Software as a Service (SaaS) Market Size is Projected to Reach $307 Billion by 2026

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Jul 20, 2021, 08:50 ET

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PALM BEACH, Fla., July 20, 2021 /PRNewswire/ -- One of the most popular forms of cloud computing is software-as-a-service (SaaS), which is simply defined as a software distribution model in which a service provider hosts applications for customers and makes them available to these customers via the internet. Given its ease of access, the SaaS model of software delivery has become common for many types of business applications, and it has been incorporated into the delivery strategies of many enterprise software vendors. SaaS companies have offerings available for a variety of business applications, including email and collaboration, customer relationship management (CRM), billing/payroll processing, sales management, human resources management, financial management, database management, enterprise resourcing planning (ERP), content management, and document editing and management. As with other cloud services, organizations typically pay for SaaS applications through a subscription fee, on a monthly or annual basis. This contrasts with the traditional model of paying for software through a perpetual license, with an upfront cost and optional ongoing support fee. Providers usually price SaaS products based on some type of usage parameters. For example, they might charge based on the number of people using the application, the number of transactions, or some other measure of usage. Active Companies in the markets today include Infobird Co., Ltd (NASDAQ: IFBD), LivePerson, Inc. (NASDAQ: LPSN), Salesforce (NYSE: CRM), Zendesk, Inc. (NYSE: ZEN), Twilio (NYSE: TWLO).

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. According to industry reporter Statista, in 2021, the software as a service (SaaS) market is estimated to be worth approximately 123 billion U.S. dollars. 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."

Infobird Co., Ltd (NASDAQ: IFBD) BREAKING NEWS: Infobird's Successful Launch of Intelligent SaaS for a Leading Fintech Company Paves the Way for Further Expansion in Financial Industry - Infobird Co., Ltd (NASDAQ: IFBD) ("Infobird" or the "Company"), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced the successful implementation of its Intelligent Quality Inspection SaaS, a new product in the era of artificial intelligence, with one of the leading Fintech companies in China. With the help of Infobird's Intelligent Quality Inspection SaaS, the customer service center's service platform has realized intelligent management and operation, and sets the foundation for further upgrade of its customer service.

Infobird has continuously promoted the implementation of intelligent quality inspection in various industries in recent years, effectively expanding the application boundary of intelligent quality inspection. Since its launch, Infobird's Intelligent Quality Inspection has been used in Finance, E-commerce, Retail and other industries. It is a standardized intelligent SaaS product that can empower the clients to better track the engagement between the customer service or sales agents and end customers. This solution is essential for many industries, especially the financial industry which has very high compliance and service requirements for customer and sales centers. Inforbird's success in serving this leading Fintech client with Intelligent Quality Inspection is expected to pave the way for future expansion into financial industry. Based on the past experiences in financial and other industries, the Company will continue to evaluate the value of intelligent quality inspection, with the goal of deploying a series of intelligent customer service products to accelerate the digital and intelligent transformation and upgrading of enterprise customer service centers.

As a financial services company that attaches great importance to customer service management, the Fintech client has built a mature and comprehensive customer service center, and continuously elevates the quality of management and customer service through various methods including quality inspection and training. In order to use intelligent technology to further upgrade the management and customer service experience, the client introduced Infobird's Intelligent Quality Inspection system. Through long-term cooperation, the client has taken a great leap in customer service quality inspection from manual inspection by random sampling to automatic inspection with 100% coverage, which effectively liberated quality inspectors, achieved 100% inspections, and comprehensively improved management efficiency. CONTINUED… Read this full release for Infobird at: http://www.infobird.com/en/news/index?type=3

Other recent developments in the markets include:

Salesforce (NYSE: CRM), the global leader in CRM, recently announced Advertising Sales Management for Media Cloud, a new industry-specific application for managing cross-channel advertising sales. With Advertising Sales Management, cross-channel planning and execution, automated client reporting and campaign optimization converge in a single platform to help drive revenue for publishers.

Publishers such as online and print newspapers, social media platforms, streaming networks, television and radio stations, and retailers generate revenue by selling advertising campaigns to brands. As the number of channels for advertising increases, so does the complexity of managing available advertising inventory and tracking campaign results.

Managing these functions across an average of 23 systems can be cumbersome and error-prone due to frequent switching and distributed capabilities. What publishers need now is one streamlined platform that integrates workflows where they can track campaign performance and view available advertising sales inventory from across a number of different channels.

Zendesk, Inc. (NYSE: ZEN) recently announced that it will release financial results for the second fiscal quarter ended June 30, 2021 following the close of the U.S. markets on Thursday, July 29, 2021. In conjunction with its earnings press release, the company will post a detailed shareholder letter to its Investor Relations website.

Zendesk will host a live video webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, July 29, 2021 to discuss the results. The live video webcast can be accessed through Zendesk's investor relations website. A replay of the webcast will be available for 12 months.

Twilio (NYSE: TWLO), the leading cloud communications platform, recently announced the successful completion of its previously announced acquisition of Zipwhip, a trusted partner to carriers and a leading provider of toll-free messaging in the United States. This transaction is valued at approximately $850 million in an approximately equal blend of cash and stock.

"Today's digital economy has every business evaluating the best ways to interact with their customers. Across every industry, Twilio sees messaging as an increasingly popular, trusted, and effective way to engage," said Simon Khalaf, SVP and general manager of the Twilio Communications Platform. "We're very excited to make Zipwhip a part of the Twilio team and to leverage our combined messaging expertise across all channels to offer businesses of all sizes the most robust suite of messaging offerings."

LivePerson, Inc. (NASDAQ: LPSN), a global leader in conversational AI, and Adobe recently announced an integration to help brands transform digital customer experience by seamlessly extending personalization from digital experiences into messaging channels and one-to-one conversations at massive scale.

Through the LivePerson and Adobe integration, brands can offer more personalized customer experiences. These customized journeys can help brands build on the success that enterprises already using LivePerson's Conversational Cloud have seen to date, including conversion rate increases of as much as 10x.

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