Businesses are on a forward march towards the cloud. Cloud adoption rises each year with 90% of organisations now using it in some way. And this year, according to Gartner, the total public cloud end-user spend is set to reach almost USD 600 billion, a more than 20% increase compared with 2022.
Software as a Service (SaaS) on-demand, subscription models for software services are the future: it is anticipated that most software will eventually be consumed as SaaS. For independent software vendors (ISVs), moving to SaaS frees them from the restrictions of legacy on-premises applications, allowing them to scale, be faster to innovate, support existing customers and attract new ones. By 2030, it’s expected that the global SaaS market will reach to USD 1,298.92 billion, growing at a CAGR of 19.7%. When weighing that value against the 2021 market value of USD 215.1 billion, that’s a huge leap .
With such healthy growth predictions, it’s clear that the time for ISVs to start their modernisation plans is now. Those who delay them risk losing their first-mover advantage and the chance to be part of the drive towards digital transformation. Being able to offer more scalable and resilient software in the cloud, as well as cutting costs and increasing time to value, are benefits that ISVs are well aware of.