UAE Software as a Service (SaaS) Market Size Zooming More Than 5X to Reach USD 30.5 Billion by 2029

Published | 23 February 2023

UAE Software as a Service (SaaS) market is gaining traction because of the government’s supportive initiatives, digital transformation, and increasing adoption of cloud computing in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UAE software as a service (SaaS) market size at USD 5.49 billion in 2022. During the forecast period between 2023 and 2029, the UAE software as a service (SaaS) market size is projected to grow at a robust CAGR of 27.93% reaching a value of USD 30.52 billion by 2029. A key driver of market growth for SaaS in the UAE is the growing demand from businesses for a single solution to help them address their business problems. Particularly with the growing automation in business processes, SaaS solutions, such as customer relationship management (CRM) and supply chain management (SCM) are gaining enormous traction among UAE businesses. It is also influencing the growth of the overall UAE software as a service (SaaS) market.

UAE Software as a Service Market – Overview

Software as a service (SaaS) is a method of distributing programs via the internet as a service. Companies may avoid complicated software and hardware maintenance by just accessing the software via the Internet rather than installing and maintaining it. Microsoft Office 365, Gmail, and Slack are popular examples of SaaS products. Like many customer service and support programs, CRMs are SaaS-based. The SaaS platform shares a strong relationship with application service providers and on-demand computing software delivery models, where the provider hosts client software and makes it available online to selected end users with permission.

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UAE Software as a Service Market – By End User

Based on end user, the UAE software as a service market is segmented into manufacturing, healthcare, IT & telecom, BFSI, oil & gas, and others. The BFSI segment accounts for the highest share in the UAE software as a service market. The integration of SaaS services in banking and financial services offers advanced security and better access management. Banks may reduce the risk of security breaches by controlling access rights using a uniform framework for user authentication and imposing perimeter network control with the aid of pre-defined firewalls, intrusion detection, and prevention systems. However, the IT and telecom sector is projected to register growth at the highest CAGR during the forecast period, as IT companies are deploying SaaS applications to improve their customer service as well as expand their market share by tapping into newer regions.

Impact of COVID-19 on the UAE Software as a Service Market

The UAE software as a service market witnessed new growth opportunities post the COVID-19 pandemic. The pandemic, followed by nationwide lockdown, prompted companies to shift from on-premises deployment to SaaS. This migration to SaaS assisted the companies in remote accessing their work. The cloud also offers a more alluring first buy-in for the numerous businesses that were financially hit by the pandemic but still want to boost productivity and efficiency and expand the business. The increasing number of startups across sectors including healthcare, manufacturing, and retail, are prompting the increasing demand for SaaS solutions and services to expand their business amid the pandemic.

Competitive Landscape

Major players operating in UAE software as a service market include IBM Corporation, Microsoft Corporation, SAP SE, Oracle Corporation, Cisco Systems, Inc., Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP, Infor, Inc., VMware, Inc., SolutionsDots Systems Ltd, and Symantec Corporation. 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 the UAE Software as a Service Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the UAE Software as a Service 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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