Albany, NY -- (SBWIRE) -- 08/12/2016 -- According to a new market report published by Transparency Market Research entitled "Software as a Service (SaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022," the global SaaS market was valued at US$23.88 bn in 2014 and is expected to expand at a CAGR of 27.9% from 2015 to 2022, reaching US$164.29 bn by end of forecast period.

The growing business outsourcing of software and services is one of the major factors bolstering the growth of the global SaaS market. Organizations are aggressively looking for new sources of growth in developing countries in order to overcome economic sluggishness and low rates of expansion. Additionally, the constantly changing business requirements with modern consumer IT trends is encouraging companies to go for pure OPEX solutions such as SaaS in order to provide efficient deployment approaches for their IT resources. Another major trend that is creating new demand for such cloud computing solutions is the rising number of individuals in the mobile workforce. Mobile access to SaaS has provided greater accessibility for customers to use SaaS applications on their portable computing devices such as smartphones, tablets, and Chrome books. Moreover, in order to bridge the skill gap among the employees, organizations are continuously looking for various SaaS-based human capital management (HCM) solutions for a balanced portfolio of targeted talent-management strategies.

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Factors such as data security and privacy, uninterrupted Internet connectivity, and low interoperability or lack of integration are anticipated to hamper the growth of the SaaS market in the near future. However, the impact of factors such as low Internet connectivity and lack of integration is expected to come down over the forecast period due to growing offline capabilities and the increasing software integration with the existing systems.

The SaaS solutions are providing a highly competitive cloud computing platform to the companies by enabling them to access various software applications using web browsers without thinking about the maintenance, installation, or deployment costs. The global SaaS market is expected to witness strong growth trends in APAC due to rising infrastructure and network capabilities, which is further driving the adoption of technology. The public cloud SaaS model is expected to be the fastest-growing deployment model in the SaaS market. Rise in the use of Internet services such as social networking, e-commerce platforms, email, and online search are seen as key factors fueling the growth of the public SaaS segment. Thus, the global SaaS market, with its increasing applications in SMEs and large enterprises is expected to record significant revenue growth over the forecast period 2015 to 2022.

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Geographically, North America headed the global SaaS market in 2014, accounting for close to 55% of the global SaaS market revenue; it is expected to continue to be the largest market throughout the forecast period. This is majorly supported by the use of SaaS-based solutions such as HCM, office suites, emails, and web conferencing. Moreover, the introduction of new SaaS applications for various smartphones, Chrome books, and tablets is further predicted to drive the demand for SaaS solutions in this region. The revenue of the SaaS market in Europe is primarily contributed by Western European countries such as the U.K., France, and Ireland, which are currently observing a huge amount of investment in software and services.

However, the presence of various laws and regulations related to data privacy, storage, processing, and the use of personal information are expected to impede the market growth in Europe through the forecast period. Asia Pacific is expected to emerge as the fastest-growing region for SaaS market, owing to the growing number of SaaS vendors provide continuous marketing, support, and sales services to their customers. The rise in number of small and medium enterprises (SMEs/SMBs) has further helped these vendors leverage the extended target customer base. In MEA, the market growth is largely supported by the rising adoption of cloud computing services by the SMEs/SMBs. Furthermore, in Latin America, the growing use of social networking, online banking, and e-commerce, along with the expansion of big SaaS companies such as IBM Corporation and Apple, Inc., are seen as leading factors fueling the growth of the SaaS market throughout the forecast period.

The global SaaS market has been segmented as below:

Global SaaS Market, By Deployment
Public Cloud
Private Cloud
Hybrid Cloud

Global SaaS Market, By Applications
Customer Relationship Management (CRM)
Enterprise Resource Planning (ERP)
Human Capital Management (HCM)
Operations & Manufacturing
Supply Chain Management
Content Management Systems
Collaborative Solutions
Structured Data Management
Security
System or Network Management
Engineering
Storage Software
Application Server Middleware
Integration and Process Automation Middleware
Quality and Lifecycle Tools

Global SaaS Market, By End-user
Large Enterprises
Small & Medium Enterprises/Businesses (SMEs/SMBs)
Others (BFSI, Retail, Public, etc.)

Global SaaS Market, By Geography
North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Latin America (LATAM)