Software as a Service is defined as a software delivery model that is hosted by a third-party provider who makes the application accessible to the target consumers through internet browser. SaaS companies offer access to their software mostly through an application or website. Software as a Service applications are also known as Web-based software, hosted software, and on-demand software. In the Hosted model, software vendors host and maintains the database, code, and servers that make up an application. It is a cloud-based service that enables users to get access to several components and features of software using a subscription model, which includes a software license and other fees. The end-user can run the software locally on their system using the internet without downloading the software.
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The major factors that are responsible for the growth of the global Software as a Service market include the increasing use of smartphones, tablets, and laptops, the growing adoption of public and hybrid cloud, and the rising business outsourcing. The increasing penetration of instant messaging applications, emails, and video calls is increasing the demand for smart devices such as smartphones and tablets among the end-users. Thus, the rising demand among the consumers who are actively looking for software with remote access option at a lower price, will lead to an increase in the demand for SaaS solutions across the globe.
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In addition to this, the rising usage of mobile apps for food delivery, payments, and healthcare services will drastically increase the demand for SaaS-based mobile apps as it is cost-efficient and easy to use. The growing trend of business outsourcing and rapid globalization is encouraging enterprises to expand their global footprint to capture the increasing demand of the consumers. Various organizations are looking for reliable business data software to enhance their workforce investment strategies and to discover potential problems and their solution, thereby fuelling the growth of the market. Moreover, the increasing adoption and integration of Artificial intelligence (AI) with SaaS as it improves security level and offers features such as easy customization at minimal cost, will attract a large number of end-users towards the market. SaaS offers various benefits such as lower license costs of hardware and software, reduces the time spent in installation and configuration. It also provides scalability, compatibility, accessibility, and easy to installation and upgradation features. However, the growing data security concerns and complexity with regulations compliance are restraining the market growth.
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The Global Software as a Service market has been segmented based on end-user, application, deployment type, organization size, and key region. Based on end-user, the market is segmented into Manufacturing, Healthcare, IT & Telecom, Retail, Education, Government, BFSI, and Oil & Gas. Based on the application, the market is segmented into Customer Relationship Management (CRM), Human Resource Management (HRM), Financial Management, Sales Management, Enterprise Resource Planning (ERP), and Supply Chain Management. Based on the deployment type, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Based on the organization size, the market is categorized as Small and Medium Enterprises and Large Enterprises.
Key questions answered in this research report:
- At what pace is the Global Software as a Service market growing? What will be the growth trend in the future?
- What are the key drivers and restraints in the Global Software as a Service market? What will be the impact of drivers and restraints in the future?
- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the Global Software as a Service market?
- Who are the various end-users of the Global Software as a Service market, and how are they poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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