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

A full report of Software as a Service (SaaS) Market available @ https://www.omrglobal.com/industry-reports/saas-market

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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