Palm Beach, FL – September 7, 2022 – FinancialNewsMedia.com News Commentary – Growing demand among businesses for a single solution to help them solve business problems is propelling the growth of the SaaS market. Companies use SaaS Platform software, which integrates a variety of applications such as customer relationship management (CRM), business intelligence, supply chain management, and e-commerce systems and can be customized for specific business needs and deployed across corporate networks on a variety of cloud platforms. As firms grow, companies demand business-oriented SaaS platforms that encode corporate policies, rules, and processes and are built in compliance with specific business requirements. With rise in number of mobile users in offices, these apps can help employees perform better. This also aids in improvement of communication, increases corporate efficiency, and allows them to uncover new revenue-generating market opportunities. SaaS is delivered using the cloud delivery model. A software provider hosts programmer and associated data on its own networking, servers, databases, and computing resources. The SaaS platform is highly correlated to application service providers and on-demand computing software delivery models in which the provider hosts client’s software and distributes it to authorized end users via the internet. SaaS eliminates the requirement for businesses to install and run software on their own PCs or data centers. Hardware procurement, provisioning, and maintenance, as well as software license, installation, and support, are no longer necessary. According to a repo rt from Allied Market Research, the global SaaS market size was valued at $121.33 billion in 2020, and is projected to reach $702.19 billion by 2030, growing at a CAGR of 18.82% from 2021 to 2030. Active Companies in the markets today include HS GovTech Solutions Inc. (OTCQB: HDSLF) (CSE: HS), Cisco Systems, Inc. (NASDAQ: CSCO), Snowflake (NYSE: SNOW), The Trade Desk, Inc. (NASDAQ: TTD), Tyler Technologies, Inc. (NYSE: TYL).
The report said: “Factors such as increase in use of smart phones and app-based services drive growth of the market. In addition, rise in adoption of public and hybrid cloud propel growth of the SaaS market. Furthermore, rise in trend of business outsourcing in the global economy as well as adoption of artificial intelligence (AI) and machine learning (ML) across industries such as BFSI, healthcare, and IT & telecom provide lucrative opportunities for the market growth in the future. SaaS is an emerging technology, which allows enterprises access and storage of data online. Agility, scalability, reliability, and flexibility are some of the major characteristics associated with SaaS technology. Software as service (SaaS) reduces IT infrastructure cost of a company to some extent. This is the prime reason behind increased adoption of SaaS applications among companies. With smart phones becoming an integral part of individuals, enterprises are spending more on mobile SaaS and app-based applications for easy accessibility to information anytime and anywhere. In addition, smart phones and app-based SaaS allow individuals to synchronize, update, and control documents. Adoption of SaaS for smart phones and app-based services is expected to increase in the future.”
HS GovTech Solutions Inc. (OTCQB:HDSLF) (CSE:HS) BREAKING NEWS: HS GovTech Solutions Inc. Chosen for Statewide Solution – Signing $9.4 Million Contract – The Company executed a contract with the The State of Kentucky – ARR now stands at over $5.99 million – HS GovTech Solutions Inc. (the “Company” or “HS GovTech”) is pleased to announce that it has been selected for and agreed to a contract with the State of Kentucky Department of Environmental Health (the “State” or “Kentucky”). The resulting contract allows Kentucky to deploy HSCloud SuiteTM for data management across numerous regulatory areas and use cases, along with usage of HSPayTM and GovCallTM. All financial figures contained herein are expressed in U.S. dollars (“USD”) unless otherwise noted.
- Total Contract Value (“TCV”) is $9,393,587 over eight years.
- Annual Recurring Revenue (ARR) will be $1,074,073 per year, not inclusive of HSPay revenue.
- Professional Services and implementation fees are $801,000.
This contract was the result of a lengthy procurement process, including a Request for Proposal (“RFP”) issued by the State to which the Company submitted a formal proposal for in February of this year. The State reviewed multiple products from various companies who participated in the RFP process and deemed HSCloud SuiteTM to be the most robust solution available for data management. The contract and implementation are set to begin immediately.
ARR Growth – As at June 30, 2022, the Company’s ARR stood at $4.82 million. With the execution of this agreement, combined with additional contract executions since June 30th, the Company’s ARR stands at $5.99 million as of the date of this announcement. This represents an increase in ARR of $1.17 million since the start of Q3 2022 – a 24% increase this quarter alone. Based on the status of several late stage deals in the pipeline, the Company anticipates continued momentum in Q4 and a strong close to the year.
Silas Garrison, CEO of HS GovTech commented, “I am very excited to be able to announce this new contract and to welcome Kentucky to the HS GovTech family. It is humbling to be chosen by Kentucky as they sought a partner to help modernize their technology. We are passionate about serving the environmental health market and continue to prove we are the leader in the space. This contract represents a declarative confirmation that HSCloud Suite is hands down the preeminent solution for data management for the state and local regulatory agencies. When large and complex solutions are being sought, time and again our platform stands above the rest in being able to deliver. CONTINUED… Read this full release for HS GovTech Solutions at: https://hsgovtech.com/investors
Other recent developments in the markets include:
Cisco Systems, Inc. (NASDAQ: CSCO) recently reported fourth quarter and fiscal year results for the period ended July 30, 2022. Cisco reported fourth quarter revenue of $13.1 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion or $0.68 per share, and non-GAAP net income of $3.4 billion or $0.83 per share.
“We had a strong end to our fiscal year thanks to our Q4 performance. Our teams executed well in the midst of an incredibly dynamic environment, resulting in the highest full year non-GAAP earnings per share in the history of the company,” said Chuck Robbins, chair and CEO of Cisco. “Full year product orders and backlog are both at record highs and reflect the strong demand we continue to see for our innovation and the overall value we bring to our customers as they accelerate their digital transformation.”
Snowflake (NYSE: SNOW), the Data Cloud company, recently announced financial results for its second quarter of fiscal 2023, ended July 31, 2022.
Revenue for the quarter was $497.2 million, representing 83% year-over-year growth. Product revenue for the quarter was $466.3 million, representing 83% year-over-year growth. Remaining performance obligations were $2.7 billion, representing 78% year-over-year growth. Net revenue retention rate was 171% as of July 31, 2022. The company now has 6,808 total customers and 246 customers with trailing 12-month product revenue greater than $1 million. See the section titled “Key Business Metrics” for definitions of product revenue, remaining performance obligations, net revenue retention rate, total customers, and customers with trailing 12-month product revenue greater than $1 million.
The Trade Desk, Inc. (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, recently announced financial results for its second quarter ended June 30, 2022.
“We delivered outstanding performance in the second quarter, growing 35% versus a year ago, significantly outpacing worldwide programmatic advertising growth. More of the world’s leading brands are signing major new or expanded long-term agreements with The Trade Desk, which speaks to the innovation and value that our platform provides compared to the limitations of walled gardens,” said Jeff Green, Co-Founder and CEO of The Trade Desk. “This trend also gives us confidence that we will continue to gain market share in any market environment. At the same time, we continue to invest to drive future growth in key areas such as identity, Connected TV, retail media and supply chain optimization. In each of these areas, we signed major new partnerships with some of the world’s leading publishers, broadcasters, retailers and technology partners in the second quarter.”
Tyler Technologies, Inc. (NYSE: TYL) recently announced that the Commonwealth of Kentucky has extended its contract for Tyler’s award-winning digital government and payments services. The one-year extension builds upon the existing 19-year relationship with Tyler’s subsidiary, NIC Kentucky.
Frankfort-based NIC Kentucky provides the Commonwealth with a secure, mobile-first platform that allows government agencies of any size to process payments, conduct business online, and improve public access to information. NIC Kentucky manages more than 300 services and solutions and processes more than $7 billion annually in payment processing on behalf of the Commonwealth. NIC Kentucky’s 19 years of experience in modernizing technology across the Commonwealth is backed by a unique understanding of state and local government needs, helping to provide a convenient, secure, and accessible government experience through technology.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult =a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty six hundred dollars for news coverage of the current press releases issued by HS GovTech Solutions Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
Media Contact email: firstname.lastname@example.org – +1(561)325-8757
The post Global Software as a Service (SaaS) Market Size Is Projected To Reach $700 Billion By 2030 appeared first on Financial News Media.