Leading SaaS companies worldwide 2024, by market cap

The software-as-a-service (SaaS) industry continues to be dominated by tech giants, with Microsoft leading the pack at a staggering three trillion U.S. dollars market capitalization as of May 2024. This reflects the growing importance of cloud-based services in the global technology landscape, as companies increasingly rely on these platforms for their business operations.

Cloud computing market growth

The broader cloud computing market is experiencing significant growth, with the public cloud services market expected to expand in 2024. Infrastructure as a service (IaaS) is projected to grow even faster, with about 27 percent increase compared to 2023. This rapid expansion underscores the increasing adoption of cloud-based solutions across industries, as businesses seek to optimize their operations and reduce costs.

Shifting priorities in cloud adoption

As organizations continue to embrace cloud services, their priorities are evolving. In 2024, 58 percent of respondents identified migrating more workloads to the cloud as their top priority, closely followed by optimizing existing cloud usage for cost savings at 60 percent. This shift indicates a maturing market where businesses are not only adopting cloud services but also focusing on maximizing their efficiency and return on investment. Additionally, the movement of data to cloud platforms is accelerating, with 37 percent of organizations planning to move all nonsensitive data for analytics to cloud or SaaS solutions.