PUBLISHER: The Business Research Company | PRODUCT CODE: 1484870
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484870
Software as a service (SaaS) escrow services involve a contractual arrangement where a third-party escrow agent holds the source code, data, and documentation of a SaaS application on behalf of both the customer and the vendor. This setup aims to mitigate risks associated with reliance on cloud-based software, ensuring access to critical assets during service disruptions and providing assurance of continuity in case of provider insolvency.
The primary types of SaaS escrow services include hardware configuration services, data services, legal counseling services, and others. Hardware configuration services focus on securing the physical infrastructure and settings necessary for SaaS operations, encompassing servers, networking devices, and storage systems. These services cater to both large enterprises and small and medium-sized enterprises across various applications, including software-as-a-service (SaaS), platform-as-a-service (PaaS), and infrastructure-as-a-service (IaaS). They find utilization across diverse industry verticals such as banking, financial services, and insurance (BFSI), manufacturing, information technology (IT) and telecommunications, retail and e-commerce, energy and utilities, healthcare, media, and entertainment, among others.
The software as a service (SaaS) escrow services market research report is one of a series of new reports from The Business Research Company that provides software as a service (SaaS) escrow services market statistics, including software as a service (SaaS) escrow services industry global market size, regional shares, competitors with a software as a service (SaaS) escrow services market share, detailed software as a service (SaaS) escrow services market segments, market trends and opportunities, and any further data you may need to thrive in the software as a service (SaaS) escrow services industry. This software as a service (SaaS) escrow services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The software as a service (SaaS) escrow services market size has grown rapidly in recent years. It will grow from $7.35 billion in 2023 to $8.56 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth observed during the historic period can be attributed to several factors, including the increasing adoption of cloud-based software as a service (SaaS) solutions, growing concerns about data security and vendor reliability, the rise of complex SaaS vendor ecosystems, evolving customer expectations for business continuity and risk management, and instances of SaaS vendor bankruptcies or service disruptions.
The software as a service (SaaS) escrow services market size is expected to see rapid growth in the next few years. It will grow to $15.87 billion in 2028 at a compound annual growth rate (CAGR) of 16.7%. The anticipated growth in the forecast period can be attributed to several factors, including a heightened focus on cybersecurity and compliance with data protection regulations, increased scrutiny on the stability and resilience of SaaS vendors, the proliferation of specialized SaaS applications and microservices, the growing complexity of SaaS contract agreements, and the continued migration towards cloud-based SaaS models. Key trends expected during this period include the adoption of blockchain technology for SaaS escrow solutions, the integration of artificial intelligence and machine learning in escrow processes to enhance efficiency and accuracy, the emergence of industry-specific standards for SaaS escrow agreements to address sector-specific requirements, the development of automated escrow monitoring and verification tools to streamline processes, and the growth of subscription-based escrow models offering flexible payment options for clients.
The escalating demand for cloud-based services is poised to drive substantial growth in the SaaS escrow services market in the foreseeable future. Cloud-based services, encompassing computing resources and applications delivered over the internet, offer scalability, cost-effectiveness, and remote accessibility, addressing the evolving needs of modern businesses. The increasing adoption of cloud-based services is fueled by factors such as scalability, cost-effectiveness, and the imperative for remote accessibility and flexibility in contemporary business operations. SaaS escrow services play a pivotal role in building trust and mitigating risks associated with cloud adoption, enabling enterprises to leverage SaaS benefits while addressing concerns regarding vendor reliability and service continuity. For instance, data published by the European Commission (EC) in December 2023 revealed that 42.5% of EU enterprises purchased cloud computing services in 2023, primarily for e-mail, file storage, and office software, marking a 4.2 percentage point increase from 2021. Thus, the surging demand for cloud-based services is propelling the growth of the SaaS escrow services market.
Key players in the SaaS escrow services market are intensifying their focus on developing advanced solutions such as fraud warning products tailored for title and escrow companies seeking to mitigate fraud risks. Fraud warning products serve as indispensable components of risk management and security infrastructure for SaaS escrow companies, safeguarding the interests of all parties involved in SaaS escrow agreements. For instance, Porch Group, a US-based software and services provider, launched RynohVerif in January 2024. This platform offers fraud protection, banking integration, and compliance support, bolstering security measures and operational efficiency. Real-time fraud prevention monitoring, facilitated by integration with risk management, enhances operational efficiency and regulatory compliance within the SaaS escrow services market. RynohVerif's services include automated deposits of critical assets such as source code, deployment scripts, containers, virtual machine images, and database backups, ensuring clients have access to essential materials for redeployment and service continuity.
In June 2021, NCC Group, a UK-based information assurance company, acquired the Intellectual Property Management (IPM) business of Iron Mountain for $220 billion. This acquisition significantly amplifies NCC Group's scale, service portfolio, revenue synergies, market leadership, client base, and operational capabilities in the SaaS escrow services market. Iron Mountain, a US-based information management company, offers data backup and recovery, records management, document storage, and SaaS escrow services, enhancing NCC Group's market presence and offerings in the SaaS escrow services domain.
Major companies operating in the software as a service (SaaS) escrow services market are Fiserv Inc., Automatic Data Processing (ADP), Fidelity National Information Services (FIS), SS&C Technologies Holdings, Iron Mountain Incorporated, Harbinger Group Pty Ltd., TUV SUD, Jack Henry & Associates, NCC Group plc, Advanced Records Management, Ardas Group, Vaultinum, Escrow.com, Ambosco Ltd., Software Escrow Solutions, Viva Escrow, PRAXIS Technology Escrow LLC, Lincoln-Parry SoftEscrow Inc, Escrowtech International Inc., National Software Escrow, B2BITS, Codekeeper, Safe4 Information Management Limited, Global Escrow Solutions, InnovaSafe Inc., Escrow4all B.V., Escrow London Limited, Evault, Escrow London Limited, Escrow4all B.V.
North America was the largest region in the software as a service (SaaS) escrow services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the software as a service (SaaS) escrow services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the software as a service (SaaS) escrow services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The software as a service (SaaS) escrow services market includes revenues earned by entities by providing services such as software verification and validation, compliance auditing, disaster recovery planning, and contract negotiation and mediation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Software As A Service (SaaS) Escrow Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on software as a service (SaaS) escrow services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for software as a service (SaaS) escrow services ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The software as a service (SaaS) escrow services market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
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