The global software as a service (SaaS) market is progressing at a CAGR of 27.9% between 2015 and 2022. The market was valued at US$23.88 bn in 2014 and is expected to reach US$164.29 by the end of 2022. The data is sourced from a research report released by Transparency Market Research. The report, titled “Software as a Service (SaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022” encapsulates critical historical data on the market and creates an accurate forecast for the same.

According to the report, the global SaaS market is being driven by the growing number of businesses implementing outsourcing measures to support their expansion strategies. Multiple companies are looking forward to foray in developing economies to supplement their growth rate and to overcome the relatively sluggish economic growth in their economies.

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The global SaaS market additionally provides organizations the advantage of keeping a dynamically competitive scenario in sync with modern consumer IT trends. This in turn is encouraging western organizations to seek pure OPEX solutions such as those provided by the global SaaS market so as to offer accurate solutions for the optimum utilization of their IT resources.

Another major trend influencing the growth rate of the global SaaS market is the increasing adoption of cloud computing by individuals, institutes, and organizations. Cloud computing, in combination with mobile computing, has created a huge rate of growth for the global SaaS market, as more consumers are looking to SaaS for satisfactory solutions.The global SaaS market also finds a major scope of growth in the human capital management solutions segment, where SaaS-based HCM can help a company create a balanced and maintained portfolio of the talent-management methods they have employed.

Some of the factors that could restrain the global SaaS market are lack of integration, low interoperability, interruptions in Internet connectivity, and data security issues.In terms of deployment models, the global SaaS market will witness the fastest growth rate in the public cloud SaaS segment owing to the growing use of the Internet services including email services, ecommerce platforms, and social networking.

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North America was the regional leader of the global SaaS market in 2014, holding a share of nearly 55% in terms of market revenue. The report expected North America to remain the dominant force in the global SaaS market for the given forecast period. Asia Pacific is expected to be the fastest-growing region for the same time frame, while Europe is expected to show a much slower growth rate. Some of the factors hindering the growth rate of the SaaS market in Europe are presence of stringent regulations pertaining to privacy, processing, storage, and use of data, especially personal information.

Key players in the global SaaS market are Amazon Web Services, Inc., IBM Corporation, Microsoft Corporation, Google, Inc., Automatic Data Processing, Inc., Symantec Corporation, Blackboard, Inc., Fujitsu Ltd., Workday, Inc., Oracle Corporation, SAP SE, and Salesforce.com, Inc.

Key segments of the Global Software as a Service (SaaS) Market

The global SaaS market, according to Deployment Model:
Public Cloud
Private Cloud
Hybrid Cloud

The global SaaS market, according to End-users:
Large Enterprises
Small and Medium Enterprises/Businesses
Others (BFSI, Retail, Public Sectors, etc.)

The global SaaS market, according to Geography:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.