PwC's 25 Fastest Growing Cloud Companies signal software climate change
(Thomson Reuters ONE) -
First-time ranking shows opportunities and obstacles facing software vendors
NEW YORK, Aug. 17, 2016 (GLOBE NEWSWIRE) -- With cloud computing rapidly
reshaping the software industry, PwC has ranked the 25 Fastest Growing Cloud
Companies to help understand what drives success when vendors move to the cloud.
Released as part of PwC's Global 100 Software Leaders research report, this
first-time cloud-specific ranking suggests that no one type of company has the
secret formula for success in the cloud.
The ranking includes a diverse mix of companies, from startups to high-profile
companies whose business models rely on the cloud to companies with a tight
focus on specific areas such as expense management, mid-market ERP and
accounting.
SaaS having biggest impact on vendors
"Companies are becoming increasingly dependent on software as a service (SaaS),
and this area really exemplifies the cloud's growth," says Mark McCaffrey, PwC
Global Software Leader. "Software vendors who've made the transition to SaaS are
well on their way to restructuring their operations to the new realities of
lower average sales prices and margins."
At least one third of the 25 Fastest Growing Cloud Companies are established
firms that flourished for years from selling on-premises software licenses. It's
critical to remember that while cloud applications are less expensive to deploy,
their switching costs are also lower-meaning that subscription revenue can dry
up if vendors don't think more carefully about customer service-service that
spans from the user interface to product support.
The data and trends do illustrate several key themes:
* Customers are increasingly accepting the cloud in spite of its foibles.
* Cloud migration presents both technical and business challenges for vendors.
* The cloud gives software vendors a greater opportunity for customer
engagement.
* The success in cloud demands faster product cycles from software vendors.
"Not all software companies will get it right immediately," cautions Raman
Chitkara, PwC's Global Technology Leader. "Among the top half of our Global 100
Software Leaders ranking, six companies also appear on our Fastest Growing Cloud
Companies list. We still have a relatively long way to go before the leaders and
laggards in cloud are well established."
What are the operational considerations?
With the cloud model affecting nearly every aspect of a vendor's business, PwC
identifies several operational considerations for software companies
transitioning to the cloud. Pivoting to the cloud involves significant changes
to a company's business, both internal and external, including product
development, marketing and sales, customer service and support, and revenue.
The impact of cloud computing is vast, with business issues, technical issues,
cultural issues and customer issues to tackle. The cloud is indeed a new
paradigm, and software vendors need to stray from their comfort zones to
successfully transition all phases of the company.
For more information and to download the Top 25 Fastest Growing Cloud Companies
report, click here.
About PwC's 25 Fastest Growing Cloud Companies and the Global 100 Software
Leaders
The PwC 25 Fastest Growing Cloud Companies list is based on corporate financial
statements (GAAP-based where applicable), other public sources and estimates for
privately held companies. The ranking is based on year-to-year growth rate in
Public Cloud revenue from 2013 to 2014, the most recent year for which complete
data was available. Due to variances in fiscal years, the results were
'calendarised' for both years.
PwC recently launched the fourth edition of its Global 100 Software Leaders
ranking since 2010. The current edition continues our tradition of monitoring
and analysing the leading companies and trends in the industry. Our goal is to
help our clients understand both the obvious and the underlying forces
influencing the software industry.
The new PwC Global 100 Software Leaders list is based on corporate financial
statements (GAAP-based where applicable), other public sources and estimates for
privately held companies, as compiled for PwC by the Global Software Business
Strategies Group at IDC. Learn more about the report's methodology here.
About PwC
At PwC, our purpose is to build trust in society and solve important problems.
We're a network of firms in 157 countries with more than 208,000 people who are
committed to delivering quality in assurance, advisory and tax services. Find
out more and tell us what matters to you by visiting us atwww.pwc.com.
©2016 PricewaterhouseCoopers. All rights reserved. PwC refers to the PwC network
and/or one or more of its member firms, each of which is a separate legal
entity. Please see www.pwc.com/structure for further details.
Contact
Nicholas Braude, PwC
Tel: (617) 530-5435
e-mail: nicholas.braude(at)pwc.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: PwC via GlobeNewswire
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