Cloud Software As A Service (Saas) Is Fastest Growing Segment Fueling The Growth Of Software Rental Service Market

 Software Rental Service Market 


The Global Software Rental Service Market is estimated to be valued at US$ 42.92 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Software rental service provides software on a subscription or on a lease basis. This eliminates upfront investment costs and provides organizations flexibility to access new technologies. Key products offered through rental services include enterprise resource planning, customer relationship management, human resource management and collaboration software.

Market key trends:

 One of the major trends in the software rental service market is the adoption of cloud-based SaaS delivery model. SaaS allows businesses to access software applications over the internet on a subscription basis without having to install or maintain servers. With benefits such as scalability, lower upfront costs, automatic updates and cross-platform usability, SaaS applications are gaining popularity over on-premise solutions. Many leading providers such as Microsoft, Google and Dropbox offer their productivity and collaboration tools as cloud-based SaaS subscriptions. This shift towards cloud-based delivery is expected to fuel the growth of software rental service market during the forecast period.

Segment Analysis
The global Software Rental Service market is segmented into licensing options, deployment type, organization size, vertical, and region. Based on licensing options, the subscription model segment dominated the market in 2022 and is expected to continue its dominance during the forecast period. The increasing adoption of subscription-based services by enterprises due to budget-friendly pricing and operational cost-effectiveness of these services is driving the growth of this segment.

Key Takeaways
The Global Software Rental Service Market Trend is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand for cost-effective software solutions and need to optimize IT budgets.

Regional analysis
North America dominated the global market in 2022 and is expected to maintain its position during the forecast period. This is attributed to early adoption of advanced technologies and high spending on IT infrastructure in countries like the US and Canada. The Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to growing IT spending from key economies like China and India.

Key players analysis
Key players operating in the Software Rental Service market are Adobe Inc., Microsoft Corporation, Salesforce.com Inc., Oracle Corporation, Intuit Inc., SAP SE, Autodesk Inc., IBM Corporation, Dropbox Inc., Slack Technologies Inc., Google LLC, Zoom Video Communications Inc., Atlassian Corporation Plc, ServiceNow Inc., and HubSpot Inc. Microsoft Corporation dominated the market in 2022 owing to its vast product portfolio and strong brand presence worldwide.

Read More - https://www.dailyprbulletin.com/increasing-adoption-of-cloud-technology-to-drive-the-growth-of-software-rental-service-market-trend/

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