The software as a service (SaaS) market in the Asia-Pacific region is seen reaching $1.8 billion by 2011, rising at a compounded annual growth rate of 59% from 2007-2011.
The industry's value was placed at $274 million last year. Springboard Research attributes the projected market expansion to awareness and familiarity with SaaS of companies in the region.
While this has reached an all-time high, the market remains relatively immature in the region, with users still struggling with issues such as finding the right application and ensuring reliable connectivity.
Concerns about data reliability and security are also impacting the growth of the market.