Press Release Description

Surging Funding by Companies to Expand SaaS Platforms Expected to Boost the Growth of Saudi Arabia Software as a Service Market

The Saudi Arabia Software as a Service (SaaS) market is anticipated to witness a high growth over the forecast period on account of introduction of several construction projects in healthcare facilities, hotels, and small and medium scale enterprises under the Saudi Vision 2030, inflow of foreign direct investment, and burgeoning spending to strengthen IT infrastructure. Apart from these, surge in the funding by the companies to expand SaaS platform in order to bring restaurant services online, rising investment by the cloud service providers in the region, and boost in the adoption of SaaS in the verticals such as healthcare, manufacturing, oil & gas, and retail are some of the factors positively impacting the growth of the market in the forthcoming period

According to MarkNtel Advisorsresearch report titledSaudi Arabia Software as a Service Market Analysis, 2020”, the Saudi Arabia Software as a Service market is anticipated to grow at a CAGR of 18% during 2020-25. Based on Deployment, Public Cloud acquired the considerable market share in 2019. The adoption of public cloud is mostly in IT-enabled services as it provides higher elasticity and adaptability. Besides this, it also offers benefits such as cost viability, being easy and quick to integrate, enhancing the overall security and reducing the overall maintenance cost.

“Saudi Arabia Software as a Service Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Software as a Service providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Human Resource Management Exhibited Fastest Growth

Based on Application, Human Resources Management segment is projected to register the fastest growth in the Saudi Arabia software as a service market in 2019. The growth of the segment is attributed to growing adoption of SaaS-based HR management software amongst small and medium enterprises due to its low cost, easy to update features, and enabling remote access which leads to enterprise productivity and profitability. Besides these, SaaS-based HR management applications help the employees to enhance productivity as customers can quickly adapt additional features in least time and effort. Moreover, it also helps the organization to manage HR-related activities such as employee attendance management, employee tracking, recruitment, and other activities which is anticipated to register significant growth in the Saudi Arabia Software as a Service market as stated in MarkNtel Advisors’ research report “Saudi Arabia Software as a Service Market Analysis, 2020”.

 According to MarkNtel Advisors, the key players with a considerable market share in the Saudi Arabia Software as a Service market are Microsoft, SAP, Oracle, Cisco, Salesforce, Amazon, IBM, VMware.

Market Segmentation:

  1. By Deployment (Public cloud, Private cloud, Hybrid Cloud)
  2. By Business Application (Customer Relationship Management, Human Resource Management, Enterprise Resource Planning, Operations and Manufacturing, Supply Chain Management, Others)
  3. By End-User (BFSI, Information & Communication Technology, Hospitality, Healthcare, Manufacturing, Government Agencies, Others)
  4. By Geographic Region (North, West, South, East, Central)
  5. By Competitors (Microsoft, SAP, Oracle, Cisco, Salesforce, Amazon, IBM, VMware etc.) 

Key questions answered in the study:

1.    What are the current and future trends of the Saudi Arabia Software as a Service?

2.    How the industry has been evolving in terms of end-user demand and application areas?

3.    What are the future plans and customer expectations of end-users across the country?

4.    How the competition has been shaping across the countries followed by their comparative factorial indexing?

5.    What are the key growth drivers and challenges for the Saudi Arabia Software as a Service?

6.    What are the customer orientation, purchase behavior, and expectations from the rental construction equipment companies across various regions?