SaaS concept stands for Software as a Service that a company uses software to provide customers with a service. In this model, SaaS companies host and maintain the servers, databases, and the code that makes up an application. With the SaaS model, the user does not pay for the software itself. Instead, it works like a rental. They have the authorization to use it for a period of time and pay for the software that they are using.
As SaaS concept continues to help businesses and individuals work more efficiently, the world has taken notice. By 2022, the SaaS market is expected to reach $164.29 billion, according to Transparency Market Research.