Software as a Service - Estonia | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$51.29m 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 20.47%, resulting in a market volume of US$130.10m 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 Software as a Service market in the Public Cloud Market in Estonia is seeing moderate growth due to factors such as the increasing adoption of cloud-based solutions, growing awareness about the benefits of SaaS, and the convenience it offers. The market's mild growth rate is influenced by factors such as limited infrastructure, high competition, and slow adoption by traditional businesses.

Customer preferences: As the demand for cost-effective and efficient software solutions continues to grow, more and more businesses in Estonia are turning to Software as a Service (SaaS) offerings within the Public Cloud Market. This trend is driven by the country's highly digitalized society, where individuals and organizations alike prioritize convenience, flexibility, and scalability. Additionally, the shift towards remote collaboration and telecommuting has further accelerated the adoption of SaaS solutions, allowing for seamless access to essential tools and services from anywhere and at any time.

Trends in the market: In Estonia, the Software as a Service market within the Public Cloud Market is seeing a surge in demand for cloud-based collaboration tools, project management software, and customer relationship management solutions. This trend is driven by the need for remote work and increased efficiency in businesses. With the rise of telecommuting, there is a growing demand for cloud-based solutions that can be accessed from anywhere, at any time. This trend is expected to continue in the coming years, with a potential shift towards more industry-specific SaaS solutions. This has major implications for industry stakeholders, including increased competition and the need for constant innovation to stay ahead in the market. Additionally, there is a potential for increased partnerships and collaborations between SaaS providers and businesses to create tailored solutions for specific industries.

Local special circumstances: In Estonia, the Software as a Service Market within the Public Cloud Market is thriving due to the country's strong tech infrastructure and high internet penetration. The government's support for digitalization and innovation has created a conducive environment for SaaS companies to grow. Additionally, the country's small size and close-knit tech community allows for easy collaboration and knowledge sharing, leading to a highly competitive and innovative market. The country's strict data protection regulations and strong stance on privacy also provide a level of trust and security for customers, further driving the growth of the SaaS market in Estonia.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Estonia is shaped by macroeconomic factors such as the country's strong technological infrastructure, favorable regulatory environment, and investment in digital technologies. In addition, the government's focus on promoting digitalization and innovation has created a conducive environment for the growth of the market. Furthermore, the country's robust economy and stable political climate have attracted foreign investment, leading to increased demand for cloud-based solutions. The increasing adoption of cloud computing by businesses and the government's push for digital transformation are also driving the growth of the market.

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.