Software As A Service (SaaS) Market 2030: Insights from Industry Leaders
The global software as a service (SaaS) market was valued at USD 261.15 billion in 2022 and is anticipated to experience growth at a compound annual growth rate (CAGR) of 13.7% from 2023 to 2030. SaaS refers to a cloud-based service that delivers software applications to users over the Internet. A key driver of market growth is the increasing adoption of public cloud services by enterprises. Many organizations are transitioning from traditional on-premises software models to SaaS solutions due to the high costs associated with deploying on-premises software, further fueling market expansion. However, concerns surrounding data privacy and security issues related to public cloud services may pose challenges to this growth.
The significant rise in the use of email, instant messaging applications, and video conferencing tools has spurred demand for smart devices among end-users, which is expected to positively impact the SaaS market. Additionally, the adoption of customer relationship management (CRM) SaaS solutions is on the rise as businesses aim to reduce IT expenses and enhance scalability. The customization and configuration of CRM SaaS solutions are becoming increasingly user-friendly, allowing organizations to modify their CRM systems to meet specific requirements, including security needs. For example, in December 2022, AppOmni announced a partnership with Veeva Systems to enhance security for Veeva CRM and Veeva Vault. This collaboration enables life sciences customers to leverage AppOmni’s comprehensive threat detection and configuration management features. Through this integration, joint customers can implement best practices to safeguard sensitive data while ensuring compliance with regulatory standards.
Gather more insights about the market drivers, restrains and growth of the Software As A Service (SaaS) Market
Component Segmentation Insights
The software segment dominated the market in 2022, accounting for more than 84% of the total revenue share. The COVID-19 pandemic has accelerated trends towards remote work and flexible employment arrangements, resulting in a significant shift in employee expectations. Consequently, many organizations are increasingly adopting SaaS solutions to facilitate remote collaboration, enhance productivity, and improve communication. This encompasses a variety of tools, including project management applications, video conferencing platforms, and cloud storage solutions. Furthermore, there is a rising demand for SaaS offerings that incorporate automation and AI-driven insights, aimed at optimizing workflows and boosting efficiency. As digital transformation accelerates across various industries, businesses are relying more on data to streamline operations and gain deeper insights into their customers or users. This trend has led to increased investments in analytics-driven SaaS solutions.
The services systems segment is expected to experience substantial growth during the forecast period. Current trends in SaaS servicing emphasize a stronger focus on customer experience, security, and compliance. SaaS providers are making significant investments in enhancing customer support, including the development of self-service options like chatbots and online knowledge bases to deliver quick and efficient assistance to users. Moreover, SaaS providers are increasingly offering customizable and modular solutions tailored to meet the specific needs of diverse businesses, while also integrating with third-party tools and services to create a seamless user experience. For instance, in March 2022, Ada introduced a new generative AI capability that dramatically reduced the time and labor needed to create, train, and maintain customer service chatbots, far surpassing traditional corporate automation solutions. To further enhance its conversational AI platform, Ada announced plans to expand its utilization of OpenAI's technology.
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