Worldwide SaaS industry expected to reach $720.44 billion by 2028

The global Software as a Service (SaaS) market has a value of $143.77 billion in 2021, and it is anticipated to grow at a CAGR of 25.89% from 2022 to 2028 to reach $720.44 billion. Two significant factors influencing the growth of the SaaS market are the rising use of mobile devices and artificial intelligence. Businesses can become more flexible and save money by switching to cloud-based software.

According to Research and Markets report, SaaS products work well with smartphones because they facilitate team interactions that are quick and effective, expand access to information across many devices, and save time and space. The same applies to tablets and laptops, which are increasingly used for work-related activities.

Small enterprises play a significant role in the expansion of mobile SaaS. The SaaS market is comprised of sales of cloud-based software services.

Users can access this program through the internet, primarily using a web browser, and SaaS is software that can be purchased on a subscription basis for official purposes.

The adoption of 5G has dramatically expanded the use of SaaS. Wireless 5G network development may allow businesses and individuals to implement well-liked SaaS products quickly.

The global SaaS market comprises deployment, application, and end-user segments. Based on deployment, the market is divided into Public, Private, and Hybrid clouds. Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Supply Chain Management (SCM), and Others are the market segments based on application areas.

The market is divided into Small & Medium Enterprises and Large Enterprises based on the end user. The North American, European, Asian-Pacific, South American, Middle East & Africa regions comprise most of the worldwide SaaS market.

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