Global SaaS market to reach nearly $790Bn by 2029

NEW DELHI, INDIA — The global Software as a Service (SaaS) market is expected to expand more than 3.7 times to US$789.23 billion by 2029, growing at a compound annual growth rate (CAGR) of 16.36% between 2023 to 2029.

According to a recent study by BlueWeave Consulting, the market’s growth will be driven by the increased usage of smart devices and the growing adoption of public and hybrid cloud solutions to facilitate business outsourcing. 

BlueWeave stated that the demand for smart devices is rising among end-users due to the widespread use of instant messaging apps, emails, and video communication platforms. 

Businesses also utilize Customer Relationship Management (CRM) SaaS solutions to minimize IT costs, improve scalability, and tailor their CRM systems to their needs.

However, the study also noted that high costs associated with implementing and maintaining SaaS platform solutions are anticipated to restrain the overall market growth.

By region, the Asia Pacific (APAC) is forecasted to witness the fastest growth rate as major countries like China and India actively contribute to the global SaaS market’s expansion.