February 16, 2021
According to a research report titled “Saudi Arabia Software as a Service (SaaS) market analysis, 2020” available with Market Study Report LLC, Saudi Arabia Software as a Service (SaaS) market is expected to register a compound annual growth rate of 18% during 2020-2025.
Saudi Arabia’s over-reliance on crude oil earnings has driven it to diversify the country economy, hence stimulating the market outlook. Promotion of information technology (IT) sector by encouraging investments in digital transformation, disruptive IT solutions, pioneer healthcare universities, elevated funding in smart grids, and popularity of entertainment hubs are setting off the growth of Saudi Arabia Software as a Service (SaaS) market.
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Saudi Arabia has also proposed to introduce upgraded software services such as cloud integration and advanced IT solutions like artificial intelligence etc. to match global IT standards, which in turn is stimulating the market outlook.
According to reliable estimates, ICT (Information and Communication Technology) spending in the nation recorded a 2.4% surge in 2019, and the ICT market size was poised to exceed USD 37 million in 2020, out of which software segment accounted for USD 1.4 billion, thus fortifying the expansion of Saudi Arabia software as a Service (SaaS) industry size.
Moreover, business amplification by tech giants like Google and Amazon, coupled with setup of data centers also add traction to the market growth. Automation of business operations in manufacturing units and chemical plants is proliferating Saudi Arabia software as a service (SaaS) market revenue.
End users of Saudi Arabia software as a Service (SaaS) market are the hospitality, information & communication technology, healthcare, BFSI (banking, financial services & insurance), manufacturing sectors, educational institutes, water treatment plants, and government agencies among others. Surging demand for cloud adoption in the form of Platform as a Service (Paas), Infrastructure as a Service (Iaas), and Software as a service (SaaS) among end-use verticals are impelling the industry share.
Elaborating on the deployment spectrum, the market is arrayed into public cloud, private cloud, and hybrid cloud. As per report, public cloud segment held the largest market share in 2019. Meanwhile, private cloud segment is slated to showcase exponential growth over the forecast period, due to benefits offered such as single-tenet architecture and direct control over premise hardware and cloud infrastructure. However, hybrid cloud segment is estimated to outperform the others through 2025, owing to soaring demand from BFSI sector.
Based on business application, the industry is bracketed into customer relationship management (CRM), operations & manufacturing (O&M), enterprise resource planning (ERP), human resource management (HRM), and supply chain management (SCM) among others. The HRM and CRM segments are projected to be major revenue generators for the industry over 2020-2025.
The market poses cutthroat competition due to the vastly positive investor sentiments. Key contenders in Saudi Arabia Software as a Service (SaaS) industry are Microsoft Corporation, Cisco Systems, Inc., SAP SE, Oracle Corporation, SolutionDot Systems, International Business Machines Corporation (IBM), VMware, Inc., Amazon.com, Inc., Infor, Salesforce.com, Inc. and others.