AI Influences Business Processes in the Software as a Service (SaaS) Market
The Business Research Company Software as a Service (SaaS) Market – Opportunities and Strategies – Global Forecast to 2030
LONDON, GREATER LONDON, United Kingdom, October 28, 2021 /EINPresswire.com/ – The demand for artificial intelligence (AI) has increased in the software as a service (SaaS) market for several reasons. For example, it can increase productivity and efficiency while automating repetitive tasks and supporting human capabilities. Artificial intelligence is about building smart machines capable of performing tasks that typically require human intelligence. AI is growing in various industries, especially in information technology. Artificial intelligence helps optimize businesses around the world and predicts a market value of $ 733.7 billion by 2027. AI helps the SaaS industry in three main ways: it delivers personalization, speed, and security improved. For personalization solutions, AI offers the use of technologies such as natural language processing (NLP) that can be activated by human speech and voice control. To deliver better speed, AI accelerates various business operations and internal processes to get faster responses, make quick predictions, and deliver quick responsiveness. For enhanced security, AI uses its unique machine learning capability to recognize patterns, SaaS security is enhanced by the rapid identification and resolution of potential threats with built-in self-recovery. For example, in 2019 Grammarly, a language and grammar recommendations SaaS company, secured $ 90 million in funding for its AI-based grammar and writing tools model. Artificial intelligence can help SaaS providers dramatically improve their software as a service business.
The adoption of IoT technology by manufacturing, transportation services, and other companies is expected to drive the cloud services market during the forecast period. The IoT is a network of physical objects such as devices, vehicles, buildings, and other items that are integrated with electronics, software, sensors, and network connectivity that allow these objects to collect. and exchange data. The emergence of IoT-based support service offerings by the SaaS industry is expected to generate revenue for SaaS providers.
The global software as a service market is expected to grow from $ 225.60 billion in 2020 to $ 272.49 billion in 2021 at a compound annual growth rate (CAGR) of 20.8%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to grow at a CAGR of 14.1% from 2020 to reach $ 436.90 billion in 2025. The global SaaS market is expected to reach $ 714.97 billion in 2030, at a CAGR of 10.4 %.
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The major players covered in the global software as a service industry are Microsoft Corporation, Salesforce.com, Inc., Oracle Corporation, Automatic Data Processing, Inc., Alphabet Inc.
TBRC Global Software as a Service (SaaS) market report segmented by Application into Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and operations, supply chain management (SCM), by model deployment in public cloud, private cloud, hybrid cloud, by company size in small and medium enterprises (SMBs), large enterprises, by end user in manufacturing, retail, education, healthcare, computer and telecommunications, BFSI, others.
Software as a Service (SaaS) Market – By Application (Customer Relationship Management (CRM), Enterprise Resource Planning (ERP), Human Resource Management (HRM), Manufacturing and Operations, Supply Chain Management (SCM)), by deployment model (public Cloud, Private Cloud, Hybrid Cloud), by company size (small and medium-sized enterprises (SMEs), large enterprises), by end-user (manufacturing, retail, Education, Health, IT and Telecommunications, BFSI), and by Region, Opportunities and Strategies – Global Forecast To 2030 is part of a series of new reports from The Business Research Company that provides an overview of the Software as a Service market ( SaaS), Software as a Service (SaaS) market size and growth for overall market, Software as market segments and geographies, Software as a service (SaaS), market trends software s as a service (SaaS), drivers of the software as a service (SaaS) market, constraints, revenues, profiles and market shares of the main competitors.
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