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 valued at USD 130.69 billion in the year 2021 and is estimated to witness an upward growth curve during the period 2022-2027.

Soaring proliferation of electronic devices like smartphones, tablets, & laptops, strong inclination towards cloud solutions among various organizations, and surging trends of corporate outsourcing are determinants pushing the development of global SAAS (software-as-a-service) industry.

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Moreover, the rising adoption of micro-SaaS, and emphasis across enterprises to adopt cost-efficient & on-demand models for their digital businesses are propelling the growth of market. 

In terms of end-user ambit, the banking, financial services and insurance (BFSI) segment is anticipated to record a notable CAGR during the review period, given the massive investments for adopting SAAS based business model.

Concerning application spectrum, the customer resource management (CRM) vertical of worldwide SAAS (software-as-a-service) industry is slated to account for 34.96% revenue share by the end projected timeline, owing to multiple firms enhancing their IT infrastructure by switching to cloud operations to boost their business objectives and improve processes.

Speaking of deployment model, the industry is divided into hybrid cloud, private cloud, and public cloud. While, as per enterprise size, the marketplace is segmented into large, and SMEs.   

Based on regional analysis, North America market is poised to retain a remarkable revenue share through 2028. Whereas Asia Pacific market is speculated to record a robust growth rate during the assessment timeframe, due to the extensive usage of SaaS solutions by enterprises across the region. 

The key players in worldwide SAAS (software-as-a-service) market include DocuSign, Inc., Microsoft Corporation, Amazon.com, Inc., Salesforce, Adobe, Inc., Cisco Systems, Inc., SAP SE, ServiceNow, Oracle Corporation, and Alphabet, Inc. among others.