Software as a Service (SaaS) Market Size, Detailed Analysis of Current Industry Figures with Forecasts Growth By 2025

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The Software as a Service (SaaS) market analysis report contributes a unique combination of market insights and qualitative analysis which later helps companies to achieve remarkable growth. As an advancement this report is generated by our Software as a Service (SaaS) market research professionals using latest research tools, technics and methodology.

Saudi Arabia's economy is heavily dependent on crude oil earnings. Therefore, to diversify the country's economy, the government has put the special emphasis on strengthing the IT infrastructure and launched initiatives such as 'Saudi Vision 2030'. The proposed plans aims to change the overall market outlook and revenue mix by thrusting focused to stimulate the non-oil sector by improving the infrastructure of the country which includes encouraging investments in disruptive IT solutions, digital transformation, entertainment hubs, advanced healthcare institutes, etc. Also, to match the global IT evolution and digitalization, the country is planning to upgrade its IT infratrcture by cloud integration, deployment of advanced IT solutions such as artificial intelligence, etc.

According to research report 'Saudi Arabia Software as a Service (SaaS) Market Analysis, 2020', the Saudi software as a service is anticipated to grow at a CAGR of around 18% during 2020-25. The market is forecast to grow on account of the expansion of e-commerce industry, digitalization in oil and gas upstream and midstream. According to the MarkNtel Customer Survey, around 73% of the organizations have not deployed a cloud in any form in their operations in the country (as of March 2020). These organizations would be on the radar of SaaS service providers during 2020-30 to expand their footprints.

Software as a Service (SaaS) Market forecasting derived from in-depth understanding attained from future market spending patterns provides enumerated insight to support your decision-making process. Our market forecasting is based on a market model derived from market connectivity, dynamics, and identified persuasive factors around which conventions about the market are made. These conventions are enlightened by fact-bases, put by primary and secondary research instruments, regressive analysis and an extensive connect with industry people.

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Cloud adoption in the form of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS), is on the rise from banking and financial institutions, oil and gas giants, government establishments, etc. The ICT (Information and Communication Technology) spending in the country would increase by 2.4% over 2019, and the market size is set to exceed USD 37 billion in 2020. Out of that, the market size of software be around USD 1.4 billion. Moreover, the growing market trend such as the business expansion of tech giants such as Google, Amazon in the country by opening new data centers would contribute to market growth.

Also, the investments in smart grids in the country has been proliferating the expansion of Software as a Service. Moreover, automation of business operations in chemical plants and other manufacturing and assembling units are further catalyzing the deployment of Software as a Service (SaaS) market.Public Cloud had the highest market share in 2019 owing to lower cost. However, the private cloud market is exhibiting exponential growth due to rising deployment in the Banking and Financial Services market. Banks and Insurance companies are also opting for a hybrid cloud deployment. Among the three categories, the hybrid cloud's growth rate is expected to outperform private and public cloud deployments during 2020-25.

The market share of Hybrid cloud is expected to undergo a considerable rise during the forecast period. While, the market share of private cloud is also forecast rise in the country's Software as a Service market due to features such as single-tenant architecture, on premise hardware, direct control of underlying cloud infrastructure. These features are supporting the organizations, especially banks to maintain security and provide the ability to choose resources.

Therefore, ERP's market share in the Saudi Arabian Software as a Service market hovered around 45% to 50% in 2019. Human resource management and Customer relationship management would be the key hotspots for the service providers through 2025. The HRM segment grabbed a considerable market share in the industry and is forecast to grow at a significant pace and add more market value in the industry. The human resource department plays an important role in improving the performance and productivity of the company. This department performs various functions ranging from managerial function to operating functions and thereby serves as the pillar of the organization. Managing human resource is a continuous process, the companies have started preferring Software as a Service model in Saudi Arabia. Therefore, it is expected the share of human resource management is expected to rise in more years to come.

In 2019, around the banking and financial services industry had the market share of around 40% to 50% in the country's Software as a Service market. End Users' Traction Towards ERP, HRM, and CRM to Emerge as Market Opportunities: The end-users in the country have been opting for Software as a Service is driven Enterprise resource planning (ERP) during 2015-19.

The key market players in the industry are Microsoft, SAP, Oracle, Cisco, Salesforce, Amazon, IBM, VMware, etc. Which are creating several market opportunities for the end-users in the country. Moreover, the companies are investing in the data centers in that are contributing to the market growth of the SaaS in the country. For instance: SAP planned to invest, worth USD 76 million to open a public cloud data center in Saudi Arabia. Amongst all the key players, SAP has been at the forefront in grabbing the government projects aligned towards digital transformation empowered by cloud adoption. Also in 2019, Oracle announced to open more data centers in Saudi Arabia and UAE that would help in the market growth of the SAAS industry.

Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Software as a Service (SaaS) Market?
2. What are the region wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Global Software as a Service (SaaS) Market?
4. Who are the key competitors or market players and how they perform in Global Software as a Service (SaaS) Market on the basis of competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of Global Software as a Service (SaaS) Market study?

Frequently Asked Questions

Q. What is the historical year, base year and forecast year considered in the research report on Saudi Arabia Software as a Service (SaaS) Market?

A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.

Q. What are the units or denomination for measuring market value in the report?

A. The market size/industry size or the market value is measured in terms of USD Million.

Q. What would be the growth rate or CAGR of Saudi Arabia Software as a Service (SaaS) Market during 2020-25?

A. The growth rate of Saudi Arabia Software as a Service (SaaS) Market during 2020-25 is forecast to be around 18%.

Q. Who are the key competitors or players operating in Saudi Arabia Software as a Service (SaaS) Market?

A. Microsoft, SAP, Oracle, Cisco, Salesforce, Amazon, IBM, VMware are few of the leading players in the Saudi Arabian Software as a Service Market.

Q. Which Application segment would emerge as an opportunity area for players in Saudi Arabia Software as a Service (SaaS) Market?

A. The CRM and HRM application of the Saudi Arabia Software as a Service is expected to attain the highest CAGR during the forecast period and their market share is expected to surge during the forecast period.

Q. Which type of deployment would emerge as an opportunity area for players Saudi Arabia Software as a Service Market?

A. The public cloud segment grabbed a significant market share continue to grow at a highest CAGR, on account of features such as inexpensive, ease of use and rising private investments.

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