SaaS Escrow Services Market to Reach $18.4 Billion, Globally, by 2031 at 13.4% CAGR: Allied Market Research

The growing digitalization transformation initiative, increase in adoption of SaaS escrow services across enterprises, and emergence of source code escrow and low-code drive the growth of the global SaaS escrow services market.

PORTLAND, Ore., Feb. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, 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". According to the report, the global Saas escrow services industry generated $5.4 billion in 2021, and is anticipated to generate $18.4 billion by 2031, witnessing a CAGR of 13.4% from 2022 to 2031.

Prime determinants of growth

The growing digitalization transformation initiative, increase in adoption of SaaS escrow services across enterprises, and emergence of source code escrow and low-code drive the growth of the global SaaS escrow services market. However, excessive cost of innovation and budget constraints restrict the market growth. Moreover, rapid changes in business model software due to geographical expansion of the businesses present new opportunities in the coming years.

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Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had a positive impact on the global SaaS escrow services market, due to accelerating demand for the cloud to support several crucial digital solutions.
• Moreover, the pandemic had introduced considerable challenges for companies which are trying to execute key processes, report accurately with data spread over multiple locations, operate complex systems, and efficiently communicate with teammates; particularly where they do not have the infrastructure for such processes. Due to this reason, a greater number of companies are investing in SaaS escrow services.
• SaaS escrow services provides the limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, which boost the growth of the market.

The hardware configuration services segment to maintain its leadership status throughout the forecast period

Based on type, the hardware configuration services segment held the highest market share in 2021, accounting for more than half of the global SaaS escrow services market, and is estimated to maintain its leadership status throughout the forecast period. This is due to its easier maintenance and management. However, the data services segment is projected to manifest the highest CAGR of 19.3% from 2022 to 2031. This is because SaaS escrow services can provide access to a running continuity site, data backups, source code, documentation, and other information to help the end user continue to utilize the software or SaaS application

The public cloud segment to maintain its leadership status throughout the forecast period

Based on cloud type, the public cloud segment held the highest market share in 2021, accounting for more than half of the global SaaS escrow services market, and is estimated to maintain its leadership status throughout the forecast period, due to the easy access and low costs. However, the private cloud segment is projected to manifest the highest CAGR of 16.9% from 2022 to 2031, due to higher security and easier maintenance.

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The large enterprises segment to maintain its lead position during the forecast period

Based on enterprise size, the large enterprises segment accounted for the largest share in 2021, contributing to nearly two-thirds of the global SaaS escrow services market, and is projected to maintain its lead position during the forecast period. These enterprises are exploring innovative ways to transform their processes effectively. Significant investments to implement SaaS escrow services helps them stay competitive in the businesses. However, the SMEs segment is expected to portray the largest CAGR of 14.9% from 2022 to 2031. SaaS escrow protects software developers and their clients as part of end-user licensing and service level agreements. Such significant advantages creating demand for SaaS escrow services in SMEs across the globe.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global SaaS escrow services market, and is likely to dominate the market during the forecast period. The increase in usage of SaaS escrow services in BFSI, retail, healthcare, and other sectors to improve businesses and the customer experience are anticipated to provide lucrative growth opportunities for the SaaS escrow services market in North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 18.5% from 2022 to 2031. This is attributed to the increase in penetration of advanced technology and higher adoption of cloud-based solution and services in this region.

Leading Market Players:

• Ardas Group,
• Escrow London,
• Escrowtech International, Inc.,
• Harbinger Escrow,
• Iron Mountain,
• NCC Group,
• Escrow4all,
• Praxis Technology Escrow,
• LE?AS,
• SES-Escrow

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