A report was published by Allied Market Research, titled, “SaaS Escrow Services Market by Type (Hardware Configuration Services, Data Services, Legal Counseling Services, Others), by Cloud Type (Public Cloud, Private Cloud, Hybrid Cloud), by Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), by Industry Vertical (BFSI, Manufacturing, IT and Telecom, Retail and E-commerce, Energy and Utility, Healthcare, Media and Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”. As per this report, the global SaaS escrow services market earned $5.4 billion in 2021 and is projected to create $18.4 billion by 2031, with a CAGR of 13.4% from 2022 to 2031.
Prime Factors of Growth
The growth of digitalization, transformation, and the adoption of SaaS-based escrow services across different enterprises, along with the emergence of source code escrow as well as the low code are the reasons to drive the growth of the global SaaS escrow services market.
Market expansion is, however, constrained by high innovation costs and financial restrictions. Additionally, due to the firm’s regional expansion, quick changes in business model software will create new opportunities in the upcoming years.
Covid-19 Scenario
- The Covid-19 pandemic outbreak had a favorable effect on the market for SaaS escrow services due to the rising demand for the cloud to support several essential digital solutions.
- In addition, the pandemic had made it more difficult for businesses, especially those without the necessary infrastructure, to carry out crucial procedures, report accurately on data dispersed across several places, manage complicated systems, and effectively collaborate with partners. Because of this, more businesses are putting money into SaaS escrow services.
- SaaS escrow services offer infinite scalability and ongoing functional improvement, which are essential for achieving digital transformation and driving market expansion.
Throughout the anticipated period, the segment providing hardware configuration services will continue to hold the top spot.
With more than 50% of the global SaaS escrow services market, the hardware configuration services segment had the highest market share by type in the year 2021.
Through the entire forecast period, the public cloud sector will continue to hold the top spot.
According to organization size, the big enterprise segment held the largest share in 2021 and contributed to about two-thirds of the market for SaaS escrow services globally.
By the year 2031, North America is anticipated to maintain its dominance.
In terms of revenue, North America accounted for roughly two-fifths of the global SaaS escrow services market in 2021, making up the largest market share by region.