Software as a Service - Armenia

  • Armenia
  • Revenue in the Software as a Service market is projected to reach US$45.00m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 11.71%, resulting in a market volume of US$70.08m by 2028.
  • The average spend per employee in the Software as a Service market is projected to reach US$34.94 in 2024.
  • In global comparison, most revenue will be generated in the United States (US$150,700.00m in 2024).

Key regions: Japan, China, Italy, Canada, Australia

Region comparison

Analyst Opinion

Software as a Service (SaaS) is the largest segment of the Public Cloud market, comprising more than half of the total market size. Growth in this segment will continue to slightly slow down in the coming years. SaaS products comprise any available on-premises software and thus offer software solutions that can be used in various industries. For this reason, the market concentration in the SaaS segment is quite low, as many very different products are offered by several companies. Software as a Service is becoming increasingly attractive to companies looking for accessibility and diversity of software solutions. Therefore, the global COVID-19 pandemic will accelerate the adoption of Software as a Service worldwide.


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.


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.


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