Software as a Service (SaaS) Market by Deployment and Geography - Global Forecast & Analysis 2019-2023
Global Software as a Service (SaaS) Market: About this market
Software as a service (SaaS) is one of the three categories of cloud computing services. SaaS is closely related to the application service provider (ASP) and on-demand computing software delivery models. Technavio’s software as a service (SaaS) market analysis considers sales from the deployment of public cloud, private cloud, and hybrid cloud. Our analysis also considers the sales of software as a service (SaaS) in APAC, Europe, North America, South America, and MEA. In 2018, the public cloud segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the inclusion of complete software programs or applications within the computing functionality of public SaaS will play a significant role in the public cloud segment to maintain its market position. Also, our global software as a service (SaaS) market report looks at factors such as the augmenting use of mobile apps, increasing use of AI-enabled SaaS, and rising need for API connections. However, issues associated with system integration, concerns about data security, and increasing acceptance of PaaS may hamper the growth of the software as a service (SaaS) industry over the forecast period.
Global Software as a Service (SaaS) Market: Overview
Increasing use of AI-enabled SaaS
AI-powered SaaS provides chatbots to end-user enterprises. This helps them to personalize and automate services for their customers. In addition, AI-enabled SaaS is quick to respond to a potential threat and provide improved security to enterprises. These benefits of AI- enabled SaaS will lead to the expansion of the global software as a service (SaaS) market at a CAGR of more than 9% during the forecast period.
Increasing use of vertical SaaS
Vertical SaaS can be industry-specific and generate customer data and intelligence. It can refine customization and are cost-effective. Vendors are focusing on expanding their customer base by improving the features of vertical SaaS. This will boost the adoption of vertical SaaS and have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global software as a service (SaaS) market during the forecast period 2019-2023, click here.
With the presence of several major players, the global software as a service (SaaS) market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading software as a service (SaaS) manufacturers, that include Adobe Inc., Microsoft Corp., Oracle Corp., Salesforce.com Inc., and SAP SE.
Also, the software as a service (SaaS) market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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