The global market’s valuation is expected to rise at a CAGR of 27.90% between 2015 and 2022 and increase from US $23.8 bn in 2014 to US $164.3 bn by the end of 2022.

Albany, NY -- (SBWire) -- 11/15/2016 --"Thanks to increasing enterprise mobility, the global market for SaaS has been witnessing a rapid rise and will continue to do so over the forthcoming years," TMR predicts. In 2014, opportunity in this market was worth US$23.8 bn. Expanding at an exponential CAGR of 27.90% during the period from 2015 to 2022, it is likely to reach US$164.3 bn by the end of the forecast period.

North America led this market in 2014 with a share of nearly 54%. Analysts anticipate the region to retain its leadership throughout the forecast period. Asia Pacific, however, will witness the adoption of SaaS at the fastest CAGR of 32.10% between 2015 and 2022.

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Based on deployment, public cloud will continue to be the most preferred choice among users in the near future. Customer relationship management will remain the key application area and large enterprises will emerge as the leading end user for SaaS over the next few years, states TMR.

Growing Trend of Social Media Boosts SaaS Adoption Rate

"The growing trend of social media and the rising shift from conventional communication methods to emails and video calling and conferencing have been driving the global SaaS market significantly," says an analyst at TMR.

Small and medium enterprises (SMEs) are increasingly relying on smartphones and tablet computers for various applications, such as emails, web browsing, social media, video conferencing, finance management, and voice and video calling, required for the efficient management of their businesses. Since SaaS allows enterprises to access these applications remotely at a far less cost than their web versions, the demand for SaaS solutions is gaining substantial momentum with the remarkable growth in the mobile workforce across the world.

Concerns over Data Security and Low Connectivity Limit Demand for SaaS

Despite the advantages of SaaS, various concerns over data security, the lack of integration, and low broadband connectivity are limiting its adoption in several regions which have strict data privacy norms, such as Europe. However, the emergence of Containers as a Service (CaaS) is likely to present an opportunity-rich market to service providers in the years to come. CaaS is essentially a modified version of SaaS, wherein users are capable of controlling their own data, which was previously accessible to the respective vendor only.

Apart from this, the increasing number of specialized SaaS applications and the rising investments in personal consumer research are also projected to bring in novel opportunities for market growth in the near future.

The presence of a large pool of participants points towards a fragmented structure of the global software as a service (SaaS) market; however, it is the rivalry between Salesforce.com Inc., Oracle Corp., and ADP Inc. that characterizes its competitive landscape, finds a report by Transparency Market Research.

Their robust business models, aided by a comprehensive product and services mix, have helped these enterprises achieve leading positions in this market. Over the forthcoming years, these companies will need to focus on expansion in their cloud computing offerings in order to strengthen their presence in the market.