North America Accounts For Over Half Of The Global Software As A Service (SaaS) Market

LONDON, June 16, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the SaaS market, North America is the largest region in the global software as a service (SaaS) market, accounting for 57.5% of the total in 2020. It was followed by Western Europe, Asia-Pacific, and then the other regions. Going forward, the fastest-growing regions in the software as a service (SaaS) market will be Asia-Pacific and the Middle East, where growth will be at CAGRs of 17.3% and 17.0% respectively. These will be followed by South America, and Africa where the markets are expected to grow at CAGRs of 16.2% and 14.0% respectively, during 2020-2025.

The SaaS market size 2020 was $225.6 billion and is expected to grow to $272.49 billion in 2021 at a compound annual growth rate (CAGR) of 20.8%. SaaS market size 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 global software as a service (SaaS) market is expected to reach $436.9 billion in 2025 at a CAGR of 12.5%.

The Business Research Company’s report titled Software as a Service (SaaS) Global Market Report 2021: COVID-19 Impact and Recovery to 2030 covers major SaaS companies, SaaS market share by company, SaaS manufacturers, SaaS market size, and SaaS market forecasts. The report also covers the global SaaS market and its segments.

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IoT technology adoption by manufacturing, transportation services and other companies is expected to drive the cloud services market in the forecast period as well. 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 SaaS providers.

A confluence of existing factors driving cloud transition has been further accelerated by the COVID-19 crisis: cloud spending rose 37% to $29 billion during the first quarter of 2020. This trend is likely to persist, as the exodus to virtual work underscores the urgency for scalable, secure, reliable, cost-effective off-premises technology services. In fact, despite the inevitable economic downturn in the wake of the pandemic, cloud spending was estimated to rise 19% for the full year, even as IT spending as a whole was forecasted to fall 8%.

Amidst this unprecedented outbreak of coronavirus, with governments across the world advising people to stay indoors and practice social distancing to reduce the spread of the pandemic, a majority of companies started operating virtually in a work-from-home setup. This lead to companies shifting their business processes and operations to a virtual setup. As a part of these technological advancements, companies have started operating on cloud-based software to share files and stay connected to each other for better communication through SaaS based ERP, CRM, HRM and SCM systems. Thus, there has been a good amount of growth of the SaaS market, both in terms of sales and revenue.

Software as a Service (SaaS) Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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