SaaS is Projected to Double by 2030
Global SaaS Revenues
(In Billions of USD)
CAGR 19.3%
819
In recent years, SaaS companies accounted for a significant portion of the global software market. Projections show revenue will grow to over $339.1 billion in 2024 — and by 2029, this share is projected to increase dramatically with the market expected to reach $818.8 billion . That'sa compounded annual growth rate (CAGR) of 19.28% from 2024-2029 . The COVID-19 pandemic radically accelerated the adoption of digital services, and advancements in technologies like cloud computing. Now, AI is setting the stage for massive growth in the SaaS sector. Historically, spending on SaaS products grew more than tenfold between 2010 and 2020. This has not slowed down. However, the growth of SaaS hasn't been uniform across the globe. Different regions have experienced varying levels of maturity due to key factors such as funding availability, government regulations surrounding digital services, and the pace of technological adoption. North America currently dominates the SaaS market, representing 48% of the global market share in 2023. Meanwhile, the Asia Pacific region is expected to be the fastest-growing region, with a projected CAGR of 22%.
706
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339
2024E 2025F 2026F 2027F 2028F 2029F
Source: Statista2024
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