After witnessing a slowdown over the past few years, the Saudi Arabian economy is now regaining momentum. With ambitious plans such as Saudi Vision 2030, the country is experiencing construction of several new healthcare facilities, hotels, resorts and small and medium scale enterprises. Further, growing interest and investment by major cloud service providers in Saudi Arabia and other Middle East countries would also increase the demand for software as a service solution in the region over the coming years.
According to 6Wresearch, Saudi Arabia Software as a Service (SaaS) market revenues are projected to grow at a CAGR of 16.8% during 2018-24. Growing industrial and manufacturing sectors in the country along with the strengthening of the non-oil sector in general would generate demand for the use of software as a service solutions in Saudi Arabia during the forecast period.
According to Rachit Gulati, Research Analyst, Research and Consulting, 6Wresearch, "Increasing number of education facilities and growing popularity of online libraries and distance learning in Saudi Arabia would increase the requirement for content management systems in Saudi Arabia in future. As a result, the SaaS solutions market for content management would experience significant growth owing to its applications in domains such as e-commerce and the education sector."
"The market for enterprise resource planning (ERP) SaaS solution is also expected to grow considerably during the forecast period on account of growing adoption in the industrial sector of the country. The strengthening small and medium enterprises segment in Saudi Arabia along with development of new offices, retail spaces and hotels would further help in the growth of the ERP SaaS market in the years to come,"Rachit further added.
According to Siddhant Sharma, Research Analyst, Research and Consulting, 6Wresearch, "The Central Region in Saudi Arabia holds majority of the revenue share in the overall SaaS market due to large number of commercial offices, education institutes and hotels in the region."
According to Chhavi Malpani, Research Associate, Research and Consulting, 6Wresearch, "With growing awareness and confidence regarding the availability and security of cloud services in the country, the demand for public cloud-based software as a service solutions would rise in the Saudi Arabian market over the coming years."
Some of the major companies in Saudi Arabia Software as a Service (SaaS) market include Oracle, Microsoft, SAP, Cisco Systems and Salesforce.
"Saudi Arabia Software as a Service (SaaS) Market (2018-2024)" provides an in-depth analysis with 73 figures and 16 tables, covered in more than 160 pages. The report estimates and forecast the overall Saudi Arabia SaaS market by revenue, deployment, end users, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.