Global Software as a Service Market – Industry Trends and Forecast to 2030

Software as a Service Market Analysis and Size

The rapid digitization across various industries acts as one of the major factors driving the growth of software as a service market. The utilization of the service to eradicate the requirement of integrating the software as an application on their individual servers resulting in the reduction of deployment cost and rise in adoption owning to better deployment with unique customized offerings, accelerate the market growth.

Data Bridge Market Research analyses that the software as a service market  was valued at USD 9.75 billion in 2022 and is expected to reach USD 49.21 billion by 2030, registering a CAGR of 21.7% during the forecast period of 2023-2030. Public cloud segments accounts the highest market share owing to the increasing usage of software as a services tools among the consumer. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

The software as a service market refers to the type of service that is comprised of a collection of software for cloud computing offered by a third-party IT organization via internet. These services tend to get delivered in a certain model to the consumers availing the subscription service for the software. This service is usually hosted centrally from the hosting provider and customer on-demand is provided the collective service.

The Global Software as a Service Market  Dynamics

Drivers

• Requirement of the Accurate Data Unit

The increase in the requirement of accurate data unit, especially in warehouses acts as one of the major factors driving the growth of the global radio-frequency identification technology (RFID) market.

• Security and Access Control

The rise in the use of radio-frequency identification technology for security and access control applications accelerates the market growth.

• Need for Effective Store Handling

The rise in demand for effective store handling across various end use industries, including the manufacturing sector further influences the market.

Opportunity

• Technological advancements in RFID technology

The read range has significantly improved because of increased tag sensitivity, improved reader range, and an increase in RF waves transmit power. This has improved the read range up to 60+ feet for medium inlays. Ten years ago, no one could have imagined that RFID tags can be read from a distance of 60 feet.

Restraint/Challenge

• High Cost associated with service

The cost and return on investment (ROI) of using software with service are the primary barriers. Furthermore, rise in security and infrastructural concerns associated with the protection is expected to obstruct market growth. The issues with unstructured information and the danger of coordinated assaults are projected to challenge the software as a service market in the forecast period.

 Recent Development

• In October 2023, oracle announced the availability of oracle netsuit service to boost the productivity of the organization. Supported by the Oracle Cloud Infrastructure (OCI) generative AI service and embedded across the suite, NetSuite Text Enhance helps users leverage company-specific, relevant data from across NetSuite to create and refine content that is contextual and personalized

The Global Software as a Service Market  Scope

The market is segmented on the basis of deployment mode, organization size and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment Mode

• Public Cloud
• Private Cloud
• Hybrid Cloud

Organization Size

• Large Enterprise
• SMEs

Application

• CRM
• ERP
• Operations & Manufacturing
• BIM
• Web

The Global Software as a Service Market  Region Analysis/Insights

The market is analysed and market size insights and trends are provided by country, deployment mode, organization size and application as referenced above.

The countries covered in the market report are U.S., Canada and Mexico in North America, Brazil, Argentina and rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).

North America is expected to dominate the market due to the high adoption of advanced technologies and a well-established telecommunication sector. Asia-Pacific is expected to expand at a significant growth rate of over the forecast period due to the increase in the adoption of consumer electronics with connectivity features.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Semiconductor Infrastructure growth Installed base and New Technology Penetration

The software as a service market also provides you with a detailed market analysis for every region’s growth in healthcare expenditure for capital equipment, installed base of different kinds of products for the global artificial intelligence in marketing market, the impact of technology using lifeline curves, and changes in battery regulatory scenarios and their impact on the variable frequency drive market. The data is available for the historic period 2010-2020.

Competitive Landscape and Global Software as a Service Market  Share Analysis

The software as a service market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to surgical microscopes market.

Some of the major players operating in the software as a service market are:

• Oracle (U.S.)
• Microsoft (U.S.)
• SAP SE (Germany)
• Hyland Software, Inc. (U.S.)
• IBM (U.S.)
• Newgen Software Technologies Limited (India)
• M-Files Inc. (U.S.)
• Open Text Corporation (U.K)
• ABBYY. (U.S.)
• Adobe (U.S.)
• Artsyl Technologies, Inc (Canada)
• CAPSYS Technologies, LLC. (U.S.)
• Dell Inc. (U.S.)
• Ephesoft Inc. (U.S.)
• Kofax Inc. (U.S.)
• Xerox Corporation (U.S.)

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