Software As A Service (SAAS) Market Expected to Exceed $305 Billion by 2026

Financialnewsmedia.com News Commentary

News provided by

Jun 07, 2021, 08:50 ET

PALM BEACH, Fla., June 7, 2021 /PRNewswire/ -- SaaS is a software distribution model where the service provider hosts the application at a data center for customers to access via the internet. By subscribing to the service, customers no longer need to maintain the hardware or other resources that were previously required and instead can access the Software via a client program or web browser. SaaS companies offer their products to customers through the internet for a monthly subscription or a pay-as-you-go model. This may be cheaper for customers, as they do not have to invest in other on-premises software products up-front and are instead more flexible to end contracts of software products they do not need anymore. This way, SaaS companies also benefit from the recurring revenue. Importantly, they are also responsible for continuously developing the software and running it on their infrastructure. According to a report from Statista said that, in 2021, the software as a service (SaaS) market is estimated to be worth approximately 123 billion U.S. dollars. SaaS applications are run in the cloud and usually accessible through desktops and mobile applications, as well as through a web interface. It said: "The overall SaaS market is expected to continue growing, as organizations around the world adopt SaaS solutions for a variety of business functions. Among these are solutions for customer resource management (CRM), enterprise resource planning (ERP), as well as web hosting and eCommere." Active tech companies in the markets this week include Alfi, Inc. (NASDAQ: ALF), CrowdStrike Holdings, Inc. (NASDAQ: CRWD), Salesforce, Inc. (NYSE: CRM), Palantir Technologies (NYSE:PLTR), DocuSign, Inc. (NASDAQ: DOCU).

Another report from Reports Valuates says that The global Software as a Service (SaaS) market size is projected to reach USD 307.3 Billion by 2026, from USD 158.2 Billion in 2020, at a CAGR of 11.7% during 2020-2026. It said that: "Artificial Intelligence ( AI) is used in various applications to solve complex business problems. The convergence of AI with SaaS enables organizations to achieve greater value through automation, personalizing, and security enhancement. Al-enabled SaaS also speeds up internal processes and operations that allow businesses to make rapid demands and to increase their overall response time. The major drivers of SaaS market size are increased use of smartphones, tablets, and laptops, increasing public and hybrid cloud adoption, and increasing corporate outsourcing. Another factor that boosts market expansion over the forecast period includes the increasing use of micro SaaS."

Alfi, Inc. (NASDAQ: ALF) BREAKING NEWS: Alfi Commences Operation of its AI Enterprise SaaS Platform Technology for Digital Advertising in Kiosks at Belfast International Airport ("BFS") - Alfi, Inc. ("Alfi" or the "Company"), an AI enterprise SaaS platform company powering computer vision with machine learning models to allow content publishers and brand owners to deliver interactive, intelligent information without violating user privacy, today announced that it has commenced operation of its digital advertising technology in multiple kiosks located within Belfast International Airport ("BFS"). Alfi has signed a contract with Belfast International Airport and has already installed a total of 9 kiosks at the airport. Alfi currently estimates that the 9 kiosks utilizing the Company's technology has the potential to generate in excess of $5,000,000 annually.

"This is just the beginning. The DOOH world is transitioning rapidly to impression-based accountability with major advertisers and national brands demanding more transparency and better accuracy in reporting metrics. Alfi is far ahead of this curve already having built, tested and now deploying these advanced platforms in the OOH world globally. It is incredibly exciting to see these paramount shifts towards ALFI's intelligent platform," said Ron Spears, CRO of Alfi. "I have been in digital and DOOH for nearly 20 years at trend changing companies, but when I saw Alfi's technology I was speechless. This is the next disruptor in the DOOH industry" said Alfi's CRO.

Digital kiosk advertising has been proliferating in places such as airports, malls, sports and entertainment venues and city streets as they create an excellent opportunity to expose consumers to a brand, message, or product, are more cost-effective over the long term than traditional advertising channels and offer the owner the opportunity to generate additional revenue.

Utilizing Alfi's technology, Belfast International Airport can optimize its network of kiosks to deliver powerful reach, dynamic visuals, and tailored message capability by age, gender, geography, demographics, brand behavior and interests, all in real-time. Alfi's computer vision can change and run ads remotely to deliver the right content, to the right person, at the right time in a responsible and privacy compliant manner.

Alfi provides data rich reporting functionality that informs the advertisers that someone viewed their ad, the number of views, and each viewer's reaction to the ad. Advertisers are increasingly demanding improved performance and capabilities from the ad technology they utilize. Alfi delivers for advertisers with analytics, accountability, transparency, proof of engagement and actual impressions.

Belfast International Airport is Northern Ireland's Principal Airport and the second largest gateway on the Island of Ireland. Operating 24/7 all year round. To get more information about ALFI, please visit: https://www.getalfi.com

Other recent developments in the markets include:

CrowdStrike Holdings, Inc. (Nasdaq: CRWD), a leader in cloud-delivered endpoint and cloud workload protection, recently announced financial results for the first quarter fiscal year 2022, ended April 30, 2021. "CrowdStrike kicked off the new fiscal year with strong momentum and delivered outstanding first quarter results that exceeded our expectations. We saw strength in multiple areas of the business, added $144 million in net new ARR in the quarter and grew ending ARR 74% year-over-year to exceed $1.19 billion. The CrowdStrike name has become synonymous with best-in-class cybersecurity protection and a platform that just works. Customers of all sizes are increasingly choosing CrowdStrike as their security platform of record with 1,524 net new subscription customers added in the quarter and half of total subscription customers now adopting at least five cloud modules. We believe the robust demand environment driven by secular trends, such as digital and security transformation, cloud adoption and a heightened threat environment, provides a runway for long-term sustainable growth," said George Kurtz, CrowdStrike's co-founder and chief executive officer.

Salesforce Connections -- Salesforce, [NYSE: CRM], the global leader in CRM, recently announced new innovations across Digital 360, helping companies go digital faster and deliver the next generation of marketing, commerce and digital experiences

As consumers continue to push the limits of what it means to be digital first — from buying cars and groceries online to applying for mortgages on their phones — businesses' marketing budget is following suit, with online sales reaching over $4 trillion¹ and digital expected to hit half of all global ad spend this year.² Salesforce is helping companies stay ahead of these shifts, powering an average of more than 100 billion Einstein predictions, sending 682 billion emails and delivering a daily average of three million commerce transactions in 2020.

Palantir Technologies (NYSE:PLTR) announced recently that it had been selected by the United States Special Operations Command (USSOCOM) to continue its work as their enterprise data management and AI-enabled mission command platform as part of the Mission Command System/Common Operational Picture program. The contract is valued at a total of $111 million, inclusive of options, with $52.5 million executed upon award. The total contract includes a base year and one option year.

Palantir's platform has been used by USSOCOM in real-time mission operations to interoperate with other components of the global situational awareness architecture since 2016. Palantir's software is designed to aggregate disparate and siloed data sources to enable the best possible data-driven decision-making, making Palantir uniquely suited to provide a platform to support unity of effort and enhance high impact decision-making across warfighting functions.

DocuSign, Inc. (NASDAQ: DOCU), which offers the world's #1 eSignature solution as part of the DocuSign Agreement Cloud, recently announced results for its fiscal quarter ended April 30, 2021.

"We've increasingly become the way people agree in this emerging anywhere economy—and that's not only helping organizations continue operations during the pandemic, but helping them realize new and more efficient ways of doing business in the future," said DocuSign CEO Dan Springer. "This fact is reflected by our new and existing customers adopting and expanding at record rates, our 58% year-over-year Q1 revenue growth, and the recent addition of our millionth customer to the DocuSign platform."

DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by Alfi, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:

Media Contact email: [email protected] - +1(561)-325-8757

SOURCE Financialnewsmedia.com