According to the industry analysis 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 which was worth USD 130.69 billion in 2021 is anticipated to record an exponential growth rate through 2027.

The penetration of corporate outsourcing and globalization are the primary factors augmenting global SaaS (Software as a Service) market growth.

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Rapid uptake of social media as a channel for promoting businesses and maintaining a strong digital presence has encouraged the adoption of SaaS in recent times. Moreover, achieving business continuity in a cost-efficient manner through on-demand scalable cloud solutions is another major factor favoring industry expansion during the forecast timeframe.

Moving on, based on deployment model, the hybrid cloud segment is expected to gain steady traction during 2022-2027, attributable to the growing adoption of smartphones, laptops, tablets, and other electronic devices.

Speaking of the application spectrum, the customer relationship management (CRM) segment is estimated to account for 34.96% of global SaaS (software as a service) market share by 2027.

From a regional frame of reference, North America is expected to be a major contributor to overall market remuneration during the assessment period.

In a similar vein, Asia Pacific is a promising avenue for market expansion during the study period, attributable to gradual shift towards the cloud solutions by several organizations in the IT sector region to boost business operations.

Shedding light on the competitive landscape, organizations such as DocuSign, Inc., ServiceNow, Inc., Amazon.com, Inc., Oracle Corporation, Adobe, Inc., Cisco Systems, Inc., Alphabet, Inc., SAP SE, Salesforce, Inc., and Microsoft Corporation are contributing significantly to the growth of global SaaS (software as a service) market.