Even with the global economic recession, the SaaS (Software-as-a-Service) market has been growing at a healthy rate over the past few years. This growth is being driven in large part by customers’ need to reduce total cost of ownership. This provides plenty of opportunity for software vendors to deliver customer value.
A recent Gartner study showed the SaaS market still growing at a very healthy 20% rate from 2010 to 2011, reaching $12 Billion in 2011, with North America about two thirds of that, and growing to over $20 Billion by 2015. Forrester Research is even more optimistic, putting the global SaaS market size at $21 Billion in 2011, with projections to grow to over $90 Billion by 2016.
A study last year by InformationWeek Analytics found about 60% of companies are using SaaS solutions today.
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North America, specifically the U.S., currently represents the largest opportunity for SaaS, and it is the most mature of the regional markets. SaaS software revenue is forecast to total $9.1 billion in 2012, up from $7.8 billion in 2011. Consistent with other regions, North America shows the highest SaaS deployments in expense management, financials, email and office suites. Use of Web conferencing is higher in North America than in other regions, in part because of a highly distributed workforce.