The SaaS market continues its significant growth worldwide, driven by key trends like artificial intelligence and machine learning technologies as well as the increasing demand for industry-specific solutions in various sectors like healthcare, finance or manufacturing. SaaS providers are incorporating artificial intelligence and machine learning capabilities to empower their customers with the ability to enhance automation, drive greater product or service personalization and improve data analytics.

These developments are also reflected in forecast growth of the market – from 2024 to 2029, worldwide revenues are expected to increase from c. $339bn to $819bn, which corresponds to a compound annualized growth rate (CAGR) of almost 20%.

Furthermore, the topic of cybersecurity is gaining increasing attention in the SaaS market. As businesses rely more on cloud-based services, the volume of sensitive data stored online grows, making these platforms prime targets for cyberattacks. Additionally, stricter regulatory requirements and the rising sophistication of cyber threats necessitate robust cybersecurity measures to protect data and ensure compliance. The importance of cybersecurity is further underscored by Google´s latest consideration of acquiring the cybersecurity SaaS Startup Wiz for $23bn.