Pandemic-induced digitization across industries, the widespread adoption of cloud-based solutions, and increasing remote workforces are boosting the software-as-a-service (SaaS) market. Furthermore, with companies focusing on advanced technology, such as artificial intelligence (AI), machine learning (ML), internet of things (IoT), cloud computing, and analytics, the industry’s prospects look bright.
Although major tech stocks have been suffering volatile price swings this year due to in-part to the Federal Reserve’s interest rate increases, the sector is well-positioned for future growth. The global software as a service (SaaS) market is expected to grow at an 18.3% CAGR to reach $703.19 billion by 2030.
