Software as a Service - EU-27

EU-27

Revenue in the 0 market within the EU-27 is projected to reach US$52.86bn in 2024.
The Software as a Service market is expected to dominate the market in the EU-27 with a projected market volume of 0 in 2024.
Revenue in the EU-27 is anticipated to exhibit an annual growth rate (CAGR 2024-2029) of 18.65%, leading to a market volume of US$124.30bn by 2029.
In a global context, the majority of revenue will be generated the United States, which is forecasted to reach US$187.20bn in 2024.
The EU-27 is witnessing a surge in demand for Software as a Service solutions, driven by heightened regulatory compliance and digital transformation initiatives across member states.

Key regions: Japan, United Kingdom, United States, Italy, Germany

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Currency

Analyst Opinion

The Software as a Service market in the Public Cloud Market in EU-27 nan is experiencing mild growth, impacted by factors such as increasing adoption of cloud-based solutions, rising demand for efficiency and cost-effectiveness, and the convenience of on-demand services.

Customer preferences: The Software as a Service Market within the Public Cloud Market in the EU-27 is witnessing a growing demand for online collaboration and productivity tools, as remote work becomes the new normal. This trend is driven by cultural shifts towards work-life balance and flexible work arrangements, as well as the need for efficient and seamless virtual communication. Additionally, the rising adoption of cloud-based project management software is streamlining processes and boosting productivity for businesses in the region.

Trends in the market: In the European Union, the Software as a Service (SaaS) market within the Public Cloud Market is experiencing a surge in demand due to the rise in remote working and the need for efficient collaboration tools. Additionally, there is a growing trend of utilizing SaaS solutions for digital transformation initiatives in various industries, such as healthcare, education, and finance. This trend is expected to continue as organizations look for cost-effective and scalable options to modernize their operations. As a result, SaaS providers are expected to see a significant increase in revenue and market share. However, data privacy and security concerns remain a major challenge for industry stakeholders, and addressing these issues will be crucial for the continued growth and success of the SaaS market in the EU.

Local special circumstances: In the EU-27, the Software as a Service Market within the Public Cloud Market is heavily influenced by the region's strict data protection regulations, such as the General Data Protection Regulation (GDPR). This has led to a growing demand for cloud solutions that comply with these regulations, driving the growth of the market. Additionally, the diverse linguistic and cultural landscape of the EU-27 has resulted in the need for localized software offerings, catering to the unique needs of each country. This has created opportunities for local companies to thrive and has contributed to the overall growth of the market.

Underlying macroeconomic factors: The growth of the Software as a Service Market within the Public Cloud Market in the EU-27 is heavily influenced by macroeconomic factors such as the overall economic health of the region, government policies promoting digital transformation, and investment in cloud infrastructure. Countries with strong economies and supportive policies for digital transformation are experiencing higher growth rates in the public cloud market, including the Software as a Service segment. Additionally, the increasing demand for cost-effective and scalable solutions, coupled with the rise of remote work and digitalization, is driving the growth of the Software as a Service Market within the Public Cloud Market in the EU-27.

Methodology

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.