Press release
Software as a Service Market Poised for Rapid Growth with CAGR of 21% by 2022 | Global Leaders- Workday, IBM, NetSuite, ServiceNow, Zuora
Market Research Future
Market Synopsis:
As per the analysis presented by Market Research Future (MRFR), the global software as a service market is predicted to grow exponentially in the forthcoming years. The market is poised to strike a CAGR of 21% during the forecast period. It has been estimated that the global Software as a Service Market will reach a valuation of USD 117 Bn by the end of 2022.
The developments and advancements adopted in the cloud technology have paved the way for software as a service across different industry verticals. It enables the clients to access software and the associated data through a web browser. The convenience offered by the technology is one of the key factors responsible for driving the growth of the global market.
The subscription model of the software has revolutionized the adoption of technology in every sector and industry. The growing dependency on technology has fueled the demand for software service solutions and is likely to propel the expansion of the software as a service market over the assessment period. In addition, it comes as a cost-effective way to sustain competition for the SMEs that are not equipped for licensing the software. This, in turn, is anticipated to further boost the growth trajectory of the software as a service market.
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The growth of the IT industry is prognosticated to drive the expansion of the software as a service market. Furthermore, factors such as high demand for data analysis software, speed deployment, availability of customization, etc. is likely to favor the proliferation of the software as a service market.
Key Players
The major players operating in the market of Software as a Service Market are- Salesforce (U.S.), LinkedIn (U.S.), Concur Technologies (U.S.), Workday, Inc. (U.S.), IBM Corporation (U.S), Oracle Corporation (U.S.), NetSuite Inc. (U.S.), Medidata Solutions (U.S.), ServiceNow, Inc. (U.S.), Microsoft Inc. (U.S.), Google Inc. (U.S.), Zuora (U.S.) among others.
Segments:
The Software as a Service Market has been segmented on the basis of-
By Deployment- Public Cloud, Private Cloud, Hybrid Cloud and Community Cloud.
By End User- SMEs and Large Enterprises among others
By Industry- IT & Telecommunication, Entertainment, BFSI, Manufacturing, Healthcare, Retail among others.
Market Research Future Analysis:
The Global Software as a Service Market is estimated to grow at US ~$117 billion by the end of forecast period with compound annual growth rate of ~21%. Countries such as U.S. U.K. Germany, Canada, Italy, France, China, Japan and India are some of the biggest revenue contributor in the global market. One Analyst from MRFR has quoted that “Currently, North America is dominating the market of Software as a Service and by looking at current scenario, it is expected that North America will continue to dominate the market throughout the forecast period” Europe holds second biggest market position whereas Asia-Pacific has emerged as fastest growing market due to the favorable startup environment in India and China.
Industry News:
In December 2018, Fintech startup ‘YayPay’ has raised USD 8.4 Mn for its software-as-a-service solution which focusses on the collection of money from outstanding invoices.
In December 2018, GAN plc, a leading developer and supplier of enterprise-level B2B Internet gaming software, has announced the launch of Simulated Gaming Website for its Pearl River Resorts portfolio.
In December 2018, Sargon Capital, a private equity firm, has acquired Decimal Software, an Australian financial technology company. The transaction was worth USD 5Mn.
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Intended Audience
Software developers
Government Agencies
On-Demand Software providers
Cloud service providers
Cloud computing companies
Research Institutes & Universities
Media Contact:
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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