The Business Research Company’s Software as a Service (SaaS) Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, July 15, 2021 /EINPresswire.com/ — Rapid changes in business dynamics in the market are expected to benefit the software as a service (SaaS) market in the forecast period as cloud-based solutions support business operations in changing conditions. Dynamic market conditions include economic uncertainty, competitive rivalry and the increasing adoption of mobile, changing regulations, internet usage and applications. These conditions along with the increasing number of infrastructures and established networks have forced organizations to pursue scalable and flexible solutions such as SaaS and other cloud enabled services to run and supervise their operations in a cost-effective and efficient way. These factors have also compelled companies to outsource applications and prefer cloud computing services like SaaS to reduce their cost burden on infrastructure. Companies that seek services from a third-party vendor are more likely to get better performance, compliance and customer satisfaction at a low cost. For example, Sony Communications aims at delivering innovative products and better experience to its customers using automation and Infosys SaaS solutions. Infosys helped Sony to attain customer loyalty and win competition by providing robust IT solution and design thinking at a low cost which helped Sony to have a competitive edge in the market.
Major players in the market are Salesforce, ServiceNow, Microsoft, Google and Cisco.
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The global software as a service (SaaS) market is expected to grow from $225.6 billion in 2020 to $272.49 billion in 2021 at a compound annual growth rate (CAGR) of 20.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $436.9 billion in 2025 at a CAGR of 12.5%.
The global SaaS market is segmented by application into customer relationship management (CRM), enterprise resource planning (ERP), human resource management (HRM), manufacturing and operations, supply chain management (SCM), by deployment model into public cloud, private cloud, hybrid cloud; by enterprise size into small & medium enterprises (SMEs), large enterprises, and by end user into manufacturing, retail, education, healthcare, IT & telecom, BFSI, others.
Software as a Service (SaaS) Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides software as a service market overview, forecast software as a service market size and growth for the whole market, software as a service market segments, and geographies, software as a service market trends, software as a service market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire