Software as a Service (SaaS) Market Size is Projected to Reach $307 Billion by 2026

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PALM BEACH,  Fla., July 20, 2021 /PRNewswire/ -- One of the most popular forms of cloud computing is software-as-a-service (SaaS), which is simply defined as a software distribution model in which a service provider hosts applications for customers and makes them available to these customers via the internet. Given its ease of access, the SaaS model of software delivery has become common for many types of business applications, and it has been incorporated into the delivery strategies of many enterprise software vendors.  SaaS companies have offerings available for a variety of business applications, including email and collaboration, customer relationship management (CRM), billing/payroll processing, sales management, human resources management, financial management, database management, enterprise resourcing planning (ERP), content management, and document editing and management.  As with other cloud services, organizations typically pay for SaaS applications through a subscription fee, on a monthly or annual basis. This contrasts with the traditional model of paying for software through a perpetual license, with an upfront cost and optional ongoing support fee. Providers usually price SaaS products based on some type of usage parameters. For example, they might charge based on the number of people using the application, the number of transactions, or some other measure of usage.  Active Companies in the markets today include Infobird Co., Ltd (NASDAQ: IFBD), LivePerson, Inc. (NASDAQ: LPSN), Salesforce (NYSE: CRM), Zendesk, Inc. (NYSE: ZEN), Twilio (NYSE: TWLO).

Reports Valuates says that the global Software as a Service (SaaS) market size is projected to reach USD 307.3 Billion by 2026, from USD 158.2 Billion in 2020, at a CAGR of 11.7% during 2020-2026. It said that: "Artificial Intelligence ( AI) is used in various applications to solve complex business problems. The convergence of AI with SaaS enables organizations to achieve greater value through automation, personalizing, and security enhancement. Al-enabled SaaS also speeds up internal processes and operations that allow businesses to make rapid demands and to increase their overall response time. According to industry reporter Statista, in 2021, the software as a service (SaaS) market is estimated to be worth approximately 123 billion U.S. dollars. It said: "The overall SaaS market is expected to continue growing, as organizations around the world adopt SaaS solutions for a variety of business functions. Among these are solutions for customer resource management (CRM), enterprise resource planning (ERP), as well as web hosting and eCommere."