The global Software as a Service (SaaS) market is expected to grow at a compound annual growth rate (CAGR) of 13.2% during the forecast period. SaaS applications are typically more affordable than traditional on-premises software, as businesses only pay for the features they need on a subscription basis. This reduces upfront costs and offers predictable pricing. Traditional on-premises software often requires significant upfront investments in hardware, software licenses, and installation costs. This can be a financial burden for businesses, especially small and medium-sized enterprises (SMEs), making it difficult to access the latest software solutions. In contrast, SaaS applications offer a more affordable and flexible pricing model, typically based on a subscription fee. Businesses only pay for the features they need and the number of users they have, eliminating the need for large upfront investments. This subscription-based model provides several advantages. Businesses can start using SaaS applications with minimal upfront costs, as subscription fees are typically lower than the initial purchase price of traditional on-premises software. SaaS subscription plans can be scaled up or down as business needs change. Subscription-based pricing provides businesses with predictable ongoing expenses, enabling better financial planning and budgeting.
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The affordability and flexible pricing of SaaS applications have made them a popular choice for SMEs. According to a study by Statista, 69% of SMEs use SaaS applications, with the most common applications being CRM (Customer Relationship Management), email, and project management tools. Adobe’s Creative Cloud, a suite of design and creative tools, has seen widespread adoption due to its subscription-based pricing model. The company shifted from traditional on-premises licenses to a cloud-based subscription model, providing users with access to the latest software features and updates for a monthly fee. This move has been successful, with Creative Cloud generating over $8 billion in annual revenue for Adobe.
Global Software as a Service (SaaS) Market Report Segment
By Deployment Model
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Business Size
- Small and medium-sized businesses (SMBs)
- Enterprise
By Industry
- BFSI
- Healthcare
- Retail
- Manufacturing
- IT and Telecommunications
- Others (Media and entertainment, Transportation and logistics)
By Application
- Business Applications
- Productivity Applications
- Collaboration Applications
- Security Applications
- Marketing Applications
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Company Profiles
- Adobe
- Anaplan, Inc.
- Atlassian Pty Ltd.
- Autodesk Inc.
- Change Healthcare
- CrowdStrike, Inc.
- Datadog, Inc.
- DocuSign, Inc.
- Dynatrace, LLC
- HubSpot, Inc.
- Infor
- Intuit Inc.
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