Global Software as a Service (SaaS) Market 2019–2023 | Increasing Use of Vertical SaaS to Boost Growth | Technavio

The global software as a service (SaaS) market is expected to post an incremental growth of USD 60.36 billion during the period 2019–2023, according to the latest market research report by Technavio. Request a free sample report

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Artificial intelligence (AI) has emerged as a solution to a number of complex business problems. The technology also increases productivity and provides accurate results within a shorter span of time. The integration of AI with SaaS allows enterprises to obtain better value from their data by automating and personalizing services, improving security, and supplementing human capacity. Al-enabled SaaS also quickens internal processes and operations, which allows enterprises to make quick forecasts, and speed up their overall level of responsiveness. Such benefits of combining AI with SaaS will positively impact the growth of the SaaS market size during the forecast period.

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As per Technavio, the increasing use of vertical SaaS, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019–2023.

Global SaaS Market: Increasing Use of Vertical SaaS

The cost-effective nature of vertical SaaS is increasing its adoption among various enterprises. Vertical SaaS solutions also enable enterprises to generate industry-specific customer data and intelligence. Moreover, vendors are focusing on customizing vertical SaaS solutions to provide features that cater to the needs of the client and the specific industry. This will allow enterprises to address customer needs within their niche effectively. It will also improve their flexibility and upselling opportunities as well as reduce customer acquisition costs. Therefore, the use of virtual SaaS solutions is increasing, which is expected to fuel the global software as a service market growth during the forecast period.

“The rising use of micro SaaS and the increasing use of mobile apps are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.

Global SaaS Market: Segmentation Analysis

This market research report segments the global SaaS market by deployment (public cloud, private cloud, and hybrid cloud) and geographical regions (North America, Europe, APAC, South America, and MEA).

The APAC region will witness the highest incremental growth during the forecast period of 2019–2023. This is due to the presence of key government initiatives that promote the adoption of cloud solutions in the region.

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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