Software as a Service (SaaS) Market size was valued at USD 261.15 billion in 2022 and is poised to grow from USD 296.93 billion in 2023 to USD 829.34 billion by 2031, growing at a CAGR of 13.7% during the forecast period (2024-2031).
Today, companies are demanding a one-stop solution that will assist them to solve business issues and this is propelling the growth of the SaaS market. Organizations utilize SaaS platforms that combine various applications like customer relationship management (CRM), business intelligence, supply chain management, and e-commerce system. These solutions can be customized for any specific business requirement and use across the corporate network system on several cloud platforms. With the development of the firm companies demand business-based SaaS platforms with built-in compliance and have specific business requirements that will help them to encode corporate policies, rules, and processes. With the increasing usage of mobile phones in offices these applications can help the employees to perform better. The increasing use of emails, instant messaging apps, and video calls expands the necessity for smart devices, driving the SaaS market growth. Furthermore, CRM SaaS solution reduces the expenses of IT and increases the scalability in the firm. The capability to customize and configure CRM SaaS solutions is becoming easier and more affordable so that present and possible business can align their CRM systems to meet the unique requirements and increase security.
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Increasing Investment in Cloud Services by Key Market Players
The implementation of cloud services by end-use businesses will boost the growth of the SaaS industry in the next few years. Many big market players are focusing on increasing their investment to get an improved product portfolio. Companies have also started using advanced software such as edge computing, virtualization, and containerization, which is contributing immensely to the adoption of SaaS services. This increasing inclination towards accepting new technologies is opening several markets for the industry players. AI will also support the growth of the SaaS market in the future as it also being introduced in the software.
High Demand for Comprehensive Solutions is Boosting the Market Growth
In the last few years, there has been a dramatic rise in the SaaS market due to the rising need for an all-inclusive software application for business that are dealing with a various problem. Nowadays, organizations are applying SaaS platform software solutions that combines different applications like customer relationship management (CRM), business intelligence, supply management, and e-commerce system. These solutions can be customized according to the requirement of the business where they can be used through a corporate network on multiple cloud technologies. It is crucial to have business-oriented SaaS platforms that is suitable for their official policies, regulations, and processes. The SaaS solutions also streamlineinteraction, support organizational movement, and help in determining a potential market that can be profitable.
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- In April 2023, Taclia introduced an innovative solution for digitalizing regular management procedures. This will streamline and revolutionizedifferent operational parts for businesses.
- In January 2023, Revionics collaborated with Google Cloud to develop a data-driven pricing platform using BigQuery, Looker, and other innovative tools to improve speed and automation.
- In January 2023, Boxed Inc. announced the availability of Sepresso on the Google Cloud Marketplace. This is a SaaS modular solution platform thatis creating immense scope for improved operational information.
- May 2023, Stibo Systems partnered with Microsoft’s Partner Program to develop and host cloud-based SaaS on Microsoft Azure.
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SaaS allows organizations to apply simple and cost-efficient models of software applications depending primarily on inter-connect without implementing and building specialized systems. Some of the factors boosting the demand of the market are work from home trend, rising use for cloud services, and the requirement for cost-efficient and flexible software. Many companies are also focusing on R&D development and large product portfolioto satisfy the new markets. Furthermore, partnerships and collaborations with technology companies are also increasing the market growth, along with enhancing the abilities and facilitating the popularity of SaaS products.
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