Software as a Service (SaaS) Market Value to Reach USD 1,228.87 billion by 2032; Use of Advanced Technologies in SaaS Solutions to Accelerate Market Expansion

The global Software as a Service (SaaS) market size touched USD 273.55 billion in 2023 and is predicted to reach USD 317.55 billion in 2024. The market is anticipated to touch USD 1,228.87 billion by 2032, recording a CAGR of 18.4% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Software as a Service (SaaS) Market Size, Share & COVID-19 Impact Analysis, By Deployment Type (Public, Private, and Hybrid), By Application (Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Content, Collaboration & Communication, BI & Analytics, Human Capital Management, and Others), By Enterprise Type (Large Enterprises and SMEs), By Industry (IT & Telecom, BFSI, Retail & Consumer Goods, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2024-2032”.

Digitization has transformed the way industries and companies conduct their daily business activities. These entities are becoming more aware of the benefits of incorporating advanced technologies, such as cloud, to improve their productivity and efficiency. This factor has boosted the adoption of hybrid and public cloud-based services, thereby enhancing the demand for SaaS solutions. Many leading players in this market are entering into collaboration and partnership deals to expand their business operations, which will further accelerate the Software as a Service market growth.

COVID-19 Outbreak Pushed Adoption of Cloud-based Solutions

The COVID-19 pandemic had a major effect on the functioning of the world economy, with several major industries witnessing a dramatic decline in their operations and revenue margins. Many organizations, both well-established and emerging, noted a major reduction in their profit generation capacity during this period due to the enforcement of lockdowns and other restrictions. This scenario forced people to stay indoors and companies to formulate remote working programs and policies. This move increased the demand for SaaS, with several companies adopting the same to keep up with the expanding pool of remote employees and acclimatize to the changing business landscape. These factors helped the Software as a Service market share to increase during the pandemic period.

Use of Advanced Technologies in SaaS Solutions to Accelerate Market Expansion

Software as a Solution (SaaS) solution providers are introducing a wide range of upgrades to improve the performance of their products. One of these upgrades include the integration of advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), to enhance the operational intelligence and proficiency of enterprises. Companies in many industries take the help of autonomous innovations to boost the quality of their products and services. They also optimize their content to understand the unique and varied needs of their customers with the help of data-driven analysis. The usage of ML and AI can transform this market by improving the basic features of many software solutions. These aspects will accelerate the market growth.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/software-as-a-service-saas-market-102222

Competitive Landscape

Merger & Acquisition Strategies Used by Market Players to Enhance Global Presence

Some of the key companies operating in the market are focusing on increasing their global presence and market share by implementing merger & acquisition strategies. They are acquiring small-scale and local businesses to boost their market presence and improve their customer reach.

Notable Industry Development:

• February 2022: Salesforce announced the launch of an advanced sales cloud feature and revenue intelligence that combines Sales Cloud and CRM analytics. This solution would provide a unified revenue management command center. Furthermore, the feature includes intelligent cloud services for finance, manufacturing, consumer goods, and communications industries.

List of the Companies Profiled in the Report:

• Alphabet Inc. (U.S.)


• Amazon.com, Inc. (U.S.)


• Microsoft Corporation (U.S.)


• IBM Corporation (U.S.)


• Salesforce Inc. (U.S.)


• SAP SE (Germany)


• Oracle Corporation (U.S.)


• Cisco Systems, Inc. (U.S.)


• Hewlett Packard Enterprise Company (U.S.)


• ServiceNow, Inc. (U.S.)

Further Report Findings

• North America accounted for the largest share in the global market as the region has a strong presence of leading software developers. North America is known to be one of the early adopters of advanced technologies, such as IoT, AI, cloud, and robotics. Prominent SaaS solution providers, such as IBM Corporation, Microsoft Corporation, and Oracle Corporation hold a strong foothold in this region.


• The Asia Pacific market is anticipated to showcase considerable growth during the forecast period as the demand for better agility and resilience is rising among companies that plan to implement cloud solutions. Both the developed as well as developing nations, such as India, Japan, and China have made important contributions to speed up the region’s usage of cloud-based technologies.

Table of Segmentation