The overall SaaS market size has rocketed in recent years. End-user spending has increased year-over-year from just under $50 billion in 2016 to more than 3x that amount in 2022 (an estimated $171.9 billion).
IT service spending has risen year-over-year since 2015 and is predicted to surpass $1.39 trillion in 2023. The expected jump of $112 billion from 2022's figure is the largest annual change in over 15 years.
Within the SaaS space, Contractor SaaS is making waves as business spending on software continues to grow.
Gartner Research predicts that the SaaS will dominate software contracting by 2026 as demand for these services continue to rise.