Software as a Service - India

India

Revenue in the 0 market in India is projected to reach €2.76bn in 2024.
The Software as a Service market dominates the market in India with a projected market volume of 0 in 2024.
Revenue in India is expected to show an annual growth rate (CAGR 2024-2029) of 24.93%, resulting in a market volume of €8.40bn by 2029.
In a global comparison, the majority of revenue will be generated the United States, with figures reaching €171,800.00m in 2024.
India's burgeoning tech ecosystem is driving a significant shift towards Software as a Service in the Public Cloud, enhancing operational efficiency across various sectors.

Key regions: Japan, United Kingdom, United States, Italy, Germany

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Analyst Opinion

The SaaS market in India's public cloud is witnessing steady growth, fueled by factors such as the increasing use of digital tools, growing health consciousness among consumers, and the convenience of online health services. The market's average growth rate is influenced by the country's rapid digital transformation and the rising demand for efficient and cost-effective healthcare solutions.

Customer preferences: As the Indian software industry continues to grow, there is a noticeable trend towards the adoption of Software as a Service (SaaS) solutions within the Public Cloud Market. This shift can be attributed to the increasing preference for cost-effective and scalable cloud-based solutions. Additionally, the rise in remote work due to the pandemic has accelerated the demand for SaaS, as it enables access to critical business applications from any location.

Trends in the market: In India, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand due to the growing adoption of cloud-based solutions. This is driven by the increasing need for cost-effective and scalable IT infrastructure in the country. Additionally, there is a growing trend of using Software as a Service for remote work and collaboration, especially amidst the COVID-19 pandemic. This trend is expected to continue as more businesses shift towards a hybrid working model. These developments have significant implications for industry stakeholders as they need to adapt and innovate to meet the evolving demands of the market. Furthermore, it presents opportunities for new players to enter the market and provide specialized solutions to cater to specific industries and business needs.

Local special circumstances: In India, the Software as a Service Market within the Public Cloud Market is experiencing rapid growth due to the country's increasing adoption of digital technologies and government initiatives to promote digitalization. The diverse cultural landscape and varying regulatory frameworks across different states have also played a significant role in shaping the market dynamics. This has led to the emergence of localized SaaS solutions tailored to meet the unique needs of specific regions, resulting in a highly competitive and dynamic market.

Underlying macroeconomic factors: The Software as a Service Market within the Public Cloud Market in India is significantly impacted by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. The country's strong economy and growing digital adoption rate have created a favorable environment for the growth of the SaaS market. Additionally, the government's initiatives to promote a digital economy and investments in cloud infrastructure have further fueled the demand for SaaS solutions. As a result, India is expected to witness a rapid growth in the SaaS market in the coming years.

Methodology

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.