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(Wireless-NewsWire.Com, October 22, 2019 ) Market Overview:
Enhanced business efficiency due to improved IT services offered by cloud computing coupled with the introduction of pay-as-you-go model for small and medium enterprises (SMEs) by market players will further boost growth in SaaS market. Moreover, SaaS market has been witnessing intense competition among top five players, from past five years. Microsoft, Salesforce, SAP, Adobe, and Oracle are the major players accounting for more than fifty percent market share in SaaS market.
Market Dynamics:
The SaaS market growth is primarily driven by a rise in the adoption of hybrid cloud solutions. As the cloud computing market continues to grow, enterprises are exploring different cloud models in search of the right balance of functionality, flexibility and investment protection. Hybrid cloud lets organizations provision, use, and manage IT resources across their on-site data center and a compatible public cloud. Factors such as increased speed of delivery of IT resources to end-users, need for improved disaster recovery capabilities, improved resource utilization, and reducing IT capital expenses; are driving organizations to move workloads to hybrid cloud.
Market Segmentation:
By deployment, the SaaS market is segmented into public, private, and hybrid. In 2018, public cloud deployment segment accounted for the largest market share in the global market. Cloud technology enables developers to adopt Agile workflows, significantly reducing lead times in testing and deploying new products and releasing product updates. As a public cloud user, organizations aren’t responsible for managing cloud hosting solution.
By vertical, the SaaS market is segmented into BFSI, Healthcare & Life sciences, Telecommunications and ITES, Government and Public sector, and Others. In 2018, BFSI vertical accounted for the majority share in the market.
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Geographical Analysis:
Geographically, the market is divided into North America, Europe, South America, Asia-Pacific and the Middle East and Africa.
In 2018, North America accounted for the largest market share. However, APAC is expected to witness a higher CAGR than other regions during the forecast period. North America is a matured market in terms of cloud adoption, due to various factors, such as standards, regulations, advanced IT infrastructure, the presence of a large number of enterprises, and the availability of proficient technical expertise. Therefore, North America is expected to grow at a steady and maintain its dominant position in the global market over the forecast period.
APAC SaaS market is expected to grow exponentially over the forecast period due to an increased demand for cloud computing among small and medium-sized enterprises (SMEs). Countries like Singapore, which has seen ICT infrastructure as a key enabler in boosting the overall competitiveness in the region, based on creating new industries and new businesses, thereby encouraging economic growth.
Competitive Analysis:
Some major players in the market are Adobe Inc., Amazon.com, Microsoft Corp., Oracle Corp., Salesforce.com Inc., SAP SE., Google LLC, ServiceNow, Inc., Workday, Inc., Zendesk Inc, Atlassian Corporation Plc, Splunk Inc., Box, Inc., Cisco Systems, Inc., and among others.
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Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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