Software as a Service (SaaS) Market 2022 Projection with Top 10 Companies Reviewed

SaaS is the most matured cloud computing model, in which the applications are hosted by a service provider or a vendor and made accessible to users over the Internet. SaaS is increasingly becoming a dominant delivery model due to its various benefits such as automatic patch management and updates, easier administration, high compatibility, easier collaboration, and global accessibility. The global SaaS market was valued at US$ 23.88 Bn in 2014 and is forecast to grow at a CAGR of 27.9% from 2015 to 2022.

The outsourcing of software and services by businesses is rising globally, and is expected to boost the demand for SaaS worldwide. This is primarily supported by the various challenges currently faced by the leading organizations, which includes a low rate of expansion and growing economic sluggishness at the top. Also, the growing complex IT requirements with new consumer IT trends is expected to encourage growth of the SaaS market throughout the forecast period. The increasing number of SaaS applications for various smartphones, tablets, and notebooks is predicted to be the foremost factor positively impacting the market demand in future. Growth of the global SaaS market is expected to be restricted by various factors, namely data security, lack of integration, and bad Internet connectivity. The key market players profiled in this report include Salesforce.com, Inc., Amazon Web Services, Inc., Microsoft Corporation, SAP SE, Google, Inc., Oracle Corporation, IBM Corporation, Workday, Inc., ADP, LLC, Symantec Corporation, Blackboard, Inc., and Fujitsu Ltd. Massive growth opportunities for the major players lie in the APAC region due to improving infrastructure abilities and broadband connectivity supported by the high penetration of smartphones.

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The global SaaS market is segmented on the basis of deployment model, applications, end-users, and geography. On the basis of deployment model, the market is segmented into private, public and hybrid cloud, with the public cloud model leading the market in 2014, followed by the private and hybrid cloud SaaS models. Demand for the private and hybrid cloud SaaS model is majorly supported by large enterprises, for whom high priority is on maintaining the confidentiality and security of their data. Similarly, substantial demand can be seen for public the cloud deployment model by the small and medium enterprises (SMEs), which have low initial set-up and CAPEX requirements.

On the basis of various SaaS applications, the global SaaS market is classified into customer relationship management (CRM), enterprise resource planning (ERP), human capital management (HCM), operations & manufacturing, supply chain management, content management systems, collaborative solutions, structured data management, security, system or network management, engineering, storage software, application server middleware, integration and process automation middleware, and quality and lifecycle tools. In 2014, CRM led the global SaaS market in terms of revenue and is expected to follow this trend until 2022. HCM is expected to be the fastest-growing application segment over the forecast period owing to growing business need to bridge the skill gap.

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On the basis of end-users, the global SaaS market is categorized into large enterprises, small & medium enterprises (SMEs/SMBs), and others. The others segment includes customers across sectors like BFSI, retail, public, and so on. In 2014, large enterprises led the global SaaS market and the segment is expected to retain its dominant position throughout the forecast period from 2015 to 2022. However, the SMEs are expected to see fastest growth in the near future due to an increasingly large number of SMEs that are adopting public and hybrid cloud solutions, mainly across the countries in APAC such as China, India, and Thailand.

North America headed the SaaS market in 2014, holding approximately 55% of the global market revenue share and is expected to continue the same trend during the forecast period from 2015 to 2022. The demand for SaaS solutions in North America is mainly supported by the availability of a large number of established communication networks and infrastructures. This is further reinforced by the rising penetration of smartphones and the availability of high-speed Internet in the region. Asia Pacific is expected to be the region with the foremost adoptions of SaaS solutions in the near future. This is majorly supported by the growing consumer awareness in the region about various cloud computing solutions and the rising number of SMEs, which are encouraging the use of mobile SaaS applications worldwide.

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