The global SaaS Market size was projected to reach USD 344.3
billion by 2028, according to a new report by Grand View Research, Inc. The
market is expected to expand at a CAGR of 11.0% from 2022 to 2028. The major
growth factors of the market include the growing adoption of outsourcing
business models in enterprises coupled with the growing number of Small and
Medium Enterprises (SMEs) and startups across the globe. Moreover, the rising
trend toward mobile applications such as emails, video calls, and instant
messaging further increases the usage of smart devices that further encourages
the demand for Software as a Service (SaaS) during the forecast period.
However, the growing data privacy and security concerns related to enterprise
data are projected to hamper market growth during the forecast period.
The market practiced a significant rise in the overall
revenue due to COVID-19 owing to the rising demand for cloud applications in
the various enterprises due to Covid-19 restrictions and lockdown.
Additionally, under the lockdown conditions imposed in some countries owing to
the pandemic, many employees and companies prefer public cloud services such as
SaaS. Therefore, the significant increase in the virtual cloud software
platform services during work-from-home scenarios is further projected to
contribute to market growth.
Based on type, the market is further classified into
the enterprise software and productivity software. The enterprise software
segment of the type is forecast to register a significant growth rate of 11.2%
from 2022 to 2028. The significant adoption of SaaS among enterprises for
reducing the cost of the on-premises software model is one of the major factors
that contributed to the growth of the market. The SaaS provides enterprises and
IT developers to effectively deliver virtual applications in the cloud
environment, and streamline operational workflows at an effective price.
Europe is estimated to hold a significant market share
of more than 20% in 2021. Well-developed countries such as Germany, the U.K.,
and France are positively contributing to market revenue. The high market share
can be attributed to the significant presence of the enterprises and cloud
service providers such as SAP SE, Microsoft Corp, and others in the region, and
the long-existing demand for mobile applications among enterprises. Moreover,
the growing number of secured internet servers further provides a significant
growth opportunity for the adoption of cloud applications and services in the
region that further provide ample opportunity to the market.
Related Press Release@ SaaS Market Report
SaaS Market Report Highlights
- Europe is estimated to contribute more than 20.0% in 2021 to the
market revenue. The significant presence of the key market players in the
region and long-standing demand for SaaS among SMEs is responsible for the
significant market share of the region
- The enterprise software segment of the type segment is forecasted
to register a CAGR of 11.2% from 2022 to 2028. A significant rise in the
use of mobile applications in small and medium enterprises with the
significant development of mobile applications is projected to drive the
segment
- Asia Pacific is forecast to grow with the highest CAGR of 12.1%
from 2022 to 2028. China and India are positively contributing to the
growth of the market owing to the growing demand for outsourcing
cloud-based software coupled with the rising number of small and medium
enterprises outsourcing
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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