Albany, NY — (SBWIRE) — 05/10/2018 — The recent rise in the outsourcing of software development and ancillary services has bolstered the global software as a service (SaaS) market over the last few years. Owing to the economic sluggishness and the low expansion rates, a large pool of software and service providers have started to look for new sources of growth, the most preferred one being business outsourcing in emerging economies.

Apart from this, the continual changes in business requirements with modern IT trends are propelling companies to focus on SaaS solutions in order to provide effective deployment approaches. This factor is also adding to the growth of this market significantly.

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The global market’s valuation is expected to rise at a CAGR of 27.90% between 2015 and 2022 and increase from US$23.8 bn in 2014 to US$164.3 bn by the end of 2022.

CRM to Remain the Key Application Area for SaaS

On the basis of application, the global SaaS market is categorized into customer relationship management (CRM), human capital management (HCM), enterprise resource planning (ERP), operations and manufacturing, content management systems, supply chain management, and various other applications such as structured data management, system or network management, and security management.

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Currently, CRM is registering the strongest demand for SaaS solutions. In 2014, the segment’s contribution to the overall revenue generated in this market was US$6.05 bn. The demand for SaaS is projected to remain high in this application area over the next few years. However, the ERP and the collaborative solutions segments will emerge as close competitors to this segment by 2022. The increasing trend of e-commerce, the infrastructural development, and the rising customer support services are likely to augment the usage of SaaS solutions in these areas.

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