Software as a Service - Asia

  • Asia
  • Revenue in the Software as a Service market is projected to reach CHF36.79bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 18.95%, resulting in a market volume of CHF87.60bn by 2029.
  • The average spend per employee in the Software as a Service market is projected to reach CHF17.51 in 2024.
  • In global comparison, most revenue will be generated in the United States (CHF165,700.00m in 2024).

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

 
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Analyst Opinion

The Public Cloud Market in Asia is witnessing mild growth, driven by factors like increasing adoption of Software as a Service, rising awareness about digital solutions, and the convenience of online services. This trend is impacted by the region's growing tech industry and government initiatives promoting digitalization.

Customer preferences:
One emerging trend in the Software as a Service Market within the Public Cloud Market in Asia is the growing demand for cloud-based collaboration tools. With the rise of remote work and virtual teams, companies are adopting SaaS solutions to facilitate seamless communication and project management. This trend is fueled by cultural values of efficiency and teamwork, as well as the increasing prevalence of mobile devices in the region. As a result, SaaS providers are focusing on user-friendly and customizable features to cater to the diverse needs of Asian businesses.

Trends in the market:
In Asia, the Software as a Service Market within the Public Cloud Market is experiencing a surge in demand for cloud-based collaboration and communication tools, as remote work becomes the new norm. This trend is expected to continue as businesses prioritize agility and cost efficiency. Additionally, there is a growing adoption of AI and machine learning technologies in SaaS applications, enabling companies to better understand customer behavior and improve service offerings. These advancements have significant implications for industry stakeholders, as it presents opportunities for growth and innovation, but also poses challenges in terms of data security and privacy.

Local special circumstances:
In China, the Software as a Service Market within the Public Cloud Market is rapidly growing due to the country's large population and strong government support for technological advancement. The market is also influenced by cultural factors, as Chinese consumers prioritize convenience and cost-effective solutions. Additionally, strict data privacy regulations and censorship laws have shaped the market, with local players dominating and international competitors facing challenges in entering the market.

Underlying macroeconomic factors:
The Software as a Service Market within the Public Cloud Market in Asia is heavily influenced by macroeconomic factors such as technological advancements, government policies, and investment in digital infrastructure. Countries with strong support for digital transformation and a robust IT landscape are experiencing rapid growth in the market, while those with regulatory challenges and limited investment are facing slower growth. Furthermore, the increasing demand for cost-effective and scalable solutions, coupled with the rising adoption of cloud services, is driving the growth of the Software as a Service Market in the region. The overall economic stability and favorable business climate in Asia are also contributing to the growth of the market, attracting more foreign investments and fostering innovation in the industry.

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.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Global Comparison
  • Methodology
  • Key Market Indicators
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