Here are six key trends:
1. The market was valued at approximately $36.5 billion in 2014.
2. It is expected to reach around $54 billion by 2020.
3. It is anticipated to increase at a compound annual growth rate of around 7 percent between 2015 and 2020.
4. The cloud-based technology segment accounted for the largest market in 2014 and is expected to grow in coming years.
5. North America was the leading regional market within the global market in 2014.
6. However, the Asia Pacific region is expected to dominate the global market by the end of 2020.
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