Global Software as a Service (SaaS) Market Is Expected Reach $272 Billion in 2021

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PALM BEACH, Fla., Aug. 3, 2021 /PRNewswire/ —  The Software as a Service (SaaS) market consists of sales of cloud based software services. SaaS is a software solution which can be purchased on a subscription or pay per use basis to use an application for organizational purposes and customers can access this application over internet, mainly through a web browser. All the applications data and software are located in the services provider’s data center. SaaS allows an organization to run an application at minimal upfront cost and speeds up overall functionality of the organization. Rapid changes in business dynamics in the market are expected to benefit the software as a service (SaaS) market in the forecast period as cloud-based solutions support business operations in changing conditions. Dynamic market conditions include economic uncertainty, competitive rivalry and the increasing adoption of mobile, changing regulations, internet usage and applications. According to a report from ReportLinker, the global software as a service (SaaS) market is expected to grow from $225.6 billion in 2020 to $272.49 billion in 2021 at a compound annual growth rate (CAGR) of 20.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $436.9 billion in 2025 at a CAGR of 12.5%. Active Companies in the markets today include Infobird Co., Ltd (NASDAQ: IFBD), Zoom Video Communications, Inc. (NASDAQ: ZM), Datadog Inc. (NASDAQ: DDOG), The OLB Group, Inc. (NASDAQ: OLB), Workday, Inc. (NASDAQ: WDAY).

ReportLinker continued: “These conditions along with the increasing number of infrastructures and established networks have forced organizations to pursue scalable and flexible solutions such as SaaS and other cloud enabled services to run and supervise their operations in a cost-effective and efficient way. These factors have also compelled companies to outsource applications and prefer cloud computing services like SaaS to reduce their cost burden on infrastructure. The introduction of artificial intelligence is gaining popularity in the SaaS market. Artificial Intelligence (AI) is an area of computer science which focus on the simulation of human intelligence processes by machines.”

Infobird Co., Ltd (NASDAQ: IFBD) BREAKING NEWS:  Infobird Announces Successful Client Launch with a Global Leading Retail BrandNew contract marks another milestone of expanding into the fast-growing retail market –  Infobird Co., Ltd (“Infobird” or the “Company”), a software-as-a-service provider of innovative AI-powered, or artificial intelligence enabled, customer engagement solutions in China, announced it has signed a service contract with a subsidiary of a globally well-recognized Fortune 500 retail and consumer product company. The company is a renowned leader in retail and consumer products, with operations in more than 80 countries around the world. Through this contract, the client will leverage Infobird’s intelligent quality inspection to comprehensively upgrade its customer service system in China and bring users the ultimate consumer experience by creating professional, caring and convenient integrated customer services. This cooperation is another major breakthrough in Infobird’s market development strategy in the retail and consumer product industry, demonstrating that Infobird is successfully expanding into the market of retail and consumer product companies.

According to the Ministry of Commerce of PRC, in the first half of 2021, the total retail sales of consumer products in China was 21.2 trillion yuan, representing an increase of 23% compared to the same period last year, and an average growth rate of 4.4% for the past two years. In the post-pandemic period, the retail and consumer products market ushered a historic development opportunity. McKinsey & Company, a leading international management consulting firm, stated in the “China Consumer Report 2021” that in the post-pandemic era, China will continue to be the growth engine of the global consumer products market. At the same time, the digital transformation trend of retail and consumer products companies is becoming more and more significant. The digitalization of customer engagement has become one of the important directions of the digital transformation of enterprises. The company believes that optimizing the customer engagement process and enhancing customer’s experience through technological and business model upgrades is the key to a company’s future victory in new retail.

As a leading AI SaaS software service provider in China, Infobird is committed to making customer engagement more personalized and intelligent for enterprises. Infobird identified the retail and consumer products industry as an important market for its strategic development. At present, Infobird’s solutions for retail and consumer product industry have been applied in many large leading companies such as SaSa, a Hong Kong beauty brand, and Zu Li Jian, a leading footwear brand for the elderly in China. The solutions cover multiple business scenarios such as customer service, marketing and management. Infobird’s comprehensive retail and consumer product solutions are based on a series of smart products including cloud call center, omni-channel cloud customer service, AI voice/text chatbots, intelligent quality inspection and CEH (customer interaction hub), which are able to help enterprises from multiple dimensions such as marketing, customer service and management, promote the digital transformation of customer engagement, improve customer experience, and achieve cost reduction and efficiency enhancement.

Working collaboratively with this global retail brand, Infobird’s intelligent quality inspection system will help the company achieve 100% coverage and automation of intelligent quality inspection, and optimize the coverage of quality inspection channels, speech flow, customer service soft power and other aspects. It will improve the quality of customer service, optimize the customer service experience, and allows the company to better serve and influence clients. In addition, based on the data accumulated by Infobird’s intelligent quality inspection system, it will also help the company to analyze the value of customer data, allow the company to better understand client needs and the market, and provide an insightful reference for precise marketing and corporate decision-making.  CONTINUED…  Read this full release for Infobird at:  http://www.infobird.com/en/news/index?type=3.

Other recent developments in the markets include:

Zoom Video Communications, Inc. (NASDAQ: ZM) recently announced it has entered into a definitive agreement to acquire Five9, Inc. (FIVN), a leading provider of the intelligent cloud contact center, in an all-stock transaction valued at approximately $14.7 billion. Combining Five9’s Contact Center as a Service (“CCaaS”) solution with Zoom’s broad communications platform will transform how businesses connect with their customers, building the customer engagement platform of the future.

The acquisition is expected to help enhance Zoom’s presence with enterprise customers and allow it to accelerate its long-term growth opportunity by adding the $24 billion contact center market. Five9 is a pioneer of cloud-based contact center software. Its highly-scalable and secure cloud contact center delivers a comprehensive suite of easy-to-use applications that allows management and optimization of customer interactions across many different channels.

Datadog Inc. (NASDAQ: DDOG), the monitoring and security platform for cloud applications, recently announced its availability on Google Cloud Marketplace, deepening its partnership with Google Cloud. Google Cloud customers can now purchase Datadog with just a few clicks on the Google Cloud Marketplace, allowing them to quickly and easily monitor the health of their applications and infrastructure across their Google Cloud and hybrid cloud environments.

Google Cloud Marketplace offers integrated solutions vetted by Google Cloud, to support customers’ enterprise IT needs. Customers rely on Google Cloud Marketplace to identify and purchase the third-party tools that help them move to, build on and work in Google Cloud. In addition to easier access, customers who purchase Datadog through Google Cloud Marketplace will benefit from consolidated billing and streamlined procurement. Datadog usage will appear directly on customers’ Google Cloud invoices, and customers will be able to pay for a portion of this usage with their committed Google Cloud spend.

The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small- and mid-sized merchants, recently announced it has signed a non-binding letter of intent (LOI) to acquire a portfolio of merchants that will utilize the company’s SecurePay Payment Gateway to process payments. The group of merchants to be acquired have reported annual transaction volume of greater than $300 million. The transaction is anticipated to add an accomplished and experienced sales channel to the OLB team, enabling further penetration into one of the fastest growing sectors in the United States. OLB anticipates an additional $13 million in revenue and $3.6 Million EBITDA from the transaction, nearly doubling its current revenue to over $25 million. The company also plans to use the deal as a foundation to expand SecurePay services and its eCommerce business activities. The terms of the agreement were not disclosed.

Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, has been selected by RSM US LLP (RSM) to help scale its rapidly growing business and better serve customers with Workday Financial Management, Workday Human Capital Management (HCM), and Workday Professional Services Automation (PSA). With more than 13,000 employees, RSM is the nation’s fifth largest accounting firm by revenue and delivers world-class audit, tax, and consulting services focused on middle market businesses.

Digital transformation for many organizations includes scaling processes, eliminating information silos, and streamlining on-premise, manual, or ad-hoc systems. Professional services organizations, such as RSM, have the additional incentive to optimize the customer experience as they automate to help ensure the highest quality of customer service.

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