Trends Your Boss Needs To Know About The Software As A Service Market Industry.

Posted by Loise Williams on November 21st, 2019

The global software as a service market is expected to grow at a CAGR of 9.22% during the forecast period. Based on deployment, the global software as a service market has been segmented into public cloud, private cloud, and hybrid cloud. As per the latest market research report published by Technavio, the global software as a service market size will grow by USD 60.36 billion during 2019-2023. Get the free sample report below for the detailed information.

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The public cloud segment is estimated to grow at a low CAGR during the forecast period as the market is slowing reaching maturity. The computing functionality of public software as a service includes complete software programs or applications, which are made available to customers over the Internet. Public cloud delivers IT services over the Internet or through virtualization. Such IT services are offered by third-party providers. 

The public cloud segment is growing as various SMEs have embraced public software as a service. Public software as a service offers a wide scope for data recovery. It also provides software programs with the necessary functionality, so the user simply needs to log in and access the software.

Enterprises are also adopting public cloud services as their implementation is a simple process. The use of the public cloud also simplifies access to platform solutions such as AI, big data, data analytics, and Internet of Things (IoT). Therefore, the demand for public cloud solutions is increasing, thereby driving the growth of the global software as a service market during the forecast period.