Embrace” to help their customer to run operations hosted at remote servers supported by SAP’s flagship S/4HANA database.
• In Jul 2019, Microsoft Corporation entered into a partnership with ServiceNow, an American cloud computing company, to enhance the integration and optimization of the companies’ products, platform and cloud capabilities. This partnership enables their private and government sector customer to accelerate their digital transformation and drive new levels of insights and innovation.

The Global Software as a Service market has been segmented based on end-user, application, deployment type, organization size, and key region. Based on end-user, the market is segmented into Manufacturing, Healthcare, IT & Telecom, Retail, Education, Government, BFSI, and Oil & Gas. Based on the application, the market is segmented into Customer Relationship Management (CRM), Human Resource Management (HRM), Financial Management, Sales Management, Enterprise Resource Planning (ERP), and Supply Chain Management. Based on the deployment type, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Based on the organization size, the market is categorized as Small and Medium Enterprises and Large Enterprises.

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