Saudi Arabia Software as a Service (SaaS) Market to be Driven by the Growing Adoption of Vertical SaaS Services by 2028

Growing adoption of 5G services for the expansion of the mobile infrastructure is driving the Software as a Service market in the forecast period 2024- 2028 across Saudi Arabia.

According to TechSci Research report, “Saudi Arabia Software as a Service (SaaS) Market - By Region, Competition Forecast & Opportunities, 2018-2028F”, the Saudi Arabia Software as a Service Market is expected to register robust growth during the forecast period 2024-2028. The Saudi Arabia Software as a Service market is rising through the forecast period, owing to numerous government fundings and incentives for the emergence of Software as a Service by constructing legal regulatory frameworks. It is also due to the emergence of cloud-based technological consortiums.

Software as a service (SaaS) is a cloud-based software delivery model in which the cloud provider develops and maintains cloud application software, provides automatic software updates, and makes software available to customers on a pay-as-you-go basis via the internet. All hardware and traditional software, including middleware, application software, and security, are managed by the public cloud provider. Customers who use Software as a Service can significantly reduce costs, deploy, scale, and upgrade business solutions more quickly than those who maintain on-premises systems and software, and predict total cost of ownership with greater accuracy. Modern cloud applications can span and connect any application, including finance, human resources, procurement, and supply-chain processes, as well as commerce, marketing, sales, and service solutions.

The COVID-19 pandemic had caused a significant impact on the economy. However, not all industries were equally affected. While sectors such as tourism and travel faced challenges, Software-as-a-Service (SaaS) companies witnessed an increment in subscription growth rates during this challenging time. Cloud computing has been playing an increasingly important role in ensuring the streamlined delivery of services. With the shift towards remote work, SaaS products that allow teams to collaborate seamlessly, such as document sharing, video conferencing, developer collaboration, and so on, saw an increase in subscription growth.

All industries, including IT & Telecom, Government, BFSI, Healthcare, and others, began working primarily in a digital mode due to COVID-19, allowing people to work from home. Furthermore, all banks and IT companies, such as IBM and Hitachi, have operated remotely for more than a year, resulting in significant cost savings. It has made other industries realize that moving the systems online leads to better optimization of resources, further leading to significant savings. Increasing digitalization and adoption of software-based platforms will positively impact the Saudi Arabia Software as a Service Market.

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The Saudi Arabia Software as a Service market is segmented into Business Application, Offering, Organization Size, Deployment, End User, and Region. Based on Business Application, the market is segmented into Marketing, Customer Relationship Management, Business Operations, Finance, Database Management, Enterprise Resource Planning and Others. Based on Offering, the market is divided into Horizontal SaaS and Vertical SaaS. Based on Organization Size, the market is separated into Large Enterprises and SMEs. Based on Deployment, the market is segmented into Cloud and On-Premises. Based on End User, the market is fragmented into Manufacturing, Healthcare, IT & Telecom, Retail, Education, BFSI, and Others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among Western Region, Northern & Central Region, Eastern Region, and Southern Region.

In 2022, Customer Relationship Management accounted for highest share of the Software as a Service market of Saudi Arabia, and it is expected to grow at very high CAGR between 2024-2028. Digital transformation is an essential practice for businesses, and the timely deployment of technologies like Software as a Service, Cloud Computing, Artificial Intelligence (AI), Internet of Things (IoT), etc., are expected to bring significant benefits to organizations and nations. Cloud is the fastest-growing segment in the Saudi Arabia Software as a Service Market, which is projected to grow with a very high CAGR during the projected period. During COVID-19, to ensure continuity of work, most corporate/private businesses encouraged work from home, which resulted in increased cloud-based deployment. In the future, remote working will likely be a developing trend in Saudi Arabia, which is expected to fuel market expansion throughout the projection period.

Key market players in the Saudi Arabia Software as a Service Market include:

• AWS Middle East
• Cisco Saudi Arabia Limited Company
• Infor Saudi Company Limited
• Saudi Business Machines Ltd. (SBM)
• Microsoft Arabia
• Oracle Saudi Arabia
• Mind Digital Group (Salesforce)
• SAP SAUDI ARABIA SOFTWARE SERVICES LIMITED
• SolutionDots Systems (Saudi Arabia)
• VMware Saudi Limited

Recent Development

• Slide, a Software as a Service (SaaS) platform in Saudi Arabia, has secured USD1.75 million in investment to continue its international development, following its beta debut in December 2021.
• Order, a Saudi SaaS startup that provides technical solutions for F&B owners, raises USD1 million in a pre-seed funding round led by several angel investors. The startup is going to use the capital to increase its market share and enhance the innovation and development of its services.

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“As the market is yet to mature, there are ample opportunities for investors in the Saudi Arabia Software as a Service market. While the region has been slower towards adopting cloud technology, this aspect is now changing rapidly with time. Businesses’ digital revolutions are significantly contributing towards this rapid growth. One of the biggest factors driving the demand for software as a service (SaaS) in the Saudi Arabia is the remote work and emergence of Edu-tech and Fin-tech services. The top companies are offering numerous technologies that helps in allowing the employees who are working remotely to communicate and collaborate with each other. This has generated a need for networks that can guarantee dependability, speed, and security across the Saudi Arabia.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Saudi Arabia Software as a Service Market By Business Application (Marketing, Customer Relationship Management, Business Operations, Finance, Database Management, Enterprise Resource Planning, Others), By Offering (Horizontal SaaS, Vertical SaaS), By Organization Size (Large Enterprises, SMEs), By Deployment (Cloud, On-Premises), By End User (Manufacturing, Healthcare, IT & Telecom, Retail, Education, BFSI, Others), By Region, Competition Forecast & Opportunities, 2028F has assessed the Saudi Arabia Software as a Service market's future development potential and provides data and information on market size, structure, and projected market growth. The report's goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the Saudi Arabia Software as a Service market.

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