Software as a Service - Peru | Statista Market Forecast

Revenue in the Software as a Service market is projected to reach US$256.20m 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 20.22%, resulting in a market volume of US$643.40m 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 Peru is witnessing moderate growth in the Public Cloud Market, influenced by factors like the increasing use of digital technologies, growing health awareness, and the convenience of online health services. This market is expected to experience mild growth in the coming years.

Customer preferences: As more businesses in Peru embrace the public cloud, there has been a noticeable uptick in demand for Software as a Service solutions. This can be attributed to the rise of digital transformation initiatives, as well as a growing preference for subscription-based models over traditional software purchases. Additionally, the shift towards remote work and virtual collaborations has accelerated the adoption of SaaS tools, as they offer greater flexibility and accessibility for teams.

Trends in the market: In Peru, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand due to a rise in remote work and the need for efficient and cost-effective solutions. This trend is expected to continue with the increasing adoption of cloud-based technologies and the government's push for digital transformation. Industry stakeholders can expect to see a shift towards subscription-based models and a growing emphasis on data security and compliance. This trajectory has significant implications for businesses looking to tap into the Peruvian market, as well as for local providers looking to expand their offerings.

Local special circumstances: In Peru, the Software as a Service Market within the Public Cloud Market is influenced by the country's unique geographical and cultural factors. Due to its diverse landscape and remote areas, there is a growing demand for cloud-based solutions that can reach and serve all parts of the country. Additionally, the country's strict data privacy laws and regulations have led to the development of secure and compliant SaaS solutions. Furthermore, with a growing digital economy and increasing adoption of cloud-based technologies, the market is expected to see significant growth in the coming years.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in Peru is influenced by several macroeconomic factors. These include the country's economic stability, global economic trends, government policies, and financial indicators. Countries with a stable economy and favorable policies towards digital transformation are experiencing faster market growth compared to countries with economic challenges and limited investment in technology. Additionally, the increasing adoption of cloud-based solutions in the public sector and the growing demand for cost-effective and efficient IT services are driving the growth of the Software as a Service Market in Peru.

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.