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Software As a Service (SaaS) Market size is set to grow by USD 423.2 billion from 2024-2028, Augmenting use of mobile apps to boost the market growth, Technavio

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NEW YORK, June 27, 2024 /PRNewswire/ — The global software as a service (SaaS) market  size is estimated to grow by USD 423.2 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  21.21%  during the forecast period.  augmenting use of mobile apps is driving market growth, with a trend towards increasing use of vertical SaaS. However, issues associated with system integration  poses a challenge. Key market players include Accenture Plc, Adobe Inc., Alphabet Inc., Amazon.com Inc., BetterCloud Inc., Box Inc., Cisco Systems Inc., Convedo Ltd., Fujitsu Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Intuit Inc., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, ServiceNow Inc., Shopify Inc., and Zendesk Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Deployment (Public cloud, Private cloud, and Hybrid cloud), End-user (Large enterprises and SMEs), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Accenture Plc, Adobe Inc., Alphabet Inc., Amazon.com Inc., BetterCloud Inc., Box Inc., Cisco Systems Inc., Convedo Ltd., Fujitsu Ltd., Hewlett Packard Enterprise Co., Infosys Ltd., International Business Machines Corp., Intuit Inc., Microsoft Corp., Oracle Corp., Salesforce Inc., SAP SE, ServiceNow Inc., Shopify Inc., and Zendesk Inc.

Key Market Trends Fueling Growth

Vertical Software as a Service (SaaS) refers to cloud computing solutions designed for specific industries, such as retail, healthcare, or automotive manufacturing. These solutions offer customizable features tailored to clients within these industries and supply chains. Examples include retail analytics software and healthcare business intelligence tools. Enterprises benefit from vertical SaaS due to its industry-specific focus, enabling the generation of valuable customer data and insights. In May 2021, Honeywell International Inc. Launched a cloud-based SaaS solution for building owners and managers, combining operational and business data for improved decision-making and efficiency. Vendors are increasingly offering vertical SaaS to address client demands and expand their customer base. IBM’s Genelco SaaS, designed for the insurance industry, is an example of this trend. The use of vertical SaaS solutions provides significant business value, contributing to the growth of the global SaaS market. 

The Software as a Service (SaaS) market is experiencing significant growth across various application areas like Human Resource Management, Media and Entertainment, and more. Leads and prospects for SaaS are abundant among startups and businesses seeking flexible solutions. Trends include integration with 3D printing technologies and mobile devices. Investment in SaaS is ongoing, with companies like Alphabet’s Google Cloud Marketplace and Microsoft Cloud leading the charge. Business models include Cloud Software, Cloud Consulting Services, and IBM Cloud Integration. Digital transformation brings challenges such as data breaches and cyber-attacks, necessitating focus on data security concerns. Employee well-being and operational efficiency are key considerations. The competitive environment is intense, with Communication Service Providers and IT companies implementing remote work policies. Cloud computing technologies continue to evolve, with hybrid cloud and public cloud offerings from the Cloud Security Alliance. Augmenting company capabilities is a primary goal. However, ongoing costs, including hosting data, electricity, employee fees, and downtime issues, must be managed carefully. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

Enterprises are increasingly turning to Software as a Service (SaaS) solutions due to their cost-effectiveness and flexibility compared to traditional IT deployments. However, integrating new software systems and IT infrastructure into existing monolithic architectures poses challenges. Monolithic applications, which combine UI and data access code into a single program, make it difficult to integrate new software. Furthermore, data stored in various formats across different business units can create interoperability issues when migrating to cloud-based software. Lastly, selecting the appropriate integration tool from numerous vendors offering SaaS solutions for various applications, while ensuring hybrid integration capabilities, is a complex task. These integration challenges may hinder the growth of the global SaaS market during the forecast period.The Software as a Service (SaaS) market is experiencing significant growth, with key industries like private cloud, human capital management, operations management, large enterprises in IT and telecom, healthcare, education, B2B and B2C enterprises adopting this model. Challenges include VAT regulations, quarterly earnings reports, and expert opinions on relevant segments. Main drivers are digitization levels, current exchange rates, and country-specific needs. SaaS leaders like AppOmni and Veeva Systems offer Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) solutions using Artificial Intelligence (AI), Internet of Things (IoT), and Platform as a Service (PaaS). SMEs and small businesses benefit from mobile SaaS growth, allowing access to information, devices, and team partnerships via laptops, tablets, and web browsers on a subscription basis for official purposes. Time and space efficiency are major attributing factors. Deployment is typically cloud-based, ensuring flexibility and ease.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This software as a service (saas) market report extensively covers market segmentation by

Deployment 1.1 Public cloud1.2 Private cloud1.3 Hybrid cloudEnd-user 2.1 Large enterprises2.2 SMEsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Public cloud-  The Software as a Service (SaaS) market continues to grow, with businesses increasingly relying on cloud-based solutions for their software needs. SaaS offers several advantages, including cost savings, flexibility, and ease of use. Companies can access software applications through the internet, eliminating the need for expensive hardware and maintenance. SaaS providers offer regular updates and improvements, ensuring that businesses have access to the latest features. This model allows businesses to focus on their core competencies while leaving the software management to the experts. Overall, the SaaS market is a cost-effective and efficient solution for businesses of all sizes

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Research Analysis

The Software as a Service (SaaS) market continues to grow at an unprecedented rate, driven by the increasing level of digitization and the shift towards remote work policies. Communication service providers and B2C enterprises are major contributors to this market, with SaaS products becoming essential for time, space, and information management. Cloud Software, including Google Cloud Marketplace and Microsoft Cloud, dominates the scene, offering a wide range of solutions for businesses of all sizes. IT companies are also leveraging SaaS to provide cloud consulting services and integrate various systems using IBM Cloud Integration. The main drivers of this market include ease of use, cost savings, and flexibility. Current exchange rates and quarterly earnings of key players are closely watched by experts in the relevant segment. SaaS enables team partnerships through laptops, tablets, and other devices, making collaboration more efficient than ever before. VAT and other regulatory considerations are important factors for businesses adopting SaaS solutions.

Market Research Overview

The Software as a Service (SaaS) market is a significant segment of the cloud computing industry, enabling businesses to access and use software applications over the internet on a subscription basis. SaaS offers flexibility, scalability, and cost savings for businesses of all sizes, from SMEs to large enterprises in various industries such as IT and telecom, healthcare, education, B2B, and B2C. Key drivers for SaaS market growth include the level of digitization, remote work policies, and the increasing adoption of cloud computing technologies. Communication Service Providers and IT companies offer SaaS products in areas like Human Capital Management, Operations Management, and Customer Relationship Management. SaaS covers various application areas like Enterprise Resource Planning, Artificial Intelligence, Internet of Things, Robotic Process Automation, and more. The market is shaped by ongoing costs, including hosting data, electricity, and employee fees, as well as downtime issues and the competitive environment. Main drivers for SaaS growth include flexibility, investment, and the shift towards mobile SaaS and cloud-based software services. Relevant segments include public cloud, private cloud, and hybrid cloud solutions. Current exchange rates and country-specific levels of digitization also impact the market. SaaS market statistics show steady growth, with major attributing factors like time, space, information, devices, team partnerships, and official purposes. Key trends include the integration of PaaS, SME adoption, and the impact of net neutrality and VAT on quarterly earnings. Expert opinions and industry reports provide insights into the current state and future prospects of the SaaS market.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

DeploymentPublic CloudPrivate CloudHybrid CloudEnd-userLarge EnterprisesSMEsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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On World Cleanup Day 2024, VIAIM’s Newly Launched Service Upgrade Provides Added Multilingual Support and Commitment to Environmental Goals, Helping to Shape a More Sustainable Future

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SINGAPORE, Sept. 20, 2024 /PRNewswire/ — VIAIM,  an AI technology hardware company deeply rooted in the smart office sector, is marking the inaugural World Cleanup Day 2024, which falls on September 20, with the official launch of a service package upgrade, reinforcing its dedication to both innovation and environmental responsibility.

This upgrade introduces Malay and Thai language support, expanding the total number of supported languages from 11 to 13. With these additions, VIAIM is taking another step towards making seamless cross-cultural communication more accessible, especially for users across Southeast Asia. At the same time, the Company continues to align its operations with sustainability efforts, lowering the usage threshold for customers and offering environmentally friendly solutions that contribute to a greener planet.

As part of VIAIM’s latest service package upgrade, users enjoy enhanced features designed to make their work and daily lives more efficient. These include free transcription and translation time, along with increased access to To-do List and Summary functions, providing customers with more comprehensive functionality at no additional cost.

These upgrades not only reflect the brand’s core philosophy of “user-first”, but also emphasize VIAIM’s commitment to continuously enhancing user experiences. Now, users can manage tasks more effectively, saving time and reducing the need for additional services, making their workflow more streamlined and productive.

Beyond product and service innovations, VIAIM remains committed to its environmental goals, aligning with global best practices in environmental, social, and governance (ESG) initiatives. VIAIM believes that, just as its users seek to improve their daily lives through technology, the company must contribute to a better world for future generations.

VIAIM is fully committed to environmental protection and sustainable development through its use of molded pulp, an environmentally friendly material for packaging while maintaining a laser focus on technology upgrades that reflect its customer-centric philosophy. The company utilizes molded pulp, an eco-friendly packaging material, to minimize environmental impact, while its smart office solutions contributes to a paperless workplace, further reducing waste. This dual focus on customer convenience and sustainability enhances the overall value that VIAIM delivers to its global customer base.

“Innovation serves as a breakthrough in technology and is also a cornerstone of environmental and social responsibility,” said TOM, Product Manager of VIAIM. “With our latest service upgrades, we not only improve the user experience but also make it easier for our customers to participate in sustainable practices. By embracing these advancements, users can contribute to environmental preservation, while enjoying the benefits of advanced cross-language support and smarter office tools. VIAIM’s mission is to bridge technological innovation with social responsibility, inviting our customers to join us in creating a brighter, more sustainable future.”

About VIAIM

VIAIM is an innovative technology company in the consumer-goods sector. With a focus on versatile, multimodal interactions, we strive to provide effective solutions that meet users’ specific needs. By harnessing state-of-the-art technology, we bring our visionary ideals to life, helping people embrace the incredible possibilities the Company offers.

CONTACT:
Qian Wang
wangqian@vision-intelligence.tech

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SOURCE VIAIM

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G42 Collaborates with NVIDIA to Deliver Next-Generation Climate Solutions Using Earth-2

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ABU DHABI, UAE, Sept. 20, 2024 /PRNewswire/ — G42, a leader in AI and cloud computing, today announced that it is partnering with NVIDIA to advance climate technology with a focus on developing AI solutions aimed at dramatically enhancing the accuracy of weather forecasting globally.

The collaboration builds on NVIDIA’s Earth-2, an open platform that accelerates climate and weather predictions with interactive, AI-augmented, high-resolution simulation. G42 and NVIDIA will initially focus on a square-kilometer resolution weather forecasting model that improves the accuracy of meteorological predictions.

Key to this initiative is the establishment of a new operational base and Climate Tech Lab in Abu Dhabi. This state-of-the-art facility will serve as a hub for research and development, driving forward both companies’ commitment to environmental sustainability. This facility will also mobilize the creation of tailored climate and weather solutions that leverage over 100 petabytes of geophysical data assets.

Peng Xiao, Group CEO of G42, said, “This initiative with NVIDIA is a testament to our commitment to applying AI in ways that not only innovate but also solve critical global challenges. Establishing the Earth-2 Climate Tech Lab in Abu Dhabi allows us to leverage our unique capabilities and insights to foster a sustainable future for the world.”

In addition to fostering innovation in climate technology, the initiative will focus on building a robust framework for integrating enhanced weather prediction capabilities with comprehensive data metrics and visualization. This will assist organizations worldwide in achieving their sustainability goals through well-informed, data-driven environmental strategies.

“Our collaboration with G42 marks a pivotal step toward harnessing AI to understand and predict climate phenomena with unprecedented accuracy,” said Jensen Huang, founder and CEO of NVIDIA. “The Earth-2 Climate Tech Lab will propel environmental solutions using the most advanced accelerated computing and AI technology to benefit millions of people around the world.”

By uniting G42’s AI expertise with NVIDIA’s computational acumen, this partnership aims to deliver transformative climate solutions that combine scientific accuracy with real-world applicability, driving impactful change across industries and ecosystems.

About G42

G42 is a technology holding group, a global leader in creating visionary artificial intelligence for a better tomorrow. Born in Abu Dhabi and operating worldwide, G42 champions AI as a powerful force for good across industries. From molecular biology to space exploration and everything in between, G42 realizes exponential possibilities, today.
To know more visit www.g42.ai.

Media contacts
Media and PR Team, G42
media@g42.ai

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Kawasaki and CB&I Sign Strategic Collaborative Agreement for Promoting Commercial-Use Liquefied Hydrogen Supply Chain

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HOUSTON, Sept. 19, 2024 /PRNewswire/ — Kawasaki Heavy Industries, Ltd. (Kawasaki) and CB&I, a wholly owned unrestricted subsidiary of McDermott, announced today their signing of a strategic agreement for promoting a commercial-use liquefied hydrogen (LH2) supply chain and realizing a zero-carbon-emission society. The signing ceremony took place at Gastech Exhibition & Conference in Houston on September 18, 2024.

“We are very pleased for this opportunity to build and launch a commercial liquefied hydrogen supply chain in cooperation with CB&I,” said Motohiko Nishimura, President, Energy Solutions & Marine Engineering Company, Kawasaki Heavy Industries, Ltd. “By taking advantage of both companies’ strengths and specialized know-how, we aim to cost down hydrogen, strengthen hydrogen supply chain competitiveness, and accelerate the transition to a zero-carbon society.”

Both companies will use their specialized know-how to provide infrastructure that will enable commercial-scale international LH2 supply chains in order to help achieve carbon-neutrality. By leveraging our combined expertise to deliver large-scale LH2 infrastructure solutions, CB&I and Kawasaki are removing barriers, driving down costs and enhancing scalability across the entire supply chain.

“This strategic partnership represents a significant advancement in liquid hydrogen storage capabilities,” said Mark Butts, Senior Vice President of CB&I. “Our technical expertise and extensive experience in liquid hydrogen storage position us at the forefront of the energy transition, delivering reliable storage solutions and executing projects worldwide with proven success.”

Under this agreement, the companies will provide infrastructure to advance the global realization of a sustainable energy economy and meet decarbonization targets. This collaboration will reduce LH2 infrastructure costs and contribute to more widespread use of this clean and efficient energy source.

About CB&I
CB&I is the world’s leading designer and builder of storage facilities, tanks, and terminals. With more than 60,000 structures completed throughout its 130-year history, CB&I has the global expertise and strategically located operations to provide its customers world-class storage solutions for even the most complex energy infrastructure projects. CB&I is a wholly owned unrestricted subsidiary of McDermott. To learn more, visit www.cbi.com.

About McDermott
McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott’s innovative expertise and capabilities advance the next generation of global energy infrastructure—empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott’s locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world. To learn more, visit www.mcdermott.com.

About Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. is general engineering manufacturer with over 125 years of experience manufacturing products spanning land, sea and air. Kawasaki established the Kawasaki Group’s new vision statement, “Group Vision 2030: Trustworthy Solutions for the Future,” and is focusing on three fields, “A Safe and Secure Remotely-Connected Society,” “Near-Future Mobility,” and “Energy and Environmental Solutions” in order to provide solutions for social issues. For “Energy and Environmental Solutions” in particular, by securing the technology necessary for the entire supply chain (for production, transportation, storage and utilization) ahead of the rest of the world, Kawasaki aims to bring about a society that utilizes hydrogen, the ultimate clean energy that emits no carbon dioxide when used. To learn more, visit https://global.kawasaki.com/en.

Forward-Looking Statements
McDermott cautions that statements in this communication which are forward-looking, and provide other than historical information, involve risks, contingencies and uncertainties. These forward-looking statements include, among other things, statements about the expected benefits from the collaboration agreement discussed in this press release.  Although we believe that the expectations reflected in those forward-looking statements are reasonable, we can give no assurance that those expectations will prove to have been correct. Those statements are made by using various underlying assumptions and are subject to numerous risks, contingencies and uncertainties, including, among others: adverse changes in the markets in which we operate or credit or capital markets; our inability to successfully execute on contracts in backlog; changes in project design or schedules; the availability of qualified personnel; changes in the terms, scope or timing of contracts, contract cancellations, change orders and other modifications and actions by our customers and other business counterparties; changes in industry norms; actions by lenders, other creditors, customers and other business counterparties of McDermott and adverse outcomes in legal or other dispute resolution proceedings. If one or more of these risks materialize, or if underlying assumptions prove incorrect, actual results may vary materially from those expected. You should not place undue reliance on forward-looking statements. This communication reflects the views of McDermott’s management as of the date hereof. Except to the extent required by applicable law, McDermott undertakes no obligation to update or revise any forward-looking statement.

For media inquiries, please use the contact information below:

Reba Reid
Global Media Relations
+1 281 588 5636
RReid@McDermott.com

Kristi Krupala-Grove
CB&I Media Relations
+1 346 313 9636
KKrupala2@mcdermott.com

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SOURCE McDermott International, Ltd

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