According to the research report titled ‘Global SAAS (Software-as-a-Service) Market (2022 Edition) - Analysis By End User, Application, Deployment Model, Enterprise size, By Region, By Country: Market Insights and Forecast with Impact of COVID-19 (2022-2027)’, available with MarketStudyReport, global SAAS (Software-as-a-Service) market was worth USD 130.69 billion in 2021 and is anticipated to garner notable valuation by the year 2027.

According to business analysts, increasing use of tablets, smartphones, and laptops, widespread adoption of public & hybrid cloud, corporate outsourcing, rapid rate of digitalization, and increasing usage of social media and instant messaging are the major growth determinants for global SAAS (Software-as-a-Service) market.

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Notably, with increasing corporate outsourcing and globalization, organizations are expanding their boundaries to provide services to clients all over the world. In order to improve staff investment strategies and pinpoint possible problems and their causes, they need reliable company data, which is contributing toward industry expansion.

Furthermore, the COVID-19 pandemic has promoted the use of scalable, on-demand cloud computing platforms to boost cost effectiveness and maintain business continuity. This gives businesses the push they need to speed up their initiatives for digital business transformation, which in turn is bolstering the market outlook.

Based on application scope of global SAAS (software-as-a-service) market, the (CRM) customer relation management segment is slated to account for 34.96% revenue share by the end of analysis timeframe.

In terms of end-user scope, BFSI segment is poised to witness a healthy CAGR during the forecast duration.

From the regional frame of reference, North America industry held major revenue share in the year 2021. Meanwhile, Asia Pacific market is slated to grow at a rapid pace during the study duration, owing to widespread usage of SaaS solutions for operations like customer relationship management, web hosting, e-commerce, corporate resource planning, and others.

Coming to competitive landscape, Alphabet, Inc., DocuSign, Inc., Amazon.com, Inc., ServiceNow, Adobe, Inc., Oracle Corporation, Salesforce, SAP SE, Cisco Systems, Inc., and Microsoft Corporation are the leading players in global SAAS (software-as-a-service) market.