Software as a Service Market 2022 | Business opportunities and rapid growth with significant trends by 2029


Allied market

The increasing adoption of artificial intelligence (AI) in sectors such as healthcare, BFSI and others is considered as one of the emerging trends.

PORTLAND, PORTLAND, OR, USA, March 8, 2022 / — Major factors responsible for the growth of the Software as a Service market include increasing use of smart gadgets and growth in the adoption of public and hybrid cloud, which encourages the outsourcing of activities. Rising penetration of instant messaging apps, emails and video calling is increasing the demand for smart devices among end users. Thus, organizations are actively looking for software with remote access options at a lower price, which, in turn, is driving the demand for SaaS software. Also, the rise in the use of mobile apps for food delivery, payments, and healthcare services is increasing the demand for SaaS-based mobile apps. However, growing data security concerns and complexity of regulatory compliance is restraining the growth of the SaaS market. On the contrary, increasing adoption and integration of artificial intelligence (AI) with SaaS and data analytics is expected to drive the SaaS software market over the forecast period. Moreover, the increase in the trend of business outsourcing and rapid globalization are encouraging companies to develop their enterprise data software which is reliable and hence is expected to drive the SaaS market.

An increase in the number of industries adopting SaaS mobile applications in the hope of increasing their real-time users and user engagement interface is expected to propel the growth of the market. SaaS mobile application development solutions are increasingly being adopted by small and medium-sized businesses. Factors such as increasing user base, user engagement, and easier deployment have driven companies in the SaaS domain to extend their business strategies to mobile applications.

Businesses using SaaS software typically have access to silos of data, which can be used for analysis, integration of intelligence tools, and visualizations that can provide valuable insights into business operations, helping to streamline workflows and achieve efficiency savings. Using unused data silos to create business insights will allow organizations to understand consumer behavior and target audience accordingly.

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Major Industry Players – Avaya, Epicor Software Corporation, Google LLC, Hewlett Packard Enterprise Company, Infor US Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Inc. and SAP SE.

Key drivers propelling the market growth included in the report. Additionally, the challenges and restraining factors that may restrain the market growth are highlighted by analysts to prepare manufacturers for future challenges in advance.

Analysis of the COVID-19 scenario:

• With the current shift towards remote working, Zoho Corporation has seen an increase in the use of products that boost productivity and collaboration to facilitate and provide seamless connectivity between users.
• Vertical SaaS companies that provide services to specialized industries such as hospitality, travel and catering have been negatively affected.
• SaaS-based business models are impacted negatively, due to COVID-19, as most businesses follow a recurring revenue model with building long-term relationships with customers, however, it is extremely difficult to acquire new customers. Thus, companies focus on retaining previous customers.

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The latest industry news and developments in terms of market expansion, acquisitions, growth strategies, joint ventures and collaborations, product launches, market expansion, and more. are included in the report.

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