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SAN FRANCISCO , April 25, 2023 /PRNewswire/ -- The global software as a service (SaaS) market size is expected to reach US$ 819.23 billion by 2030, growing at a CAGR of 13.7% from 2023 to 2030.
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Key growth factors for the market include the adoption of outsourcing business models by enterprises due to the increasing number of small and medium-sized enterprises and startups across the globe.
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The increasing trend towards mobile applications like email, video calling and instant messaging is increasing the use of smart devices which further encourages it.
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The software segment led the market in 2022 and accounted for more than 84% of the global revenue due to increasing demand for cloud-based software outsourcing.
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A private cloud combines many of the advantages of cloud computing, such as ease of service delivery, scalability, security, resilience, and resource personalization of on-premise infrastructure.
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The large enterprise segment led the market in 2022, accounting for more than 60% of the global revenue.
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SaaS gives enterprises better visibility and control over their cloud environment to better manage risk and compliance requirements.
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North America accounts for the largest share of the global SaaS market at 44%. Software as a Service (SaaS) is a fast growing industry in North America and has grown a lot in recent years.
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Cloud-based software solutions are becoming increasingly popular in North America due to their scalability, cost effectiveness and ease of use.