Software as a Service - Armenia | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$48.08m in 2024.
0.0 dominates the market with a projected market volume of 0.0 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 22.56%, resulting in a market volume of US$133.00m by 2029.
In global comparison, most revenue will be generated United States (US$187.20bn in 2024).

Definition:

Software as a Service (SaaS) refers to the type of public cloud service that delivers software applications over the internet on a subscription basis. Users can access and use the software through web browsers without having to install or maintain it locally. SaaS eliminates the need for purchasing, installing, and updating software, thus offering convenience and automatic updates while allowing users to focus on using the software to meet their requirements. The SaaS market includes the companies that provide these types of cloud-based software resources and services to individuals, businesses, and organizations. A typical example of this type of service is Microsoft Office 365, an SaaS suite of applications (e.g., Word, Excel, and PowerPoint) available for purchase by subscription and accessible via a web browser.

Additional Information:

The Software as a Service (SaaS) market comprises revenue, revenue change, average spend per employee, and key player market shares as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players of the SaaS market include companies such as Microsoft (Office 365), Salesforce (Customer 360), Oracle (Cloud applications), and IBM (Cloud).

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Enterprise software, such as SAP ERP, Oracle ERP Cloud, Salesforce CRM, and Microsoft Dynamics365
Productivity software, such as Microsoft 365, Google Workspace, and Adobe Creative Cloud

System infrastructure software, such as Microsoft Windows Operating System and Linux Operating System
On-premises software, such as on-premises versions of Microsoft Office, SAP ERP, and Oracle Database
Business-Process-as-a-Service (BPaaS), such as payroll management and accounting solutions via ADP Workforce Now, Intuit QuickBooks Online, Workday, and Oracle NetSuite

The Software as a Service market within the Public Cloud Market in Armenia has been steadily growing, driven by factors such as increasing demand for digital solutions, growing awareness of the benefits of online services, and the convenience of SaaS offerings. This growth rate is influenced by a combination of factors, including the country's investment in digital infrastructure, the rise of startups and small businesses, and the overall trend towards cloud-based solutions.

Customer preferences: Consumers in Armenia are increasingly adopting Software as a Service solutions, driven by the need for cost-effective and scalable solutions for their businesses. This trend is further fueled by the country's growing tech-savvy population and the government's push towards digitalization. Additionally, the rise of remote work and the need for collaboration and productivity tools have also contributed to the growth of the SaaS market in Armenia.

Trends in the market: In Armenia, the Software as a Service (SaaS) market within the Public Cloud Market is experiencing a shift towards more specialized and niche solutions. This trend is driven by the need for highly customizable and efficient software, as well as the increasing demand for cost-effective solutions. Additionally, there is a growing focus on data security and privacy, with SaaS providers offering advanced security measures to protect sensitive data. These trends are significant for industry stakeholders as they cater to the evolving needs of businesses and governments. The trajectory of these trends is expected to continue, with SaaS companies investing in research and development to stay ahead of the competition and meet the demands of their clients. The potential implications for stakeholders include increased market competition, the emergence of new players, and the need for continued innovation in the SaaS market within the Public Cloud Market in Armenia.

Local special circumstances: In Armenia, the Software as a Service Market within the Public Cloud Market is emerging due to the country's highly skilled IT workforce and favorable government initiatives to promote digital transformation. The market is also influenced by the country's strategic location between Europe and Asia, making it a desirable location for international companies to set up operations. Additionally, the country's low cost of living and favorable tax policies make it an attractive destination for outsourcing services, further driving the growth of the SaaS market in the public cloud sector.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Armenia is also impacted by macroeconomic factors such as the country's overall economic health, government policies, and global economic trends. A strong and stable economy with supportive policies for the adoption of cloud technologies can drive the growth of the market. On the other hand, economic instability and unfavorable policies may hinder market growth. Additionally, the increasing demand for cost-effective and efficient software solutions in various industries, coupled with the growing trend of digital transformation, is fueling the demand for Software as a Service in Armenia. This trend is expected to continue as businesses look for ways to improve their operations and reduce costs in the face of economic uncertainties.

Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Together with platform as a service (PaaS) and infrastructure as a service (IaaS), software as a service (SaaS) is one of the three primary tiers of cloud computing. It allows businesses to redirect resources away from IT hardware, software, and personnel expenses, and towards other business needs. Currently, the most prominent companies in the SaaS market are Microsoft, Salesforce, Oracle, SAP, and Google.