Software as a Service - Kuwait | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$41.56m 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 18.04%, resulting in a market volume of US$95.26m 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 Kuwait's Public Cloud sector is experiencing subdued growth due to factors such as slow adoption of digital technologies and limited awareness among consumers. Online health services are also facing challenges in this market.

Customer preferences: As businesses in Kuwait increasingly adopt cloud-based solutions, the demand for Software as a Service (SaaS) is on the rise. This trend is driven by a desire for cost-effective and scalable solutions, as well as the need for remote collaboration and communication tools. Additionally, with the rapidly growing tech-savvy population and increasing internet usage, SaaS is becoming the preferred choice for businesses of all sizes.

Trends in the market: In Kuwait, the Software as a Service Market within the Public Cloud Market is witnessing a rise in demand for cloud-based solutions, as businesses seek more cost-effective and scalable options for their IT infrastructure. This trend is expected to continue in the coming years, as organizations increasingly prioritize digital transformation and remote work capabilities. This shift towards SaaS is significant for industry stakeholders, as it presents new opportunities for revenue growth and market expansion. However, it also poses challenges for traditional software vendors, who may need to adapt their business models to stay competitive in the rapidly evolving market.

Local special circumstances: In Kuwait, the Software as a Service Market within the Public Cloud Market is growing rapidly due to the country's strong investment in digital transformation and its strategic location as a regional technology hub. Additionally, the government's push for e-governance and the growing popularity of online shopping and digital payments have created a favorable environment for SaaS adoption. Furthermore, the country's strict data privacy laws and regulations have also influenced the market dynamics, with companies prioritizing secure and compliant SaaS solutions.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Kuwait is heavily influenced by macroeconomic factors such as the overall economic health of the country, government policies and regulations, as well as global economic trends. Countries with stable and growing economies, such as Kuwait, have seen a significant increase in the adoption of SaaS solutions due to the availability of resources and favorable regulatory environments. Furthermore, the increasing demand for digital transformation and the rise of remote work culture have also contributed to the growth of the SaaS market in Kuwait. However, economic instability and uncertain fiscal policies can hinder market growth and adoption of SaaS solutions in the country.

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.