The Europe SaaS Escrow Services Market would witness market growth of 12.9% CAGR during the forecast period (2022-2028).
In the cloud, with SaaS applications, one’s software no longer sits on a corporate server. Still, it is hosted by a cloud services provider, which introduces more variables and supply chain dependencies. Now, the user’s data resides in the cloud too. Also, the risk of supplier failure would be felt more immediately than on-premise, as there would be a complete loss of functionality for the SaaS application if the vendor were no longer there to assist it. There is a misconception that consumers don’t need an escrow agreement anymore when migrating their on-premise software application to the cloud service. However, the requirement for Escrow is more significant for SaaS applications, as both the software and the need for data to be protected.
Once the user has a SaaS escrow agreement, SaaS escrow verification gives a higher level of resilience. It enables the user to test the effectiveness of the user’s business continuity plan. The exercise contains an NCC consultant who verifies that the SaaS source code and SaaS data held under the SaaS escrow agreement are correct and complete. It enables the user to access, rebuild or restore their unique application and data.
Consumer e-commerce now accounts for 30% of the total retail sector in the UK, which has increased from 20% in 2020. With annual e-commerce revenue totaling over $120 billion. In 2021, around 82% of the UK bought at least one product online. The growth of online retailing drives a relentless pursuit of value for money. People continue to find the best deals online. Germany has one of the biggest e-commerce markets in Europe. The number of e-commerce consumers, the average amount spent annually, and internet penetration are above the European average. The rising internet penetration and the growth of online shopping, especially in the pandemic, will increase the e-commerce sector and thus boost the utilization of SaaS escrow services in the sector, therby surging the market growth in the Europe region.
The Germany market dominated the Europe SaaS Escrow Services Market by Country in 2021, achieving a market value of $802 million by 2028. The UK market would showcase a CAGR of 11.9% during (2022 - 2028). Additionally, The France market is exhibiting a CAGR of 13.7% during (2022 - 2028).
Based on Cloud Type, the market is segmented into Public Cloud, Private Cloud and Hybrid Cloud. Based on Type, the market is segmented into Hardware Configuration Services, Data Services, Legal Counseling Services and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium-sized Enterprises. Based on Vertical, the market is segmented into IT & Telecom, BFSI, Retail & E-commerce, Energy & Utility, Media & Entertainment, Manufacturing, Healthcare and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global SaaS Escrow Services Market will Hit $12.4 Billion by 2028, at a CAGR of 13.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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, SES, and Escrow4all B.V.
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