However surprisingly, the market for technology and telecom is a multi-billion market with effective and attractive developments in the technology of software-as-a-service. Whereas, software as a service is a kind of software licensing and delivery model in which specialized software is licensed on a subscription basis and is centrally presented. SaaS has become a common delivery model for many business applications which involves messaging software, DBMS software, CAD software, enterprise resource planning, talent acquisitions, content management, service desk management, accounting, virtualization, gamification, invoicing, customer’s relationship management and several others. Furthermore, many of the key players are playing an important role by dominating the huge market share by doing effective developments in the technology of this which further increased the demand in the market. Whereas, with the effective working of the key players the market is become more competitive and innovative moreover, the competitive nature of this market enforced the investors for investing the effective amount in the research and development programs which become beneficial for leading the fastest market growth during the forecasted period.
According to the report analysis, ‘Europe Software-as-a-Service (SaaS) Market (2018-2023)’ states that there are several key players which are presently functioning in this market more significantly for dominating the huge market share by making the attractive developments in the specifications for growing the demand for this includes Symantec Corporation, Google Inc., Fujitsu Ltd., Amazon.com Inc., IBM Corporation, HP, Oracle Corporation, SAP SE, Microsoft Corporation, Salesforce, and several others. Whereas, the key players of this in Europe are performing their function more actively this makes the market profitable for both the consumer and the key players. However, in Europe, the SaaS market is predicted to grow at a compound annual growth rate (CAGR) of 25.0% during the forecast period 2018-2023.
Additionally, the basis on the vertical, the market of SaaSin Europe can be split into banking, financial services and insurance (BFSI), information technology (IT) and telecommunication, manufacturing, retail, healthcare, education, and several others. The sectors of BFSI endure grasping the biggest market share in the vertical segment. While the manufacturing sector will be developing at a significant rate during the forecast period. Based on the deployment model, the market of SaaS can be sectored into the public cloud, private cloud, and hybrid cloud. While the private cloud and public cloud models are viewing a positive trend in the market and the corporations are annoying to employ the hybrid cloud model in the recent future. The public cloud market has the biggest market share, whereas the hybrid cloud market is anticipated to grow at the positive CAGR.
Many large enterprises of SaaS have prolonged into the European countries as the market in the region is developed for growth. The technological advancements in the region like the incorporation of artificial intelligence (AI) and machine learning along with digitalization are foremost factors that are driving the growth of the SaaS market. There are abundant openings for the investors in the European SaaS market, as the market, there is yet to advance. Therefore, in the near future, it is expected that the market of software as a service in Europe will grow more significantly over the recent few years.
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Ankur Gupta, Head Marketing & Communications