Using applications via a web browser and handling it remotely reduces the concerns of maintenance and other costs but it transfers the control of applications to the third party vendor. In Software as a Service model, any organization who wants to use an application, uses it on a third party basis. Sometimes security concerns are raised by organizations with the power being in the hands of the SaaS vendor especially in cases of mission critical applications. This totally depends on the comfort level of the organization whether it is willing to use software which are controlled by a third party vendor or deploy an on-premise software model. Security concerns are always a troublesome for an organization. Identity and access management always become a critical issue while entrusting control to a third party vendor for company sensitive data and business processes.
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According to the new Market research study published by The Insight Partners, The Global Software as a Service Market was estimated at US$ 34.78 Bn in 2015. This market is expected to grow at a CAGR of 28.3% between 2016 and 2025, to reach US$ 418.92 Bn in the year 2025.
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Overall the software as a service market has been segmented on the basis of deployment models, the applications and on the basis of end users they cater to and geographical segmentation. Private cloud, public cloud and hybrid cloud are the deployment models into which this market has been segmented. Additionally, on the basis of applications, the global software as a service market is segmented into Customer Relationship Management (CRM), Human Resource Management (HRM), Enterprise Resource Planning (ERP), Supply Chain Management (SCM) and others. On the basis of end-users the global software as a service market is segmented into Small and Medium sized enterprises, Large Scale Enterprises and Government. Geographically, the market is segmented into North America, Asia Pacific (APAC), Europe, South America (SAM) and Middle East & Africa (MEA).
North America and Europe dominate the global software as a service market, however, they are expected to lose market share to APAC during the forecast period. The APAC region is expected to register a growth rate of 33.1% during 2016 to 2025.
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In 2015, SME’s led the software as a service market globally and are expected to dominate during the entire forecast period from 2016-2025. Many SME’s from APAC region particularly, India and China have adopted SaaS solutions. The report profiles key players such as ADP LLC, SAP SE, Symantec Corporation, IBM Corporation, Amazon.com, Google, Inc., Microsoft Corporation, Oracle Corporation, Inc., Fujitsu Limited and Workday, Inc.
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