Saudi Arabia Software as a Service (SaaS) Market Size Booming to Cross USD 790 Million by 2029

Published | 30 June 2023

Saudi Arabia software as a service (SaaS) market is flourishing because of rising digital transformation initiatives, increasing number of collaborations, and growing trend of remote work.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Saudi Arabia software as a service (SaaS) market size at USD 332.35 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Saudi Arabia software as a service (SaaS) market size to grow at a robust CAGR of 17.81% reaching a value of USD 790.39 million by 2029. Major growth drivers for the Saudi Arabia software as a service (SaaS) market include an increasing demand for cloud-based solutions, the government's focus on digitalization, and a growing entrepreneurial ecosystem. Increasing connectivity and collaboration needs of organizations is expected to further drive the global market. SaaS solutions offer collaboration tools, document-sharing platforms, and integrated workflows that can facilitate seamless communication and enhance productivity across various teams and departments within businesses. Notably, substantial investments in smart grids, the rising automation trends in chemical plants, manufacturing facilities, and assembly units, along with the government's growing focus on bolstering the IT infrastructure through investments in disruptive IT solutions, digital transformation initiatives, entertainment centers, and advanced healthcare institutions, aligning with the objectives of Saudi Vision 2030, are also expected to have a positive impact on the expansion of the market during the forecast period. However, data security and privacy concerns and disruptions or limitations in internet infrastructure are anticipated to restrain the Saudi Arabia software as a service (SaaS) market.

Saudi Arabia Software as a Service (SaaS) Market – Overview

Saudi Arabia software as a service (SaaS) market refers to the segment of the technology industry that involves the delivery of software applications and services over the internet on a subscription basis. SaaS eliminates the need for users to install and maintain software on their own computers or servers, as the applications are hosted and managed by SaaS providers. In this model, users can access the software through web browsers or dedicated client applications, paying a recurring fee to use the software for a specific period. The SaaS market in Saudi Arabia encompasses various software solutions, including customer relationship management (CRM), enterprise resource planning (ERP), human resources management (HRM), project management, collaboration tools, and other business applications. The market is driven by the increasing demand for cloud-based solutions, digital transformation initiatives, and the government's focus on technology adoption.

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Impact of COVID-19 on Saudi Arabia Software as a Service (SaaS) Market

COVID-19 pandemic had a dual impact on the Saudi Arabia software as a service (SaaS) market. On the one hand, the crisis has accelerated digital transformation efforts, leading to increased adoption of cloud-based solutions like SaaS. Organizations sought remote collaboration tools, communication platforms, and productivity software to support remote work setups. Hence, it drove the demand for SaaS solutions in Saudi Arabia. However, the pandemic also caused economic uncertainties and budget constraints, leading some businesses to postpone or reduce investments in software solutions. Overall, while the pandemic boosted the need for SaaS, it also introduced challenges related to market volatility and financial constraints.

Saudi Arabia Software as a Service (SaaS) Market – By Business Application

By business application, the Saudi Arabia software as a service (SaaS) market is divided into Customer Relationship Management (CRM), Human Capital Management (HCM), Enterprise Resource Planning (ERP), Operations & Manufacturing, Content Management System (CMS), and Supply Chain Management (SCM) segments. The enterprise resource planning segment holds the highest share in the Saudi Arabia software as a service (SaaS) market. The ERP solutions are essential for businesses to integrate and manage their core processes, such as finance, supply chain, human resources, and customer relationship management. SaaS-based ERP solutions offer cost-effective and scalable options for companies, enabling them to streamline operations and improve efficiency. Compared to conventional on-premises ERP systems, SaaS-based ERP solutions offer several advantages, making them an attractive choice for organizations. These solutions are more cost-effective, providing improved accessibility and scalability. By utilizing pay-as-you-go models, companies can avoid upfront infrastructure expenses, scale their ERP usage as needed, and reduce overall ownership costs. The easy accessibility of SaaS-based ERP solutions across multiple locations is particularly advantageous for businesses with branches or operations in different cities, a significant benefit in a geographically extensive country like Saudi Arabia. Also, the deployment of SaaS-based ERP solutions is swift as the infrastructure and software are already in place. Organizations can easily configure and customize the solution to align with their specific business processes. This agility in deployment enables Saudi Arabian companies to accelerate their digital transformation efforts while reaping the benefits of ERP without significant delays. These factors drive the demand for SaaS-based ERP solutions in the country, contributing to the growth of the Saudi Arabia software as a service (SaaS) market.

Competitive Landscape

Major players operating in the Saudi Arabia software as a service (SaaS) market include Salesforce, Microsoft, Oracle, SAP, Adobe, IBM, Google Cloud, Amazon Web Services, Intuit, and ServiceNow. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Saudi Arabia Software as a Service (SaaS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Saudi Arabia Software as a Service (SaaS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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