Saudi Arabia Software as a Service (SaaS) Market Insights by Emerging Trends, Leading Key Players, Future Growth and Revenue, Demand and Revenue Forecast 2020

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

Saudi Arabia Software as a Service (SaaS) Market Saudi Arabia’s economy is heavily dependent on crude oil earnings. Therefore, to diversify the country’s economy, the government has put special emphasis on strengthening the IT infrastructure and has recently launched initiatives such as “Saudi Vision 2030”. These proposed plans aim to change the overall SaaS market outlook and revenue mix by focusing to stimulate the non-oil sector growth by improving the infrastructure of the country which includes encouraging investments in disruptive IT solutions, digital transformation, entertainment hubs, advanced healthcare institutes, etc. Also, to engage in the global IT evolution and digitalization, the country is planning to upgrade its IT infrastructure by cloud integration, deployment of advanced IT solutions such as artificial intelligence, etc.

Cloud adoption in the form of Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS), is on the rise from banking and financial institutions, oil and gas giants, government establishments, etc. The Information and Communication Technology (ICT) spending in the country increased by 2.4% over 2019, and the market size is set to exceed USD 37 billion in 2020. Out of that, the market size of the software is expected to be around USD 1.4 billion. Moreover, the growing market trends such as the business expansion of tech giants such as Google, Amazon in the country by opening new data centers would contribute to market growth.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Saudi Arabia Software as a Service (SaaS) Market Insights by Emerging Trends, Leading Key Players, Future Growth and Revenue, Demand and Revenue Forecast 2020

According to MarkNtel Advisors’ research report titled “Saudi Arabia Software as a Service (SaaS) Market Analysis, 2020”, the Saudi Software as a Service market is anticipated to grow at a CAGR of around 18% during 2020-25. The market is forecast to grow on an account of the expansion of the e-commerce industry and digitalization in oil and gas upstream and midstream. According to the MarkNtel Customer Survey, around 73% of the organizations have not deployed a cloud in any form in their operations in the country (as of March 2020). These organizations would be on the radar of SaaS service providers during 2020-30 to expand their footprints.

Also, the investments in smart grids in the country have been proliferating the expansion of Software as a Service. Moreover, automation of business operations in chemical plants and other manufacturing and assembling units are further catalyzing the deployment of Software as a Service (SaaS) market.

Public Cloud had the highest market share in 2019 owing to its relatively lower cost. However, the private cloud market segment is exhibiting exponential growth due to its rising deployment in the banking and financial services market. Banks and Insurance companies are also opting for a hybrid cloud deployment. Among the three categories, the hybrid cloud’s growth rate is expected to outperform private and public cloud deployments during 2020-25.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Saudi Arabia Software as a Service (SaaS) Market Insights by Emerging Trends, Leading Key Players, Future Growth and Revenue, Demand and Revenue Forecast 2020

The market share of the hybrid cloud is expected to undergo a considerable rise during the forecast period. However, the market share of private cloud is also forecast to rise in the Software as a Service market in the country due to features such as single-tenant architecture, on-premise hardware, direct control of underlying cloud infrastructure. These features are supporting organizations, especially banks to maintain security and provide the ability to choose resources. In 2019, around the banking and financial services industry had a market share of around 40% to 50% in the country’s Software as a Service market.

End-User Traction Toward ERP, HRM, and CRM to Emerge as Market Opportunities
The end-users in the country have been actively opting for Software as a Service is driving the Enterprise resource planning (ERP) segment during 2020-25. Therefore, ERP’s market share in the Saudi Arabia Software as a Service market was mostly around 45% to 50% in 2019. Human resource management and Customer relationship management would be the key hotspots for the service providers through 2025. The HRM segment acquired a considerable market share in the industry and is forecast to grow at a significant pace and add more market value in the industry.

The human resources department plays an important role in improving the performance and productivity of a particular company. This department performs various functions ranging from managerial to operating functions and thereby serves as the pillar of the organization. Managing human resources is a continuous process, and for this, the companies have started preferring Software as a Service model in Saudi Arabia. Therefore, it is expected that the share of human resource management is expected to rise in the years to come.

Key Questions Answered in the in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Saudi Arabia Software as a Service (SaaS) Market?
2. What are the region-wise industry size, growth drivers and challenges, market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations in the Saudi Arabia Software as a Service (SaaS) Market?

TABLE OF CONTENT

1. Introduction
1.1. Market Segmentation
1.2. Product Definition
1.3. Research Process
1.4. Assumptions
2. Executive Summary
3. Customer Survey
3.1. Organizations’ Plan for Cloud Computing Adoption among Saudi Arabia Public Sector
3.2. Cloud Computing Deployment Models Adopted by Saudi Arabia Public Sector
3.3. Type of Cloud Service Delivery Models Adopted by Saudi Arabia Public Sector
3.4. Human Resource Management System Adoption in Saudi Arabia

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Christophe Rude

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