IDC Products and Services Research Update: Worldwide Software-as-a-Service and Cloud Software Market Shares in 2023: Generative AI Drives Explosive Growth in Platform-Based Solutions
Target Audience: Technology Suppliers Publication Date: July 2024 – Document Type: Market Share – Document Number: # US52432024
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Abstract
This IDC study examines the SaaS and cloud software market in 2023 and lists the top 20 vendors by revenue. In 2023, the SaaS and cloud software market is expected to grow at a robust 21.0%, with Microsoft leading the way with $91.1 billion in revenue and a 17.0% market share. Despite a slight decline from the previous year, companies such as Salesforce and Google are also experiencing significant growth, driven by the demand for AI-driven business transformation. The industry is moving towards hyper-innovation, with a focus on generative AI and large-scale language models, and major technology platform shifts are expected.
“Generative AI will drive a major shift in platforms, transforming work and ushering in an era of hyper-innovation in the SaaS and cloud software markets,” said Frank Della Rosa, research vice president, SaaS, Business Platforms and Industry Cloud at IDC.
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