Global SaaS Escrow Services Market Report 2023: Rise of Small and Medium Sized Entrepreneurs Bolsters Demand
Global SaaS Escrow Services Market
Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "Global SaaS Escrow Services Market Size, Share & Industry Trends Analysis Report By Cloud Type, By Type, By Enterprise Size, By Vertical, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global SaaS Escrow Services Market size is expected to reach $12.4 billion by 2028, rising at a market growth of 13.3% CAGR during the forecast period.
Market Growth Factors
Rising Adoption of SaaS Escrow Services
The rise of entrepreneurs in small & medium organizations has been significant in the last few decades. Increasing demand for cloud-based services due to the advantages offered, like business flexibility and cost reduction, proves to be a significant advantage for startup businesses. The need for SaaS-based services is increasing due to the growth of these enterprises, including SMEs. Many IT enterprises need advanced technological SaaS escrow services to flourish their businesses and leave their footprints in numerous geographies. The SaaS escrow services provide various functional advantages and actively contribute to the market's expansion. . The benefits and the rising adoption of SaaS escrow services by many organizations are expected to surge the market growth during the projection period.
Accurate Data and Business Assurance
If the necessary SaaS vendor gets bankrupt and the user loses access to their data, it can be catastrophic for the company. The cost of the SaaS escrow is generally a small percentage of an investment in technology. Investing in a SaaS escrow solution will ensure business continuity and mitigate the risks associated with modern cloud service delivery methods and the service provider's rising responsibility. The SaaS escrow service provides accurate and up-to-date data while also providing business continuity assurance will aid to boost the SaaS escrow services market expansion.
Cloud Type Outlook
Based on Cloud Type, the market is segmented into Public Cloud, Private Cloud and Hybrid Cloud. The private cloud segment acquired a prominent revenue share in the SaaS escrow services market in 2021. The growth is attributed because the private cloud providing an easier way to meet regulatory compliance requirements. Private cloud deals with their workloads like confidential documents, intellectual property, personally identifiable information (PII), medical records, and financial or other sensitive data.
Based on Type, the market is segmented into Hardware Configuration Services, Data Services, Legal Counseling Services and Others. The hardware configuration services segment held the highest revenue share in the SaaS escrow services market in 2021. This is because they allow the user to define I/O (input/output) configurations to hardware and software from a single interactive surface. This means that computer specialists can enhance hardware performance by tweaking some configurations. Hardware devices have specific configuration settings that can impact the user system's net performance and functionality.
Enterprise Size Outlook
Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. The small & medium-sized enterprises segment acquired a significant revenue share in the SaaS escrow services market in 2021. This is due to the shift of smaller companies towards Escrow vendors to develop robust SaaS continuity solutions. These solutions continue services if something happens to the SaaS vendor.
Based on Vertical, the market is segmented into IT & Telecom, BFSI, Retail & E-commerce, Energy & Utility, Media & Entertainment, Manufacturing, Healthcare and Others. The IT & telecom segment led the SaaS escrow services market by generating the maximum revenue share in 2021. The growth is because of the usage of SaaS escrow to mitigate the risk of technology acquisition. With an escrow contract, the developer's software code and other IP are put in a secure account held by the escrow representative, a trusted independent third party on the cloud or internet.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The North America region generated the highest revenue share in the SaaS escrow services market in 2021. This is due to the increase in the utilization of SaaS escrow services in the BFSI, healthcare, retail, and other sectors to enhance the businesses and the customer experience. Also, there is rising adoption of various cloud-based services and solutions, which is expected to propel the usage of SaaS escrow.
Key Market Players
NCC Group plc
Iron Mountain Incorporated
Ardas International, Inc
Escrowtech International, Inc
Harbinger Group Pty Ltd
Legal Escrow & Arbitration Services Limited
PRAXIS Technology Escrow, LLC
No. of Pages
2021 - 2028
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
For more information about this report visit https://www.researchandmarkets.com/r/7q4397-saas?w=12
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