A new market study, titled “Discover Global Software as a Service (SaaS) Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Software as a service (SaaS) is a software licensing and delivery model in which software is licensed on a subscription basis and is centrally hosted. It is a software distribution model in which a third-party provider hosts applications and makes them available to customers over the internet. In this web-based model, software vendors host and maintain the servers, databases, and code that constitute an application. The global software as a service (SaaS) market is expected to grow at CAGR of 22%, reaching $185.8 billion during the forecast period.
The software as a service (SaaS) market growth is primarily driven by a rise in the adoption of hybrid cloud solutions. As the cloud computing market continues to grow, enterprises are exploring different cloud models in search of the right balance of functionality, flexibility and investment protection. Hybrid cloud lets organizations provide, use, and manage IT resources across their on-site data centres and a compatible public cloud. Factors like increased speed of delivery to end-users, need for improved disaster recovery capabilities, improved resource utilization, and reducing IT capital expenses; are driving organizations to move workloads to hybrid cloud. Increasing business outsourcing and globalization are prompting organizations to expand their boundaries to offer services to clients around the world. The extensive use of social media and instant messaging has also contributed to market growth.
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The market has been segmented based on deployment, application, and vertical. By deployment, the global software as a service (SaaS) market is segmented into public, private, and hybrid. In 2018, public cloud deployment segment accounted for the largest market share. As a public cloud user, organizations aren’t responsible for managing cloud hosting solution. The cloud service provider is responsible for the management and maintenance of the centres in which the data is stored. By vertical, the market is segmented into BFSI, healthcare, life sciences, telecommunications, ITES, government and public sector. In 2018, BFSI vertical accounted for the majority share in the market as it deals with large volumes of sensitive and private financial data.
The software as a service (SaaS) market segmentation by business applications includes business intelligence and analytics, enterprise resource planning, customer relationship management, human capital management, supply chain management, unified communication and collaboration, finance and accounting, enterprise content management, collaboration, risk and compliance management, product lifecycle management, and enterprise performance management. The market is also segmented by large enterprises and small and medium businesses.
The software as a service (SaaS) market is segmented into North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2018, North America accounted for the largest market share due to regulations, advanced infrastructure, presence of several enterprises, and technical expertise. APAC market region is expected to grow due to increased demand for cloud computing among small and medium-sized enterprises.
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The software as a service (SaaS) market has been witnessing intense competition among top players that are focusing on expanding their customer base and leveraging on strategic collaborative initiatives to increase market shares and profitability.
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This post was originally published on Food and Beverage Herald