New research from IT industry analyst Gartner claimed that revenues in the sector will increase by 14.1 per cent over the year, rising from the $7.5 billion (£4.9 billion) reported in 2009 to more than $8.5 billion.
The study also pointed out that SaaS revenues have grown from accounting for around ten per cent of the total enterprise software market in 2009 to more than 16 per cent today.
Sharon Mertz, research director at Gartner, commented: "After a decade of use, adoption of SaaS continues to grow and evolve within the enterprise application markets."
She also claimed that an increasing number of businesses will move towards SaaS offerings such as cloud computing and platform-as-a-service as they have to maximise value from shrinking capital budgets.
Earlier this month, research by industry analyst IDC claimed western European firms will spend almost $204 billion on external IT services this year.
The study also pointed out that SaaS revenues have grown from accounting for around ten per cent of the total enterprise software market in 2009 to more than 16 per cent today.
Sharon Mertz, research director at Gartner, commented: "After a decade of use, adoption of SaaS continues to grow and evolve within the enterprise application markets."
She also claimed that an increasing number of businesses will move towards SaaS offerings such as cloud computing and platform-as-a-service as they have to maximise value from shrinking capital budgets.
Earlier this month, research by industry analyst IDC claimed western European firms will spend almost $204 billion on external IT services this year.
