Around the globe, almost every industry is hurtling towards greater digitalisation. This has led to the booming of the Software-as-a-Service (SaaS) industry. Many large SaaS enterprises have expanded into the European countries as the market in the region is ready for growth. The incorporation of artificial intelligence (AI) and machine learning, along with digitalisation, are major factors that are driving the SaaS growth.
For businesses, SaaS helps eliminate the hardware acquisition cost, provisioning & maintenance as well as software licensing, installation, and support. The SaaS market is anticipated to grow at a compound annual growth rate (CAGR) of 25.00% during the forecast period 2018-2023.