A set of many software that are developed and hosted by a third party member for various industrial implementations today is Software as a Service or more commonly called as SaaS. The SaaS model has majorly replaced the traditional Application Service Provider (ASP) model in which many of the hidden costs of having on-premise software gets eliminated. The user always uses the latest version of the software. The installation, maintenance and up gradation of software is all managed by the third party vendor itself that results in saving huge amounts of capital expenditures for an organization deploying SaaS. The organization here does not own the software and instead uses it on-demand on a pay-per-usage basis from the vendor.
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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.
The global software as a service segments the market on the basis of deployment model, applications, end-users and regions. The deployment model segment is divided into public model, private model and the hybrid model. The applications segment is further subdivided into broad categories namely CRM, HRM, ERP, SCM and Others. SME’s, Large Enterprises and Government constitute the end-users for the global SaaS market.
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The geographic segments that constitute this report are North America, Europe, APAC, Middle East Africa and South America. Analysis concludes that North America leads adoption of SaaS model. APAC region observes highest growth due to the adoption by SME’s particularly in countries like India and China. Developing countries on the rising curve and increased standard of living of people are the key reasons found for the adoption of higher rates in the APAC region.
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.
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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