Nearly a third of adopters claimed to have had a SaaS application replace an on-premise one, the analyst firm added.

Report findings are based on Springboard's survey of 530 technology and business leaders from large, medium and small enterprises in ASEAN, China, India, Australia and New Zealand, as well as extensive secondary research and interviews with leading SaaS providers in the market, according to Springboard.

"The ongoing economic slowdown and interest in cloud computing have emerged as the primary factors driving increased interest in subscription-based SaaS solutions throughout the region," said Balaka Baruah Aggarwal, senior research manager for Emerging Software at Springboard Research. "Going forward, SaaS-related services and consulting revenues will grow substantially over the next 18-24 months as more partners enter the ecosystem."