Software as a Service (SaaS) Market: Large Enterprises to be Key Revenue Generators

Software as a Service (SaaS) Market : Large Enterprises to be Key Revenue Generators
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.
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.
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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.
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.
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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.

Software as a Service (SaaS) Market

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