North America Software-as-a-Service (SaaS) Market Scope Report

North America Software-as-a-Service (SaaS) Market Highlights Over 2023 - 2033

The North America software-as-a-service (SaaS) market is estimated to garner a huge revenue by the end of 2033 by growing at a rapid CAGR over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 158 billion in the year 2022. SaaS is a method of delivering an application as a service over the internet. SaaS is a method of delivering an application as a service over the internet. By adopting SaaS, companies free themselves from the complications of software and hardware management by avoiding having to install and maintain software by simply accessing it through the internet. SaaS applications run on the servers of SaaS providers. The rapidly growing digitization is a primary factor driving the growth of the North America software-as-a-service (SaaS) market. For instance, during the pandemic, digital customer interaction in North America grew from ~42% in 2019 to ~66% in the first half of 2020.

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The main driving force for digital transformation among enterprises was the need to reach the masses. The growing competition also motivates companies to increase their digital presence and utilize digital technologies to effectively thrive in the market. Moreover, digitization helps companies in automating several of the processes involved in business functions.

North America Software-as-a-Service (SaaS) Market: Growth Drivers and Challenges

Growth Drivers

• Large Presence of Key Players – Over 16500 SaaS companies which are about eight times more than in any other part of the world are situated in the United States (U.S.). Canada also has more than 1500 SaaS companies that host several applications. It is a SaaS company that maintains the databases, servers, and software that allow the access of applications over the internet by the users, which in most cases are web browsers. Further, users are able to access the software from any device. More access to capital, high-profile partners, bigger markets, a better chance for worldwide recognition, and stronger talent are some reasons that encourage SaaS companies to function in the U.S.

• Growing Implementation of Artificial Intelligence (AI) – For instance, the U.S. was leading in the AI readiness worldwide index rankings in 2021 with an index score over 88, thus becoming the best place in the world to use AI in public places.

• Growing Adoption of Machine Learning (ML) – As of 2022, North America leads the world in ML adoption, with more than 79% of its enterprises adopting ML.

• Growth in the Number of Connected Internet of Things (IoT) devices – The total number of IoT connections in North America was estimated to be more than 2 billion in 2019.

Challenges

• Concerns About Data Security and Data Privacy

• Lack of Proper Understanding of SaaS

• High Costs Involved in the Adoption of SaaS

The North America software-as-a-service (SaaS) market is segmented and analyzed for demand and supply by deployment model into public cloud, private cloud, and hybrid cloud. Of these, the public cloud segment anticipates holding the largest market size by the end of 2033. It is estimated that more than 59% of enterprises in North America employed public cloud platforms as of 2019. The U.S. is one of the five top nations in the world which generate high revenues from public cloud adoption. A considerable number presence of small and medium businesses (SMBs), which favor the public cloud, is another reason for the growth of the segment.

Market Segmentation

Our in-depth analysis of the North America software-as-a-service (SaaS) market includes the following segments:

Key Companies Dominating the North America Software-as-a-Service (SaaS) Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the North America software-as-a-service (SaaS) market that are included in our report are Broadcom, Inc., Google, Fujitsu, Amazon Web Services, Inc., IBM Corporation, HP Development Company, L.P., Oracle Corporation, SAP SE, Microsoft, Salesforce, Inc., and others.

North America Software-as-a-Service (SaaS) Market: Latest Developments

• July, 2022: SAP SE – announced that cloud adoption under the Rise with SAP solution is continuing strongly among the businesses in North America.

• December, 2021: Broadcom, Inc. – announced the acquisition of AppNeta, a SaaS-based network performance monitoring solution to provide IT teams end-to-end and precise vision of network performance from the perspective of an end user.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

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