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 market accounted for USD 130.69 billion in 2021 and is expected to record significant growth through 2027.

The growing usage of consumer electronics such as smartphones, laptops, and tablets, increased public & hybrid cloud adoption, expanding corporate outsourcing, and rising adoption of micro-SaaS are some of the major factors driving the growth of the global SaaS (Software-as-a-Service) market.

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Organizations are now offering various services to their clients worldwide resulting in rising corporate outsourcing and globalization. Moreover, these organizations require business data to enhance their workforce investment strategies and identify potential threats. The widespread usage of instant messaging & social media platforms coupled with focus towards achieving cost-efficiency and business continuity have prompted the adoption of SaaS across the globe.

Based on the end-user spectrum, the BFSI segment is expected to progress at a strong CAGR during the forecast timeline owing to surging investment in this business sphere.

Moving on to the application landscape, the CRM segment is estimated to hold around 34.96% of the global SAAS (Software-as-a-Service) industry share by 2027.

Regionally, North America held the majority market share in 2021 and is likely to showcase similar growth trends in the subsequent years. Meanwhile, Asia-Pacific market is expected to grow exponentially over the analysis period, on account of rising demand for SaaS solutions for various business operations. SaaS solution includes enterprise resource planning (ERP), customer resource management (CRM), web hosting, eCommerce, etc.

The major companies in the global SaaS (Software-as-a-Service) industry are Microsoft Corporation, SAP SE, Alphabet Inc., ServiceNow, Amazon.com Inc., Salesforce Inc., Oracle Corporation, Adobe Inc., Cisco Systems, Inc., and DocuSign Inc.