The North America SaaS Escrow Services Market would witness market growth of 12.6% CAGR during the forecast period (2022-2028).
A SaaS escrow agreement is agreed upon mutually between the customer and the SaaS vendor. It is the procedure of keeping a copy of critical SaaS application data and the SaaS cloud environment with an independent third party. Similarly, to source code escrow, where essential software source code is stored with an independent third party, with a SaaS escrow solution, the developer would typically deposit deployments scripts, databases, and containers in addition to source code. SaaS escrow ultimately allows companies to safeguard the data that resides within SaaS applications hosted by a third party, protecting them from any data loss.
Escrow usually refers to money held by a third party on behalf of the transacting parties. It is generally used regarding the purchase of shares of the company. It is best known in many nations, especially where mortgage companies establish an escrow account for insurance during the mortgage term and pay property tax.
There were around 27 million e-commerce users in 2022, which accounted for 75% of the Canadian population. This number is expected to rise to 77.6% in 2025. Increased online shoppers mean that retail e-commerce sales in Canada continue to grow. The Mexican e-commerce sector was valued at $21 billion in 2017 and raised at an annual rate of 20%. The e-commerce sector is expected to grow continuously due to improved connectivity, increased digital literacy, financial inclusion, and smooth logistics. The rising usage of e-commerce due to the increasing internet penetration is expected to surge the utilization of SaaS escrow services by retailers which would propel the market growth in the region.
The US market dominated the North America SaaS Escrow Services Market by Country in 2021, achieving a market value of $3,477.1 million by 2028. The Canada market would exhibit a CAGR of 15.2% during (2022 - 2028). Additionally, The Mexico market would experience a CAGR of 14.2% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global SaaS Escrow Services Market is Estimated to reach $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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