Software-as-a-service Market Statistics

Software-as-a-service (SaaS) is a method of software delivery that allows data to be accessed from any device with an internet connection and a web browser. In this web-based model, software vendors host and maintain servers, databases, and code that makes up an application accessible. There are various advantages of SaaS such as accessibility, compatibility, and operational management. In addition, SaaS models offer lower upfront costs than traditional software download and installation, making them more available to a small range of businesses. SaaS customers also benefit from the fact that service providers can make automatic updates in software often on a weekly or monthly basis so enterprises do not need to worry about buying new releases when they are available or installing patches such as security updates as it gets updated automatically.

Market scope and structure analysis:

COVID-19 Scenario Analysis:

• With the current shift toward remote working, Zoho Corporation has seen an increase in use of products that boost productivity and collaboration to facilitate and provide seamless connectivity between users.
• Vertical SaaS companies that offer services to speciality sectors such as hospitality, travel, and food have been affected negatively.
• SaaS based company models are impacted negatively, owing to COVID-19, as most companies follow a recurring revenue model with long-term relationship building with customers, however, it's extremely difficult to acquire new customers. Thus, companies are focusing on retention of previous customers.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The major factors that are responsible for growth of the software-as-a-service market include increase in use of smart gadgets and growth in adoption of public and hybrid cloud, which encourages business outsourcing. Rise in penetration of instant messaging applications, emails, and video calls increases the demand for smart devices among end users. Thus, organizations are actively looking for software with remote access options at a lower price, which, in turn, boosts the demand for SaaS software. In addition, rise in use of mobile apps for food delivery, payments, and healthcare services is increasing the demand for SaaS-based mobile apps. However, growth in data security concerns and complexity with regulations compliances restrain the SaaS market growth. Contrarily, rise in adoption and integration of Artificial intelligence (AI) with SaaS and data analytics is expected to boost the SaaS software market during the forecast period. Moreover, rise in trend of business outsourcing and rapid globalization is encouraging enterprises to expand their business data software, which is reliable, thus is expected to drive the SaaS market.

Rise in adoption of SaaS by organizations for better mobile applications

Rise in number of industries that are moving with SaaS mobile applications with the hope of increasing their real-time users and user engagement interface is expected to propel the market growth. SaaS mobile app development solutions are increasingly being adopted by small & medium enterprises. Factors such as increased user base, user engagement, and easier deployment have propel businesses who are in the SaaS domain to expand their business strategies to mobile apps.

Increase in use of SaaS for data analytics

Businesses using SaaS software usually have access to data silos, which can be used for analyzing, intelligence tools integration and visualizations that can provide valuable insights into business operations, allowing for workflows to be streamlined and efficiency savings to be actioned. Using unused data silos to create business insights will allow organizations to understand consumer behavior and target audience accordingly.

Key segments covered:

Key benefits of the report:

• This study presents analytical depiction of the global software-as-a-service industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global software-as-a-service market share.
• The current market is quantitatively analyzed from 2021 to 2027 to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in coming years.

 Questions answered in the software-as-a-service market research report:

• Who are the leading players in the software-as-a-service market?
• What would be the detailed impact of COVID-19 on the market?
• What the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?