Global public cloud application services (SaaS) market size 2015-2025

In 2023, the software as a service (SaaS) market is estimated to be worth approximately 197 billion U.S. dollars and estimated to reach 247 billion U.S. dollars by 2024. SaaS applications are run in the cloud and usually accessible through desktops and mobile applications, as well as through a web interface. SaaS platforms empower businessesThe overall SaaS market is expected to continue growing, as organizations of all sizes 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. How does the SaaS business model work?SaaS companies offer their products to customers through the internet for a monthly subscription or a pay-as-you-go model. This may be cheaper for customers, as they do not have to invest in other on-premises software products up-front and are instead more flexible to end contracts of software products they do not need anymore. This way, SaaS companies also benefit from the recurring revenue. Importantly, they are also responsible for continuously developing the software and running it on their infrastructure. Well-known SaaS vendors include Salesforce, SAP, Zoom, and Adobe.