Software as a service (SaaS) Market is expected to reach $416.49 Billion by 2028: COVID Impact, Opportunities, Trends and Forecast

Evolve business intelligence, today has published a new market research report on “The global Software As A Service (SaaS) market size is expected to reach $416.49 Billion by 2028 growing at the CAGR of 11.97% from 2021 to 2028

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the software as a service (SaaS) market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

In terms of COVID 19 impact, the software as a service (SaaS) market report also includes the following data points:

  • COVID19 Impact on software as a service (SaaS) market size
  • End-User/Industry/Application Trend, and Preferences
  • Government Policies/Regulatory Framework
  • Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
  • Opportunity in the software as a service (SaaS) market

The recent COVID scenario is expected to have a positive impact on the software as a service (SaaS) market. Due to the increasing spread of Coronavirus, several companies are working with a limited workforce leading to delays in work/production. This has impacted the market in the years 2020 and 2021.

Competitive Scenario
Some of the major software as a service (SaaS) players holding high market share include Salesforce, Zuora, Microsoft, and IBM. These players use new product development, partnership, and acquisition as key strategies to gain significant market share to compete with market leaders.

Segmental Analysis
The software as a service (SaaS) market is analyzed across the below-mentioned different segments:

  • Deployment
    • Community cloud
    • Public cloud
    • Hybrid Cloud
    • Private Cloud
    • Others
  • End-User
    • SMEs
    • Large enterprises
    • Others
  • Industry
    • Retail IT & telecommunication
    • Entertainment
    • Retail
    • BFSI
    • Healthcare
    • Others

Report Coverage
The study also contains a comprehensive value chain, as well as details on the key factors affecting the market growth (drivers, constraints, and opportunities). Furthermore, the report includes 10 key players in the software as a service (SaaS) market ecosystem that have been strategically profiled, along with the market ranking/share for major players. Under the company profile section, the company’s core competencies have been comprehensively analyzed, along with detailing the competitive landscape for the market players, and the strategies such as partnerships and collaboration, acquisitions, product launches and developments, contracts, and business expansion adopted by them to grow in the market.

The key players profiled in the report are:

  • Salesforce
  • Zuora
  • LinkedIn
  • Microsoft
  • Concur Technologies
  • Medidata Solutions
  • Oracle Corporation
  • IBM Corporation
  • ServiceNow, Inc.
  • Google

Research Methodology
This research study makes substantial use of secondary sources, archives, and databases (such as annual reports, news releases, magazines, Trademap, company websites, and other paid databases) to classify and gather information valuable for this analysis. The entire process involves a review of top industry participants’ financial records. Following the determination of the overall market size, the total market was divided into several segments and sub-segments, and this information was then verified through key industry specialists such as CEOs, directors, VPs, and marketing executives.

Report Objectives

  • To define, describe, and forecast the software as a service (SaaS) market, in terms of value, segmented based on indication, type, technology, and geography
  • To forecast the market size across 4 key regions—Asia Pacific (APAC), North America, Europe, and Rest of the World (RoW)
  • To provide detailed information regarding drivers, restraints, and opportunities, in the software as a service (SaaS) market
  • To provide an overview of the value chain analysis pertaining to the software as a service (SaaS) industry
  • To strategically analyze each segment and subsegment with respect to individual overall growth trends and their contribution to the overall software as a service (SaaS) market
  • To analyze opportunities in the market by identifying high-growth segments of the software as a service (SaaS) market
  • To profile key players in the software as a service (SaaS) market and comprehensively analyze their core competencies
  • To analyze competitive developments such as partnerships, product launches and developments, contracts, and mergers and acquisitions carried out in the global software as a service (SaaS) market.

This article was originally published on clarkcountyblog

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