Software as a Service - Bangladesh

Revenue in the Software as a Service market is projected to reach US$176.60m 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 28.43%, resulting in a market volume of US$617.10m 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 Public Cloud Market in Bangladesh has seen moderate growth due to factors such as increasing adoption of SaaS, rising awareness of digital solutions, and the convenience of online services. However, subdued growth is being impacted by factors such as limited infrastructure and slow internet speeds.

Customer preferences: The Software as a Service Market within the Public Cloud Market is witnessing a growing trend of businesses adopting cloud-based solutions to enable remote work and collaboration. This shift is driven by the increasing demand for flexibility and efficiency in the workplace, as well as the need for cost-effective solutions. Additionally, with the rising adoption of digital transformation, there is a growing preference for software solutions that offer scalability, customization, and accessibility.

Trends in the market: In Bangladesh, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand as businesses seek cost-effective and scalable solutions. This trend is expected to continue, with more companies adopting cloud-based services to improve efficiency and reduce IT infrastructure costs. Additionally, the government's initiatives to promote digitalization and the rise of startup culture in the country are driving the growth of the SaaS market. These developments have significant implications for industry stakeholders, including increased competition and the need for continuous innovation to meet the evolving needs of customers.

Local special circumstances: In Bangladesh, the Software as a Service Market within the Public Cloud Market is influenced by the country's rapidly growing tech industry and government support for digital transformation. With a large population of young, tech-savvy individuals, there is a growing demand for cloud-based software solutions. Additionally, the country's regulatory environment is favorable for foreign investment and innovation, making it an attractive market for SaaS companies. However, the lack of reliable internet infrastructure and digital literacy among certain segments of the population can present challenges for market growth.

Underlying macroeconomic factors: The growth of the Software as a Service Market within the Public Cloud Market in Bangladesh is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with supportive regulatory environments and robust investments in digital technologies are experiencing rapid market growth, while those with limited regulatory frameworks and inadequate funding are facing challenges. Furthermore, the increasing adoption of digital solutions in various industries and the growing demand for cost-effective and efficient software services are driving the growth of the market in Bangladesh.

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.