2020 started as a year that seemed to be heading for the continued steady transformation towards Cloud and SaaS based solutions and Services however this soon changed as the corona virus pandemic developed, affecting political, business and social life alike across the globe.
Political changes to the industry
In the run up to the Brexit transition period on December 31st, SaaS companies were forced into changing the way they did business in terms of data processing agreements, privacy policies and SaaS terms and conditions.
Working culture shift
Overshadowing these administrative changes were the wholesale changes to the SaaS industry off the back off the coronavirus pandemic. As the majority of industries sought to significantly increase their reliance on employees working from home, software firms were provided with an opportunity to showcase their products’ functionality that had previously been relatively under the radar.
“The pandemic validated cloud’s value proposition,” explained Sid Nag, research vice president at Gartner. “The ability to use on-demand, scalable cloud models to achieve cost efficiency and business continuity is providing the impetus for organizations to rapidly accelerate their digital business transformation plans.”
According to Gartner, Inc., worldwide end-user spending on public cloud services is forecast to grow 18.4% in 2021 to total $304.9 billion, up from $257.5 billion in 2020, with SaaS remaining as the largest market segment.
The latest research from Softletter100 confirms how the leading vendors have grown in top line revenue however for many operation income is still lagging . Log in or subscribe here