Software as a Service is a cloud-based software delivery model in which software and related data are centrally hosted and accessed by clients via a web browser. The concept of software as a service enables users to access all the components and functionality of the subscription model software and not without licensing the product. In other terms, it is on-demand software that offers remote software access to its users over the Internet.
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 17.3% during the forecast period. It has been estimated that the global software as a service market will reach a valuation of USD 381.21 Billion by the end of 2030.
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.
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The global market for software as a service has been segmented on the basis of deployment, end-user, and Industry.
On the basis of deployment, the global market for software as a service has been segmented into the public cloud, private cloud, hybrid cloud, and community cloud.
On the basis of the end-user, the global software as a service market has been segmented into SMEs and large enterprises, among others.
On the basis of Industry, the global market for software as a service has been segmented into IT & telecommunication, entertainment, BFSI, manufacturing, healthcare, retail, among others.
On the basis of region, the global software as a service market has been segmented North America, Europe, Asia Pacific, and the rest of the world.
North America dominates software as a service market due to numerous factors such as – the involvement of significant companies gives North American countries a strategic advantage, the rich entertainment industry, and the strong acceptance of the on-demand software, among others. In addition, the U.S. has emerged as a technologically developed country that is also supporting the growth of the software as a service industry.
Europe stands second-largest in this market. Countries like the United Kingdom, Germany, France, and Italy, which come under the umbrella of developed countries, are creating a high demand for on-demand software for various industries.
The Asia Pacific emerged as the fastest-growing region. Emerging economies of countries, new government policies to encourage start-ups and global attention to the business climate are some of the main factors driving the SaaS market in Asia Pacific.
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.)
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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