The SaaS escrow services market was valued at $5.4 billion in 2021 and is expected to reach $18.4 billion by 2031, rising at a CAGR of 13.4% between 2022 and 2031.
Traditional escrow depositing practices have become obsolete due to the quick release of new features and functionality that has made agile development popular among software firms and end customers alike. To improve the quality and value of their services, SaaS escrow providers must embrace technological improvements. Furthermore, software industry developments such as software-as-a-service (SaaS) and agile development approaches have had a significant impact on the SaaS escrow sector, resulting in a reinvention of how escrow services are supplied and maintained to assure value over time.
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The SaaS escrow services market has been growing in recent years as more and more organizations rely on cloud-based software. One trend in the market is the increasing demand for data escrow services, which provide customers with access to their data in case of a service outage or provider bankruptcy. As data becomes increasingly valuable to organizations, the need for data escrow services is expected to continue to grow.
Another trend in the SaaS escrow services market is the growing popularity of hybrid escrow solutions. Hybrid escrow solutions provide customers with both source code and data escrow services, offering greater flexibility and customization. Hybrid escrow solutions also enable customers to have greater control over their software and data, reducing the risk of vendor lock-in. As a result, hybrid escrow solutions are expected to become increasingly popular in the SaaS escrow services market.
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In terms of region, North America dominated the SaaS escrow services market in 2021. Adoption of SaaS escrow services is constantly increasing to suit increasing expectations from today’s organisations to better their business processes and customer experience, creating attractive potential for the market in this space. During the forecast period, however, Asia-Pacific is expected to increase the most. Rising use of SaaS-based services, as well as increased digital transformation initiatives, are driving regional market expansion.
The COVID-19 outbreak will surely provide numerous opportunities for the market to grow in the forecasted period. These opportunities include the rise in digital transformation trend in the enterprises; upsurge in adoption of cloud-based solutions by small businesses; and upsurge in demand for SaaS-based services that are hosted or managed in the cloud.
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The key players that operate in the SaaS escrow services market analysis are Ardas Group, Escrow London, EscrowTech International, Inc., Escrow4all, Harbinger Escrow, Iron Mountain, LE＆AS, NCC Group, Praxis Technology Escrow and SES-Escrow. These players have adopted various strategies to increase their market penetration and strengthen their position in the SaaS escrow services industry.
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