Software as a Service Market - Popular Trends & Technological Advancements to Watch out for Near Future; Global Industry Analysis 2022

Albany, NY -- (SBWire) -- 11/08/2018 --To improve reach to consumers, several large enterprises are anticipated to adopt SaaS solutions throughout the forecast period. The uptake of newer applications, which means replacement of on-premise software with SaaS solutions is also anticipated to support market growth. The small and medium-sized businesses are also expected to follow suit as these units will look at reducing their capital investments and simplifying their operations. The rising need for outsourcing, increasing globalization, and expansion of business are all making a generous contribution toward the soaring revenue of the global market.

On the negative side, issues pertaining to poor interoperability and data security are likely to hamper the growth of the SaaS market. The complications related to direct access to data in transformation legacy on-premise systems to cloud applications is also presenting tough challenges to the global market. Nevertheless, rising number of established networks and infrastructures are creating lucrative growth opportunities for key players over the forecast period.

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Thanks to these factors, the software as a service (SaaS) market is expected to expand with impressive CAGR of 27.90% over the forecast period from 2015 to 2022 to reach up to the value of US$164.3 bn by the end of 2022 rising from US$23.8 bn in 2014, TMR observes.

On the basis of application, the global SaaS market is categorized into customer relationship management (CRM), human capital management (HCM), enterprise resource planning (ERP), operations and manufacturing, content management systems, supply chain management, and various other applications such as structured data management, system or network management, and security management.

On the basis of region, the global software as a service (SaaS) market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of these, North America led the market with a share of around 54% in 2014, generating US$12.9 bn in terms of revenue. Driven by the soaring demand for SaaS, due to the growing utilization of collaborative solutions, especially web conferencing technology, the region is projected to remain leading in the coming years.

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