China Is Next Frontier in SaaS Revolution
NetworkNewsWire Editorial Coverage
NEW YORK, May 5, 2021 /PRNewswire/ -- Software-as-a-service (SaaS) in China is one of the fastest-growing industries in the world, and with the sector poised to double over the next few years, the boom has just begun. Cloud infrastructure spending in China increased from about USD $107 billion in 2019 to $142 billion in 2020, surging more than 32% in the last quarter of the year. China's accelerating cloud migration is driven by long-term structural trends in the digitalization of the country's economy plus increased business acceptance of cloud and SaaS solutions, all indicative of massive sector growth. These drivers, among others, are propelling the market higher as ever more companies shift to cloud-based infrastructure to reduce costs and increase revenue as well as enhance customer service and satisfaction. The process is also spawning a fusion of SaaS and customer-engagement actions from passive traditional efforts to proactive artificial intelligence (AI)-powered SaaS solutions. This is exactly the type of sea-change coveted by smart money. However, the country's SaaS market is extremely fragmented; the top 10 vendors account for only about 35% of total market share. Led by industry visionaries, Infobird Co. Ltd. (NASDAQ: IFBD) (Profile) is launching the next generation of SaaS in China to capture a lion's share of the massive market. With its past years of operation experiences, the company has served many leading enterprises in various industries, such as China Guangfa Bank and multinational ecommerce giant Alibaba Group Holding Limited (NYSE: BABA). Infobird's solutions and product suites have been likened to Zendesk Inc. (NYSE: ZEN), except that Infobird's solutions may appear to be more innovative and focused on proactive client engagements, which is to ultimately empower customers to increase sales. Other notable cloud-based SaaS companies include Twilio Inc. (NYSE: TWLO), an American cloud communications platform as a service company, and Salesforce.com Inc. (NYSE: CRM), the world's predominant customer-relationship management (CRM) platform.
- CMIT projects that China's cloud market will experience a dazzling 30% compound annual growth rate through 2023.
- IFBD is one of few SaaS companies in China with capability to transition to standard SaaS business model.
- Infobird is the only known player in China that owns, applies cloud-native architecture in customer engagement.
- Company's strategic vision is to capitalize on massive digital transformation sweeping across China.
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