SaaS Market size is projected to reach USD 344.3 billion by 2028

 SaaS Industry Overview

The global SaaS market size was valued at USD 165.9 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 11.0% from 2022 to 2028.

 

Software as a Service (SaaS) is a cloud service that provides software applications virtually through the internet. The rising adoption of public cloud services across enterprises is one of the major factors that propel the market growth during the forecast period. The growing shift of enterprises towards SaaS from an on-premises model owing to the high cost of the on-premises software deployment is further projected to propel the growth of the market for SaaS over the forecast period. However, the concern related to data privacy and security related to the public cloud is projected to hinder the market growth.

 

Gather more insights about the market drivers, restrains and growth of the Global SaaS Market

 

The significant increase in the adoption of emails, instant messaging applications, and video calls encourages the demand for smart devices among end-users. This, in turn, is projected to contribute to the growth of the market for SaaS. Through SaaS applications, people can connect from everywhere apart from offices therefore, the growing trend towards work from home across the globe is further projected to provide ample opportunities for the growth of the market for SaaS in the near future. Additionally, the growing demand for business outsourcing in enterprises further propels market growth over the forecast period.  

 

The COVID-19 outbreak further positively impacted the market for SaaS as many of the enterprises opted for cloud software platforms during the lockdown. The lockdown imposed by the government has led to substantial growth in the adoption of cloud software platform services such as SaaS across various enterprises. The increased use of public cloud services during work from home has reinforced SaaS adoption for the virtual management of the work in enterprises. Therefore, the significant increase in the adoption of third-party software services across the globe during the pandemic further augmented the growth of the market for SaaS.

 

Browse through Grand View Research's Next Generation Technologies Industry Research Reports

  • Education Technology Market: The global education technology market size was valued at USD 123.40 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 13.6% from 2023 to 2030.
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Key Companies Profile

Some of the prominent players in the SaaS market include:

  • Adobe Inc.
  • Microsoft Corp.
  • Alibaba Cloud
  • IBM Corp.
  • Google LLC
  • Salesforce
  • Oracle Corp.
  • SAP SE
  • Rackspace Technology, Inc.
  • VMware Inc.
  • IONOS Cloud Inc.
  • Cisco Systems, Inc.
  • Atlassian
  • ServiceNow

 

Order a free sample PDF of SaaS Market Intelligence Study, published by Grand View Research.

 

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