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.
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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.
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.
By deployment, the Global Software as a Service Market has been segmented into public cloud, private cloud, hybrid cloud, and community cloud.
By end-user, the Global Software as a Service Market has been segmented into SMEs and large enterprises.
By industry, the software as a service market has been segmented into IT & telecommunication, entertainment, BFSI, manufacturing, healthcare, and retail.
The software as a service market, by region, has been segmented into North America, Europe, Asia, and the Rest of the World (ROW). North America is currently dominating the global market. The consolidation of key players coupled with early adoption of technologies has revolutionized the growth of the market in the region. It is expected to continue influencing the expansion of the software as a service market in the forthcoming years. In addition, the U.S. has technologically advanced infrastructure which is another important factor favoring the proliferation of the regional market.
Europe is prognosticated to maintain its second position in the global market. The presence of developed economies such as the U.K., Germany, France, and Italy is projected to accelerate the adoption of software as a service delivery model in the region. Meanwhile, the software as a service market is forecasted to expand its market presence in Asia Pacific at the highest pace
Some of the key players profiled in the report 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.)
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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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