The major application of web based internet solutions on the account of the enhanced scalability and flexibility. The various organizations can easily upscale and downscale the IT requirements. Many organizations are focusing on increasing the business changes in order to accommodate existing business requirements. Thus, it can be obtained using the cloud computing services.
The growing population across the globe is fostering the growth of the internet across the globe. According to the World Bank Data in 2015 43% of the total population of the world used the internet whereas in 2016 it rose to 45.7%. Thus the growing usage of the internet across the globe is anticipated to foster the growth of the SaaS enterprise applications market during the forecast period.
The booming information technology sector across the globe is the major factor increasing the application of the various software based solutions for the enterprises. Additionally, the growing application of the big data applications coupled with the increasing penetration of the internet services across the globe is anticipated to be major factor fostering the growth of the SaaS enterprise applications market during the forecast period.
SaaS enterprise applications market is anticipated to record a CAGR of 18.0% over the forecast period. The SaaS enterprise applications Market is anticipated to showcase a vibrant growth by the end of the forecast period. The global SaaS enterprise applications market can be segmented on the basis of applications and end-use industry. On the basis of applications, it is sub-segmented into supply chain management (SCM), business process management (BPM), customer relationship management (CRM), enterprise relationship management (ERP), enterprise asset management (EAM), business intelligence (BI), content management system and others. On the basis of enterprise, it is sub-segmented into small and medium scale enterprise and large enterrpise. On the basis of end-use industry, it is sub-segmented into transportation and logistics, IT and telecommunication, manufacturing, BFSI, defense and government and others.
IT and telecommunication sectors holds the largest market share for the SaaS enterprise applications market. The increasing application of the various software services solutions in the various IT industries is anticipated to be the major reason for the growth of the sub-segment during the forecast period.
The increasing data concern on the account of the data theft and rising number of the hackers across the globe is anticipated to be major challenge for the SaaS enterprise applications market.
Our-in depth analysis of the global SaaS enterprise applications market includes the following segments:
On the basis of regional analysis, global SaaS enterprise applications market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to be the major region for the overall SaaS enterprise applications market. The highly developed information technology sector in the region is anticipated to be the major reason fostering the growth of the overall market in the region. Asia-Pacific is anticipated to be the fastest developing region for the global SaaS enterprise applications market. The increasing expansion of the various enterprises in the region such as small and medium scale industries in the region is anticipated to be the major reason fostering the growth of the global SaaS enterprise applications market in the region.
Global SaaS Enterprise Applications Market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh