Over recent years, the software market has seen an overwhelming shift from traditional on-premise solutions to SaaS-based licensing. The majority of large enterprises are now putting strategy in place to migrate their most strategic systems – including ERP, HCM, Manufacturing and Supply Chain – to the cloud. Indeed, the SaaS segment holds nearly 69% of overall public cloud market share, with a year-on-year growth rate of 22.9 percent.
Emerging Artificial Intelligence and Machine Learning technologies are key to the growth of this industry, with annual global revenues for AI products and services projected to reach $36bn by 2025 – a 57-fold increase from 2016.
In addition, spending on advanced analytics (predictive analytics) technologies was $5.7bn in 2016, and is expected to rise to $9.0bn in 2021. By investing in these areas, businesses are able to drive efficiency, ROI and innovation.
Emerald Technology have been working with software vendors since the proliferation of BI, Data Warehousing and Analytics technologies at the turn of the century; however a team with a complete focus on the Application Software & Digital Transformation space was formed in 2012. We now have a team of experienced Business Developers, Researchers and Consultants who share between them more than 30 years within recruitment, much of this around this sector. We anticipate continued growth for this division given the increasing demand for SaaS-based solutions and software applications.
[Source: IDC, 451 Research, Gartner]
- Q4 2017 data indicates that the enterprise SaaS market grew 32% year on year to reach almost $13 billion in quarterly revenues, with ERP and collaboration being the highest growth segments
- Combined data platforms and analytics revenue expected to increase to $138.5bn by 2021
- Spending on machine learning and deep learning environments totalled $807m in 2016, and is expected to grow to $2.6bn in 2021
- By 2020, the SaaS industry alone will be generating a projected $75.7Bn in revenue