Software as a Service (SaaS) in the Middle East, SaaS Market Growth Forecast: Ken Research
Software as a service is a software licensing and delivery model in which the software is licensed on the basis of subscription and is centrally accommodated. Whereas, many times it is defined as ‚??on-demand-software‚?? and was formerly referred to as ‚??software plus services‚?? by the Microsoft. Software as a service has been amalgamated into the strategy of nearly all leading enterprise software enterprises. Not only has this, but it is also a type of cloud computing which directly belongs to the third-party provider who manages all the effective applications and assesses them accessible to consumers over the internet. With the effective applications, the market of SaaS will grow more significantly in the near future. While the key players of this market are playing an important role by adopting the effective market strategies and policies for dominating the handsome amount of share in the near future.
According to the report analysis, ‚??Middle East and Africa 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 in Africa by doing effective development in the technology of cloud computing involves Symantec Corporation, Google Inc., Fujitsu Ltd., Amazon.com Inc., IBM Corporation, HP, Oracle Corporation, SAP SE, Microsoft Corporation, Salesforce and several others. Whereas, the Software as a service market is predicted to rise at a compound annual growth rate (CAGR) of 18.25% during the forecast period 2018-2023. The United Arab Emirates (UAE) and Saudi Arabia is undergoing a growth in new data centers and service partnerships, which is assertive the local firms to squeeze the implementation of SaaS.
By vertical, the SaaS market in Africa can be sectored into banking, financial services and insurance (BFSI), information technology (IT) and telecommunication, manufacturing, retail, healthcare, education, and others. Whereas the BFSI sector pursues to grasp the principal amount of market share in the vertical sector, and the segment of manufacturing will be increasing at a significant rate during the reviewed period. Whereas, based on the applications, the market of SaaS in Africa can be split into enterprise resource planning (ERP), customer relationship management (CRM), human resource management (HRM), supply chain management (SCM), and others. However, the other application kind involves web conferencing platforms, messaging applications, and collaborations. For instance, HRM has the major market share and is also projected to have the highest growth rate in the forecast period.
SaaS arrangements in African organizations are tough due to the firms lack maturity and industries that have more than a dozen players are infrequent. Businesses have a poor customer base and most of the products and services need sincere financing. While enterprises of Africa are experiencing a speedy migration towards application programming interfaces and micro-services which empowers the construction of interfaces between two software to enable the operators to access additional geographies. Therefore, in the near future, it is expected that the market of software-as-a-service will grow more positively in the Middle East and African market over the recent few years.
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Ankur Gupta, Head Marketing & Communications