PALM BEACH, Fla., Aug. 3, 2021 /PRNewswire/ -- The Software as a Service (SaaS) market consists of sales of cloud based software services. SaaS is a software solution which can be purchased on a subscription or pay per use basis to use an application for organizational purposes and customers can access this application over internet, mainly through a web browser. All the applications data and software are located in the services provider's data center. SaaS allows an organization to run an application at minimal upfront cost and speeds up overall functionality of the organization. Rapid changes in business dynamics in the market are expected to benefit the software as a service (SaaS) market in the forecast period as cloud-based solutions support business operations in changing conditions. Dynamic market conditions include economic uncertainty, competitive rivalry and the increasing adoption of mobile, changing regulations, internet usage and applications. According to a report from ReportLinker, the global software as a service (SaaS) market is expected to grow from $225.6 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 the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $436.9 billion in 2025 at a CAGR of 12.5%. Active Companies in the markets today include Infobird Co., Ltd (NASDAQ: IFBD), Zoom Video Communications, Inc. (NASDAQ: ZM), Datadog Inc. (NASDAQ: DDOG), The OLB Group, Inc. (NASDAQ: OLB), Workday, Inc. (NASDAQ: WDAY).
