In 2022, SaaS will generate close to $141 billion. Around 62% of users cite that opting to go for SaaS solutions afford them easier upgrades. In this 2020 SaaS industry market report, Sebastian Lambert will discuss how this and industry forces will impact markets and businesses. Given this view, tech companies are scrambling to create and assemble the right solutions for these major areas of concern. You can extend your Drive storage space by integrating it with your Dropbox account. With a CAGR of 11.7% in the next four-year period, the projected SaaS market size will be about $307.3 billion by the end of 2026. Moreover, many SaaS solutions offer ways to personalize the experience. Automation allows them to reduce expenditure in finances, man-hours, and other resources such as hardware space. As health concerns from the pandemic persist, efforts to revive the economy safely are also ramped up. Security concerns have been increasing since the digitization push of Industry 4.0. Better Data Governance: Vertical SaaS can help companies better address data governance procedures with its industry-specific compliance abilities. In 2018, the edge computing market was valued at less than $1 billion in North America. As its name suggests, this type of application can be accessed via the web. In North America, 2017 recorded about $160.6 billion in non-cash transactions. However, for those with access to web and SaaS platforms, education can still continue. The market is projected to increase from $23.4 billion in 2019 at a compound annual growth rate (CAGR) of … Even before COVID-19 hit, however, SaaS has gained popularity in the education industry. A 2019 survey indicated that 100% of respondents in the healthcare industry are using SaaS. Thus, doctors need to address the diagnosis of the disease quickly. Software as a Service is a model in which software and other associated data is hosted centrally and accessed with the help of a web browser. The option simply lowers upgrade costs and saves valuable time. For instance, machines can now identify correlation and develop actionable insights from data. With higher demand for connectivity, faster computation, and personalization, the year 2020 presented SaaS with new problems and new ways to solve them. document.getElementById("comment").setAttribute( "id", "a74133997cd9bd0fecfd88959ff0cd50" );document.getElementById("g870abf955").setAttribute( "id", "comment" ); FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. This is to save bandwidth and improve response times. According to this study, over the next five years the SaaS Security market will register a xx% CAGR in terms of revenue, the global market size will reach US$ xx million by 2024, from US$ xx million in 2019. PaaS offerings are flexible, accessible, and robust, so companies will be able to scale their business with less effort using a platform as a service. Digital platforms provide users with interactive learning options. Instead of using various cloud providers for various applications or disaster recovery, such cohesive approaches will start to become more common. Other uses include ePrescriptions (38%), scheduling (29%), and billing (20%). Higher Standards: In 2021, Vertical SaaS will help healthcare companies and organizations provide higher-quality service in specific industries, allowing them to distinguish themselves from other competitors. For institutions, this means acquiring the capability to provide faster responses to their communities. This includes the rethinking of what education is, what it is for, how it is done, and how it can be a tool for sustainable development. Moreover, there is a movement in machine learning deployment called Explainable AI (XAI). 2018 was another groundbreaking year for the SaaS market space, where more transformative forces were unleashed into the digital world. These include greater use of battery and some limitations like more flexible personalization. The global cloud computing market size was valued at USD 266.0 billion in 2019 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 14.9% from 2020 to 2027. They extend the capabilities and make software stacks interoperable. This increased the need for home picture archiving and communication system for efficient radiological interpretations. The top reason is users want to reduce IT costs (71%). Cost reduction. Exhibit 2: Worldwide Healthcare Software Market 2019-2024 Forecast, $M Such add-ons can help improve missing features or enhance a current SaaS product. This is important for users that value transparency and accountability. In the coming years, XAI will see more prominence in the SaaS industry. The rapid rate of adoption, along with the sheer size of the enterprise software market still left to convert to the cloud, continues to buoy SaaS market revenue predictions. Big data analytics in all sorts of industries, including public administration will be transformed. Through our forecast period, the Healthcare applications market size is expected to reach $25 billion by 2024, compared with $23.5 billion in 2019 at a compound annual growth rate of 1.3%. This system can be replicated and improved upon by other radiology departments. Hopefully, though, with the White House planning to speed up the rollout, we might see more coverage by December 2021. So, just how will AI improve SaaS in the healthcare industry in the coming year: SaaS solutions that are Artificial Intelligence-optimized can help companies augment their internal processes with more efficiency, faster automation, and a higher level of personal responsiveness. Accessibility and personalization. For brands who want better ROI from SEO. Thus, learning will not be hampered by poor usability. With expectations that the COVID crisis will remain in the foreseeable future, experts predict that industries and governments will have to continue relying on digital technology to keep the economic wheels turning. As the UNDP noted, the world has seen a lot of crises in the past 30 years. However, stipulations are available in digital contracts and most SaaS providers let you know of charges through pop-ups and check-out dialogues. If your organization prefers to invest in a cloud vendor’s help, be sure to ask yourself the following questions before (this can guarantee a more seamless integration): By asking yourself the following questions, you can gain a better understanding of whether you want to invest in a third-party. The SaaS market size is expected to reach $157 billion in 2020, and is forecasted to gain $60 billion between the years 2019 and 2023. For example, it takes an API to let you schedule an appointment on your client’s Google Calendar through your CRM PWA tool. As Philips pointed out, the COVID pandemic marks a defining moment for healthcare reimagination. The current healthcare cloud computing market is valued at nearly $18 billion and is expected to increase by nearly 18.7% between 2021 and 2025. These devices allow healthcare professionals to untether themselves from cart-based and stationary machines. These include live discussions, quizzes, forums, chatrooms, and interactive slide presentations. January 02, 2020 - The global healthcare cloud computing market is expected to reach $51.9 billion by 2024, according to a recent Research&Markets report. Excitement has been high owing to the introduction of newer technology in SaaS. Given its initial success, we predict that more SaaS-based point-of-care solutions will be in development in the near future. SaaS solutions carry high processing power for various operations. The cloud computing market, in particular, is estimated to reach a $371.4 billion value by the end of 2020. PWAs require less storage space and processing power. Subscribing to SaaS solutions eliminates the perils of losing paperwork and hardware issues. The North Carolina Based Digital Agency That Brands Love Working With. Global SaaS trends indicate that in 2020 and beyond, we will witness a great increase in SaaS development and adoption. Digital adoption has much room to grow worldwide. PWAs, unlike legacy apps, do not need installation to work. Raleigh / Charlotte / Asheville / Wilmington / Greensboro, © 2020 Linchpin SEO, LLC All Rights Reserved / Sitemap. Examples include the consumer-facing interface of Netflix, Twitter, Facebook, and Pinterest. It is hard to imagine that creating these command centers will not include SaaS services. In this section, we will discuss some that already have made an impact and are predicted to further disrupt the SaaS industry as we know it. This reliance can be advantageous, especially since companies will no longer need to send patients to third parties. SaaS is currently dominating the cloud computing market, especially in the healthcare industry, and as time goes by, it will only become more prevalent. This goes for both healthcare providers and patients. The travel and, more so, tourism industries were hit badly by the COVID-19 crisis. These include patient engagement, the digital exchange of COVID-19 patient data, and many more. As mentioned, healthcare institutions are already transitioning to accommodate more flexible work setups. They also help make for happy workers when they are deployed to support remote work options. This rings true for all institutions, from for-profit businesses to public healthcare organizations. Business Value: Software must be designed to meet industry standards. Technology adoption also creates new job roles and thus new job opportunities for new skill requirements across industries. Surely, innovation will continue to evolve as the software and service industries evolve, and as time passes, many developers specializing in healthcare software will focus more and more on patient retention in addition to patient acquisition. The key element within this megatrend is the proliferation of the use of SaaS platforms, IoT, blockchain, automation, and AI-enabled systems (“white collar” robots). Many factors for its growth, including the pandemic, comes into play. It involves the use of advanced AI and robotics, additive manufacturing (3D printing), and the digitalization of the supply chain. As early as 2018, more than 67% of cybersecurity professionals were concerned about data loss and leakage. Ready To Talk About Your Digital Marketing Goals? Areas that top the expected decrease in spending are blockchain technology (24%), AR/VR (22%), and IoT (16%). Healthcare organizations can utilize such software to assist customers, address client needs, and improve customization. Hardware requirements included computer towers and the usual necessary devices like high-end display monitors and keyboards. The Indian SaaS market is worth USD 407 million in FY2016E – expected to grow 3X times by FY2020. More importantly, the system and workflow design can be translated into other healthcare uses. It is usually customizable to be used for a specific enterprise need. SaaS vendors typically operate on subscription models, which allow users to pay a set amount for services per month or year. Industry 4.0 Competition. All users have to do is train the machine to get specific results in a sample or live data environment. 5 Reasons SaaS Will Stay Relevant in the Healthcare Market December 14, 2017 by Net Health Users connect directly to medical software and/or their EMR through an online portal and get billed by subscription fees. However, COVID-19 stands to drastically change this trend with its three-pronged hit on health, education, and income. Seen as the ultimate outsourcing of human intelligence to machines, the technology is now employed to create more powerful AI progenies for both specific and general use. The application of technologies allows organizations to reduce transaction costs, governance costs, and to be more effective in the coordination of complex value chains. One-size-fits-all solutions will evolve into programs that allow for higher levels of customization that will blur the lines between vertical and horizontal software. When networks evolve into standalone mode, we can expect more coverage and yes, more speed. To allow bottleneck in radiology departments could lead to more of the virus spreading. This is expected to reach $201.8 billion in 2022—exclusive of the COVID pandemic. We predict that this will not end after the COVID era. Expediting these processes allows them not only to respond better and faster but also to save on man-hours and other costs. Will my data be protected during the integration process? LONDON-- (BUSINESS WIRE)--The SaaS-based business analytics market is expected to grow by USD 7.42 billion, progressing at a CAGR of over 13% during the forecast period. The market is filled with horizontal applications that can work together seamlessly. You can easily get your data back by just connecting to the internet and logging in on your account. Overall, there are three PaaS trends organizations can expect to see next year: Micro-SaaS companies are typically run by small teams, sometimes with as few as two employees. With data stored in the cloud or on secure off-site data centers, they do not have to worry about losing data over hardware malfunctions. These standards provide businesses with a higher degree of value in terms of performance and company operations. Point-of-care solutions have been eyed to solve this conundrum. Since it functions as a decentralized form of IT architecture, it can help with storage, running networks, and computing functions between end devices and cloud data centers. This is not just in the sense of generating revenues and profit. Keep it clean. More than 81% of the most successful IT companies have begun to work on AI technologies, allowing them to revolutionize business processes and increase efficiency and productivity while supporting human capabilities and automating repetitive tasks. This is all made possible with application programming interfaces or APIs. The novel coronavirus hits the respiratory system hard. The lessons gleaned from these work arrangements will guide future crises-proofing. The majority of these people are found in developing countries. Using digital tools allow institutions faster and efficient communications, data storage, and analytics. In particular, this report presents the global revenue market share of key companies in SaaS Security business, shared in Chapter 3. Today, however, apps are getting a new competition with PWAs or progressive web applications. Many businesses and enterprises in various industry verticals have started implementing health programs for their employees, which will also boost the market … Other uses for blockchain include tracking assets in energy trading, the food supply chain, jewelry, music, and many more. Although using a multi-cloud approach clearly has its benefits, such approaches can give rise to new security complexities. Tellingly, total desktop orders just about equal mobile orders. Increased Attention to Security Since companies will be utilizing multiple clouds in 2021, there will be a … Progressive web apps are much smaller, with some coming in at less than 1 megabyte. Conspiracy theories aside, this new technology is touted to speed up data, make interfaces more responsive, and allow for more devices to be connected. Professional Services Automation Software - PSA, Project Portfolio Management Software - PPM, 2020 SaaS Industry Market Report: Key Global Trends & Growth Forecasts, Major Areas for SaaS Development and Adoption, Technologies to Watch Out for in the SaaS Industry, SaaS Industry Predictions for 2021 and Beyond, United Nations Development Program (UNDP) report, 3.6 billion people who are still not connected, 100% of respondents in the healthcare industry are using SaaS, defining moment for healthcare reimagination, SaaS has gained popularity in the education industry, from early PDAs to the first apps in the Apple App Store, multiple software products to talk to each other, back-office settlements in the financial industry. Industries from manufacturing to finance are following suit, undergoing transitions supportive of social distancing protocols. In the first quarter of 2020, the world economy witnessed an $80 billion loss in exports too. For this high-level tech, new job roles will be needed in business for data scientists and engineers. Factors such as growing digital transformation among industries, rising penetration of internet and mobile devices across the world, and increase in consumption of big data are the primary drivers fostering the market growth The influx of new jobs will be another trend to watch out for in the wake of the rise of machine learning. This is perfect for distance and self-paced education approaches. Before, distance learning was just an option. COVID-19 showed that the SaaS industry within the cloud computing services sphere is close to the core of rebuilding a better world after the pandemic. For 59% of users, using SaaS improves accessibility. These included the 2007 to 2009 recession. Edge computing is poised to become a must-have data generation machine for healthcare Big Data, and according to Forrester, nearly 27% of global telecom decision-makers said they intend to expand or use edge computing in their operations. Before the COVID pandemic, experts agree that digital transformation and SaaS adoption would continue to record impressive growth all over the world. Since companies will be utilizing multiple clouds in 2021, there will be a much greater need for security, privacy, and compliance. Lumify, and others, allow doctors to test patients’ conditions in the ICU or even offsite. Additionally, AI for tracking patient conditions and progress will likely be put to use to ensure faster and more efficient remote healthcare work. Competition has never been fiercer and more equal in the global market. This is especially true for populations that have yet to be connected to the internet. Such abilities will allow them to address and assess long-term performance and processes. With a CAGR of 11.7% in the next four-year period, the projected SaaS market size will be about $307.3 billion by the end of 2026. And, fourth, digital tools allow institutions to save resources like money and man-hours. They remain tethered to 4G networks—which means they would have to rely on 4G networks to access 5G speeds. This enables organizational users to manage their entire network of processes using a single interface or, at the least, seamlessly integrated collection of apps. Edge computing is a distributed computing framework that provides data storage and computation closer to locations where they are needed. To achieve this, SaaS offerings like payment gateways, progressive fintech solutions, and other financial tools will be more common across industries and government institutions. Moreover, big data needs to be analyzed not just handled. The Global Healthcare Cloud Computing Market will grow by USD 25.54 bn during 2020-2024. The PaaS model offers a high degree of security in the form of automatic updates. Healthcare BI software, modern logistics analytics, and retail analytics software are just a few examples of Vertical SaaS, and companies seeking the benefits of specialization will find they are more cost-effective due to their customization abilities. For this reason, in 2021, healthcare organizations can expect to see SaaS moving towards the realms of PaaS (platform as a form of service). These include even more powerful AI, machine learning, and the much anticipated 5G experience. Immediate adoption and retention are predicted to increase even after the COVID pandemic. It is in the genuine sense of contributing to making lives easier, enjoyable, and more sustainable across the globe. By outsourcing legacy IT operations to SaaS programs and vendors, organizations can lighten the in-house workload, especially in the HR and finance departments. Furthermore, it involves the strengthening of data use, storage, and education monitoring across levels. Vertical apps, on the other hand,  are designed to work for a specific use, organization, or user. However, the time to get it to more areas may be impeded by the current pandemic. Edge computing is also expected to become more prevalent in the coming year. The same study also states that 75% of commercial business solutions will integrate with AIs and more than 50% of users will encounter it at some point. This is thanks to digital technologies brought about by the new industrial revolution or Industry 4.0. Further on, it is predicted to grow to $832.1 billion by 2025 with a compound annual growth rate (CAGR) of 17.5%. For well-placed industries, the situation meant new avenues for growth. In other words, edge computing places data centers closer to their points of use. KPIs and Predefined Metrics: Organizations can integrate and predefine metrics, KPIs, and certain analytics. With a valuation of just more than half a billion dollars in 2018 for Europe, it is predicted to reach a value of $2.5 billion in the region. Horizontal SaaS, which can be employed in any industry or sector will become less common, while Vertical SaaS, which allows companies to target clients and supply chains while customizing operations will be more common. It is a pressing need. As social distancing is deemed to be an effective way to stave off the spread of the virus, institutions have started implementing different types of teaching-learning approaches. By 2021, healthcare professionals and facilities can expect to see the 10 following SaaS trends in the industry. Severe acute pneumonia is the foremost life-threatening disease associated with the most severe COVID-19 cases. Digital literacy also needs to be improved worldwide as this would enable flexibility in education efforts as well as corporate training. Paired with 5G, edge computing will bring more power and savings to enterprises. APIs, in a nutshell, allows multiple software products to talk to each other. Such price models also work well for healthcare startups, which often experience cash-flow issues. Given that cashless transactions can reduce the spread of the virus, expect to see more companies and governments pushing this type of payment option during and after the COVID pandemic. All subscribers need to do is access this power through the internet. For instance, ERP platforms are tailor-made for particular organization users for their particular needs. It may not be in its traditional mode, but it can still continue nonetheless. Artificial Intelligence can provide healthcare organizations with a higher degree of interaction between businesses and responsiveness. Digital technology has been the engine of this revolution. Websites that users and Google love. Local SEO Services In the next subsections, we will discuss close to inevitable developments that we will likely see by the end of this year or in the next. Economic cooperation in all levels—from government policies to economic exchanges between individual citizens in different geographies—is powered by digital technologies. AI, PaaS, Edge Computing, Blockchain, and 5G are leading the pack of disruptive technologies that will shape the global trends in SaaS that are unfolding before us. The Global Healthcare Cloud Computing Market accounted for $18.28 billion in 2018 and is expected to reach $92.24 billion by 2027, growing at a CAGR of 19.7%. In April 2020, a survey found that people expect COVID-19 to impact general IT spending. As of April 20, 2020, 100% of worldwide destinations introduced travel restrictions to counter the pandemic. Copyright © 2020 FinancesOnline. It was expected that the public cloud SaaS market would reach 157 billion U.S. dollars in size in 2020, more than doubling the market size in 2014 (see graph below). The API allows these programs to talk back and forth. It supports the view of the United Nations Development Program (UNDP) report, which opined that new digital technologies can and should play a key role in developing green sustainable economies. Thus, seamless integrations of disparate systems will likely be required of SaaS solutions to power these nested coordinating bodies. And in order for information to be accurate and relevant, data needs to be processed in real-time. Most SaaS providers have 99.9% uptime. Disaster recovery. Of course, there can be extra charges for upgrades and advanced services. The report "Healthcare Cloud Computing Market by Product (EMR/EHR, Telehealth, RCM, HIE, CRM), Deployment (Private Cloud, Hybrid Cloud), Component (Software, Services), Pricing (Pay-as-you-go, Spot Pricing), Service (SaaS, IaaS) - Analysis & Global Forecasts to 2025", The global Healthcare Cloud Computing Market is expected to reach USD 64.7 billion by 2025 from USD 28.1 billion in 2020, at a … Companies utilizing Platform as a Service (PaaS) solution will see distinct advantages in 2021. There are three major areas for the predicted sharp increase in SaaS development, adoption, and general digital transformation: These three areas of human development have been tragically hit by the pandemic. In terms of revenue: SaaS is expected to bring in nearly $105 billion USD in 2020 alone. And as institutions need to coordinate with other institutions, and likely with overseeing bodies, their software stacks in these command centers will need to be interoperable. Tellingly, getting them on demand is no longer a privilege but a necessity. In a recent UN policy brief, the organization proposes that the right to education includes connectivity. With social distancing being prescribed, radiologists, cardiologists, and oncologists were forced to work at home. The crisis is not only affecting the delivery of education. The social dimension even makes it more enjoyable. According to the UN World Investment Report 2020, megatrends in policy and economic governance include more interventionism in national policies, protectionism in trade and investment, and more economic cooperation. Of course, cloud computing and SaaS will serve as the nerve center in controlling these technologies. All B2B Directory Rights Reserved. However, one promising tech is predicted to make security even better—blockchain. They also do not have access to mobile device features like contacts, camera controls, and proximity sensors. And they act like legacy apps in well-updated browsers. Healthcare provider solutions market report provides crucial industry insights that …