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According to a new research report by RNCOS entitled, “Global Enterprise Software Market Outlook to 2022”, the enterprise software has gained huge attractiveness in past couple of years due to its attractive benefits and convenience. The major growth drivers of the industry are increasing broadband penetration, increasing affordability and rising global e-commerce market.
 
Software as a service (SaaS) is a way of delivering applications over the Internet—as a service. Instead of installing and maintaining software, one can simply access it via Internet, freeing oneself from complex software and hardware management. SaaS applications are sometimes called Web-based software, on-demand software, or hosted software.
 
The global SaaS market is the fastest growing market in the overall software market. SaaS products are typically sold via subscription, allowing companies to avoid large up-front licensing fees and capital costs. The Software-as-a-Service (SaaS) revolution allows companies to subscribe to software applications and outsource operating the back-end infrastructure to the SaaS vendor. In most cases, the SaaS vendor can do this much more cost effective; providing overall cost savings for the company. A typical SaaS application is offered either directly by the vendor or by an intermediary party called an aggregator, which compiles SaaS offerings from different vendors and offers them as part of a unified application platform.
 
Among the SaaS subscriptions, the most demanded software in the market are customer relationship management (CRM) followed by enterprise resource planning (ERP), human capital management (HCM), operations and manufacturing, supply chain management etc.
 
In 2016, the global SaaS software market was estimated around US$ 111 Billion and it is expected to grow at CAGR 27% during the period 2016-2022, reaching over US$ 460 Billion by the end of 2020. The primary factors that drive the market are increasing demand for outsourcing software services worldwide as it reduce IT cost to the company, increasing number of enterprises and growing e-commerce market and logistics market globally .
 
It has been observed that in past four years SaaS adoption nearly had five-fold increase to reach 74% adoption in the year 2014. All these developments in the field of SaaS- based solutions will uplift the enterprise software market in coming future.
 
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