Software as a Service (SaaS) Market Research Report- Global Forecast 2030

Software as a Service (SaaS) Market, By Deployment (Public Cloud, Private Cloud, Hybrid Cloud), By End User (SMEs and Large Enterprises), By Industry (IT & Telecommunication, Entertainment, BFSI, Manufacturing, Healthcare, Retail) - Forecast 2020-2030

ID: MRFR/ICT/1471-HCR | December 2022 | Region: Global | 110 pages

Impact of COVID-19 on the Global Software as a Service Market

Software as a service (SaaS) is a service offered by cloud providers, which allows individuals to run software over the networks rather than downloading them individually on PCs. The COVID-19 pandemic has positively impacted the SaaS market. The spread of COVID-19 across the world has profoundly affected the global economy, as lockdowns have been implemented to contain the spread of the virus. People have been confined to their homes to minimize human contact. This scenario is responsible for the growth of the IoT, which, in turn, is driving the growth of the SaaS market. The rapid spread of the pandemic and the increasing number of cases across the globe have also led to the IT enterprises’ increasing adoption of remote working policies, which has boosted the need for various services associated with SaaS. For instance, the utilization of Microsoft Office 365 has increased during these pandemic times, which is driving the growth of the SaaS market.

Moreover, the increasing demand for cloud services for sharing and saving data while testing various applications and software, and rising security concerns have also led to the growth of the SaaS market. In the past, centralized data management of information and data sharing were the main challenges. During the pandemic, processes have been moved to hosted infrastructure, and new SaaS systems have introduced a new norm of efficiency in data sharing.

The increasing adoption of SaaS is another major factor driving the growth of the SaaS market. SaaS plays a crucial role in organizational transformation. Due to the COVID-19 pandemic, most of the businesses are expecting minimal to no impact on spending in 2020. Companies are focused on speeding up the SaaS-led digital transformation to address the exponential rise in the number of employees working remotely and increasing the agility to adapt to rapidly changing market conditions. Companies are adopting cloud-based solutions to ensure business continuity during the current crisis. Companies are facing drastic revenue losses, which have led to budget cuts. Enterprises are limiting their investments in technology hardware, providing an edge to SaaS, and thus driving the growth of the market. Post COVID-19, it is expected that the disruptions caused due to the pandemic will create opportunities for an economic reset. Technology will prove to be an essential component in the various aspects of business, as companies start evaluating and planning their business strategies. Companies providing SaaS are expected to help in increasing business productivity.