Global software as a service market is expected to rise to an estimated value of USD 272.70 billion by 2026, registering a healthy CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to major organizations adopting outsourcing facilities for various services and operation handlings of their businesses, coupled with greater utilization of social media and other messaging platforms for better communication solutions.
The statistical and numerical data that has been included in the report is represented with the tables, graphs and charts which eases the understanding of facts and figures. In software as a service report; a systematic investment analysis has been performed which forecasts impending opportunities for the market players. A competent data and brilliant forecasting techniques used in this report are synonymous with accurateness and correctness.Software as a service report is a meticulous analysis of existing scenario of the market, which covers several market dynamics. The market study of this report takes into consideration a market attractiveness analysis, where each segment is benchmarked based on its market size, growth rate, and general attractiveness.
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Major Market Competitors/Players
Few of the major competitors currently working in the global software as a service market are Symantec Corporation; Google; FUJITSU; Amazon Web Services, Inc.; Freshworks Inc.; IBM Corporation; HP Development Company, L.P.; Micro Focus; Oracle; Adobe; Cisco Systems, Inc.; Xero Limited; TABLEAU SOFTWARE; SAP SE; Microsoft; Salesforce.com, inc.; Workday, Inc.; Infor; Avaya Inc.; Epicor Software Corporation; RACKSPACE US, INC.; ServiceNow; Zuora Inc.; ADP, LLC. and Blackboard Inc. among others.
Global software as a service market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of software as a service market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
- Increased demand for cost-effective solutions that require lower consumption of resources while delivering equally effective product offerings
- Better deployment with unique customized offerings of these offerings is expected to drive the growth of the market
- Increased demand from various end-users to reduce their organizational costs while availing equally effective services is boosting the growth of the market
- Reduced costs of hardware, maintenance individual licenses for each software is also expected to foster growth of the market
- Varied concerns regarding security and infrastructural concerns related to privacy are factors expected to restrict the adoption
- Requirement of high-speed internet service for the effective integration and utilization of this service is also expected to restrain the market growth
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Segmentation: Global Software as a Service Market
By Deployment Model
(Private Cloud, Public Cloud, Hybrid Cloud),
(Large Enterprises, SMEs),
(CRM, ERP, Operations & Manufacturing, BIM, Web Conferencing, ECM, Enterprise Asset Management, HCM, UC&C, Finance & Accounting, Structured Data Management, Collaboration, Security, System/Network Management, Engineering, Storage Software, Application Server Middleware, Integration & Process Automation Middleware, Quality & Lifecycle Tools, Business Process Management, HRM, SCM, Others),
(Manufacturing, BFSI, Healthcare, Travel & Hospitality, Retail, Government, Utilities, IT & Telecommunications, Education, Professional Services, Others),
(North America, Europe, Asia-Pacific, South America, Middle East and Africa)
Key Developments in the Market:
- In June 2019, Freshworks Inc. announced that they had entered into a partnership with OrangeOne Corporation providing distribution services of various software developers to consumers in the Japan region. This partnership will help in better engagement of customers for Freshworks’ product offerings, applicable in various applications and end-users across the region
- In May 2019, Freshworks Inc. announced that they had acquired Natero, Inc. This acquisition will provide Freshworks Inc. with a combined SaaS program that provides marketing, sales, support and customer success. This unification will help in expansion of customer base while enabling the consumers of this program to retain greater volume of customers with low amount of resources available. The integration of combined services also helps in better service provision to the customer’s offerings unique solutions identified based on analysis
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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