Albany, NY -- (SBWIRE) -- 12/12/2016 -- The recent rise in the outsourcing of software development and ancillary services has bolstered the global software as a service (SaaS) market over the last few years. Owing to the economic sluggishness and the low expansion rates, a large pool of software and service providers have started to look for new sources of growth, the most preferred one being business outsourcing in emerging economies.

Apart from this, the continual changes in business requirements with modern IT trends are propelling companies to focus on SaaS solutions in order to provide effective deployment approaches. This factor is also adding to the growth of this market significantly.

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.

CRM to Remain the Key Application Area for SaaS

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.

Currently, CRM is registering the strongest demand for SaaS solutions. In 2014, the segment's contribution to the overall revenue generated in this market was US$6.05 bn. The demand for SaaS is projected to remain high in this application area over the next few years. However, the ERP and the collaborative solutions segments will emerge as close competitors to this segment by 2022. The increasing trend of e-commerce, the infrastructural development, and the rising customer support services are likely to augment the usage of SaaS solutions in these areas.

HCM is anticipated to register the fastest growth in the demand for SaaS solutions at a CAGR of 32.90% during the period between 2015 and 2022. The increasing need for smart and talented workforce in organizations across the world is projected to create demand for SaaS solutions in this segment.

Asia Pacific to Present Lucrative Opportunities for Market Growth

Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa are the key regional markets for SaaS. Among 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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Analysts, however, expect Asia Pacific to present the most promising opportunities for market growth in the near future with demand fueled by the rising number of established networks and infrastructures. The region is likely to experience the fastest adoption of SaaS at a CAGR of 32.1% during the period from 2015 to 2022. Other regions are also expected to witness significant growth in the demand for SaaS solutions over the next few years.

Salesforce.com Inc., Oracle Corp., and ADP Inc. are the leading vendors of SaaS solutions across the world. Some of the other prominent providers of SaaS solutions are Microsoft Corp., Amazon Web Services Inc., SAP SE, IBM Corp., Google Inc., Workday Inc., Blackboard Inc., Symantec Corp., and Fujitsu Ltd.