Software As A Service (SaaS) Market 2021 - Global Forecast To 2030

The Business Research Company’s Software As A Service (SaaS) Market - Opportunities And Strategies – Global Forecast To 2030

LONDON, GREATER LONDON, UK, October 28, 2021 /EINPresswire.com/ -- The demand for artificial intelligence (AI) has been increasing in the software as a service (SaaS) market for several reasons. For instance, it can increase productivity and efficiency while automating repetitive tasks and supporting human capabilities. Artificial intelligence is concerned with building smart machines capable of performing tasks that typically require human intelligence. AI is expanding across various industries especially in information technology. Artificial Intelligence is helping optimize businesses around the world and is projecting a market value of $733.7 billion by 2027. AI helps the SaaS industry in three major ways, it provides personalization, speed and improved security. For personalization solutions, AI offers the use of technologies such as natural language processing (NLP) which can be activated by human speech and voice control. To offer better speed, AI speeds up various operations across the business and internal processes to attain faster answers, make quick forecasts and to offer rapid responsiveness. For improved security, AI uses its unique ability of machine learning to recognize patterns, SaaS security is enhanced by the quick identification and remedy of potential threats with built-in self-recovery. For instance, in 2019, Grammarly, a language and grammar recommendations SaaS company had secured $90 million in funding for its AI based grammar and writing tools model. Artificial Intelligence can help the SaaS providers improve their software as a service business in a major way.

IoT technology adoption by manufacturing, transportation services and other companies is expected to drive the cloud services market in the forecast period. IoT is a network of physical objects such as devices, vehicles, buildings and other items which are embedded with electronics, software, sensors and network connectivity that enable these objects to collect and exchange data. The emergence of IoT based support service offerings by the SaaS industry is expected to drive revenues for the SaaS providers.

The global software as a service market is expected to grow from $225.60 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 grow at a CAGR of 14.1% from 2020 to reach $436.90 billion in 2025. The global SaaS market is expected to reach $714.97 billion in 2030, at a CAGR of 10.4%.

Read More On The Global Software As A Service (SaaS) Market Report:
https://www.thebusinessresearchcompany.com/report/software-as-a-service-saas-market

Major players covered in the global software as a service industry are Microsoft Corporation, Salesforce.com, Inc., Oracle Corporation, Automatic Data Processing, Inc., Alphabet Inc.

TBRC’s global software as a service (SaaS) market report 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, by end user into manufacturing, retail, education, healthcare, IT & telecom, BFSI, others.

Software As A Service (SaaS) Market - By Application (Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and Operations, Supply Chain Management (SCM)), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Enterprise Size (Small & Medium Enterprises (SMEs), Large Enterprises), By End User (Manufacturing, Retail, Education, Healthcare, IT & Telecom, BFSI), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides software as a service (SaaS) market overview, forecast software as a service (SaaS) market size and growth for the whole market, software as a service (SaaS) market segments, and geographies, software as a service (SaaS) market trends, software as a service (SaaS) market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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