An emerging technology that is transforming traditional on-premise software systems into a modern cloud based solutions is SaaS. SaaS allows sharing of applications to the organizations on a pay-as-per-usage basis. The need to totally own the software is eliminated and instead payment only on a subscription basis is levied on the organizations. This brings advantages to both the parties as the organization subscribing to the software can save on the capital investment costs and the vendor of the software generates revenues through this model. The applications are hosted by the vendor and stored on the cloud. Regardless of the size of the application, the organization need not pay for the maintenance, installation costs of it and also be assured of the latest upgraded version available to it through the vendor. SaaS model with its single-tenant and multi-tenant architecture allows organizations to leverage their investments on the core competencies.

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The adoption of Big Data and IoT by various industry verticals to proliferate the further growth of global SaaS market. Big Data and IoT are the hot trends being practiced by various industry verticals. While Big Data has become essentials for the hospitality, e-commerce & retail industry in order to have a better understanding about the needs of the customer, similarly IoT has become essential in various vertical such as manufacturing vertical in order to achieve a better efficiency. Big Data and IoT generate huge amount of structured and unstructured data. The data becomes meaningful when it is processed and analyzed in the correct way. The need to have a meaningful data can be satiated through the use of a variety of software. Software as a Service model provides the leverage to use a plethora of such software which are the best-in-use for a specific application. A huge collection of such software, at a single place where the customer only has to decide the software it wants for its specific purpose.

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Services sector is booming and consequently the application of trends like Big Data & IoT to serve customers better. CRM, HRM are dependent on Big Data. With the growth of Big Data, adoption of CRM and HRM applications are expected to grow and dominate during the forecast period. Thus, it would further boost the growth of SaaS market.

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