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In this write-up, we dive deep into how enterprise software in SaaS is categorized in the Americas, EMEA, and APAC.
Enterprise software in saas is a segment that can be incredibly challenging for many enterprises to navigate. There are vast product and size options available for enterprise software in categories, industries, and verticals, just to name a few. This is why it is essential to know how the sector has categorized products and where these classifications are derived.
Software as a Service (SaaS) is a software delivery model that provides customers access to applications and data via the Internet. SaaS eliminates the need for organizations to install Software on their servers and maintain it themselves. Instead, customers subscribe to the software service for a fixed fee per month or year.
The enterprise software market is overgrowing and is expected to reach $1 trillion (about $3,100 per person in the US) by 2022. The growth of this market has been driven by the increasing demand for digital transformation across all industries. Digitalizing business processes has helped enterprises reduce costs while improving customer satisfaction and employee productivity.
In recent years, many businesses have started adopting cloud-based applications such as Salesforce and Microsoft Office 365 to cut down on IT investments and improve the scalability of their business processes. Cloud computing allows users to access data from anywhere at any time through an internet connection without purchasing additional hardware or software licenses.
Enterprise software is a set of software solutions used by large organizations for various purposes. Examples include accounting, inventory management, payroll, and human resources software.
Enterprise applications can be divided into several categories:
Business Process Management (BPM) – BPM is considered one of the most critical solutions in the enterprise application market. It helps companies automate their business processes and reduce costs. Popular examples include SAP BPM Suite and Oracle BPEL Process Manager.
Customer Relationship Management (CRM) – CRM solutions help companies manage customer interactions and automate tasks such as lead generation or sales forecasting. Popular examples include Salesforce, Microsoft Dynamics 365, and Oracle Sales Cloud Salesforce Classic.
Enterprise Resource Planning (ERP) – ERP solutions manage all aspects of an organization’s resources, including financials, production operations, and human resources management. Some examples include SAP ERP HCM and Oracle Human Capital Management Cloud Service.
Human Resources Management (HRMS) – HRMS solutions manage all aspects of employee recruitment, training, and development within an organization’s structure. Examples are Workday HCM Cloud Service, Oracle Human Capital Management Cloud Service, and Microsoft Dynamics 365.
The Software as a service market is expected to grow from USD 130.69 billion in 2021 to USD 716.52 billion in 2028 at a CAGR (Compound Annual Growth Rate) of 27.5% during the forecast period of 2021-2028. The increasing adoption of cloud-based solutions by SMBs and enterprises across various sectors, such as manufacturing, healthcare, retail, and financial services, is one of the major factors driving the growth of the SaaS market in the Americas.
The rapid advancements in cloud infrastructure technologies also contribute to the SaaS market’s growth in the Americas. Enterprises across various industries are adopting cloud-based solutions for their business operations due to their flexibility and scalability.
However, high switching costs associated with enterprise software applications could pose challenges to the growth of the SaaS market in the Americas during the forecast period.
Recently, there has been a shift towards cloud-based Software and services. This movement is fueled by the growing number of companies using SaaS solutions in their businesses. The benefits of cloud-based Software are numerous and include low upfront costs, scalability, and the ability to work on multiple devices and platforms.
The market for enterprise software has grown significantly over the past few years. According to Statista’s forecast, revenue is expected to show an annual growth rate (CAGR 2022-2027) of 12.12%, resulting in a market volume of US$86.90bn by 2027. This growth is driven primarily by two factors: increasing demand from small businesses as well as large enterprises.
While small businesses are adopting SaaS solutions at a rapid rate, large enterprises have been slower to adopt cloud technology because they prefer to own their systems rather than lease them from third parties. However, large enterprises are beginning to realize that it makes sense to move away from traditional methods since they can save money by eliminating hardware maintenance costs while improving their flexibility and agility and reducing time spent on IT management duties.
According to research, in APAC, the market for SaaS is expected to witness the highest CAGR (Compound Annual Growth Rate) of 12.1% from 2022 to 2028. China and India are positively contributing to the market’s growth owing to the growing demand for cloud-based software outsourcing coupled with the rising number of small and medium enterprises outsourcing across the region. The end-user industries driving this growth include retail, distribution, manufacturing, healthcare, life sciences, financial services, and telecommunications.
The enterprise software market in APAC is driven by enterprises’ increasing adoption of cloud computing solutions due to their cost-effectiveness, scalability, and flexibility. Enterprises are adopting these solutions because they help them reduce operating costs by reducing capital expenditure on hardware and software maintenance.
Enterprises also prefer these solutions because they allow them to scale up or down their operations based on their current business needs without investing substantially in infrastructure.
Furthermore, enterprises are adopting these solutions due to increasing demand from SMEs as they help them reduce their IT costs while improving efficiency at a lower cost per employee compared to traditional on-premises deployments.
With the growing number of SaaS products available, it is easy to see why enterprises are turning to Software as a Service (SaaS) as their preferred way of doing business.
Businesses can increase efficiency and reduce costs while making their operations more agile. They can also focus on core competencies rather than spending time on maintenance and upgrades.
The benefits of enterprise software in the SaaS market are many. They include:
Enterprise software provides an affordable entry point for small businesses and startups. This is because it is easier to afford a SaaS subscription than to invest in an entire IT infrastructure. It also means that small businesses can use the same tools as large enterprises, which is impossible with traditional on-premise solutions.
Enterprise software allows you to scale up or down your system as needed without worrying about investing in new hardware or hiring more IT staff. That makes it easier for companies to grow their business without worrying about having enough resources.
Enterprise software offers features tailored toward different industries and sectors, making it easy to find the right solution for your business needs. This includes data analytics, accounting management, and CRM tools.
Enterprise software also makes it easier for employees to access data quickly and easily, which makes it easier for them to do their jobs well without wasting time looking for information they need within their systems.
SaaS providers take care of data security by keeping all information on secure servers they manage and control, eliminating the need for expensive hardware and software updates on your end. In addition, they ensure that all data is processed in compliance with industry regulations such as HIPAA and GDPR by using industry-standard encryption and encryption keys.
You do not need to worry about upgrading your Software because it will be done automatically by the vendor. If you want to change vendors, this process is easy, too, because there is no need to reinstall or reconfigure your system.
The cloud has changed how we use technology to its core. It has made things simpler and more accessible for everyone involved. For example, when you want to use a piece of Software, you do not have to download it onto your computer or server — instead, you access it via an internet browser or mobile app! This means that every time you access an application from anywhere in the world, you can update it instantly without having any downtime or interruptions for users. Companies can make changes on the fly without waiting months or even years for updates to go through internal processes.32
The market for enterprise software as a service (SaaS) looks to be an interesting one. The ability to purchase subscriptions based on usage is cost-effective and allows businesses to scale as they grow. According to some experts, companies investing in SaaS could see a 60 percent increase in productivity within three years. It could be attributed to advancements in SaaS that are making Software faster, easier, and less expensive than ever before.
Stanley Deepak is an accomplished sales and marketing professional with 15+ years of experience. He loves tech products and book reading. He writes on philosophy and culture on LinkedIn.
Published 20 Sep 2022, Updated 20 Sep 2022
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