Software as a Service (SaaS) Market to Reach Up to the Value of US$164.3 Bn by the End of 2022

Albany, NY -- (SBWire) -- 04/12/2021 --Transparency Market Research (TMR) states that the competitive landscape in the global Software as a Service (SaaS) Market is likely to be significantly fragmented due to large number of players. Some of the key players in the global market are Oracle Corp., Salesforce.com Inc., and ADP Inc. The wide range of products of these companies, excellent business and marketing strategies, and seamless services are expected to fuel the growth of the global market in the coming years. To stay ahead of the competition, the report suggests, companies will have to invest in cloud computing solutions. The growing demand for bring-your-own device and cloud storage has led to a shift in perception of the end users.

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The report states that the global market is likely to be worth US$164.3 bn by the end of 2022 as the market is poised to exhibit a CAGR of 27.90% between 2015 and 2022. Amongst the various applications of SaaS solutions, the customer relationship management segment will be the highest revenue generator in the coming years. In terms of regions, the North America SaaS market is slated to dominate the global market as the region boasts a higher awareness of technology along with its acceptance.

Changing Methods of Communication and Data Handling Gives Global SaaS Market a Fillip

The radical change in the way the world perceives communication is the very basis of development of SaaS solutions. The indispensable usage of social medical and instant messaging has led to adoption of SaaS amongst various enterprises. The advent and penetration of emails, messaging applications, and video calls for private and business purposes has made the end users rely on smartphones and tablets. Thus, as growing number of end users are seeking remote access that affordable costs they are pushing up the demand for SaaS solutions.

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.

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The ever-changing business dynamics are forcing small as well as large organizations to keep they maintenance costs low, thereby moving their inclination toward cloud solutions from on-premise solutions. Analysts anticipate that the rising adoption of SaaS-based HR management solutions to compensate for the lack of skilled personnel is also augment the growth of the global SaaS market in the coming years.

Security Concerns Prove to be Detrimental to Market Growth

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. The lack of awareness and the maturation of certain markets have also been identified as possible restraints for the global market.

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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.

However, Asia Pacific is expected 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 players operating in the SaaS market are Microsoft Corp., Amazon Web Services Inc., SAP SE, IBM Corp., and Google Inc.