In 2019, spending on IT services is expected to amount to 1,016 billion U.S. dollars worldwide

Tech Services
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The IT services market encompasses the range of services that assist individuals and enterprises in implementing, managing, and operating the wide variety of processes, systems, software, equipment, and peripherals that are used in the modern IT environment. Globally, the broader information technology market reached 3.65 trillion U.S. dollars in 2018, with IT services spending representing more than a quarter of the total market. In terms of IT market growth, services are advancing steadily, second only to enterprise software spending. Year on year, IT services spending is expected to increase at a rate of around 5.5 percent.

Statista

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The median average contract length is 1.3 years and the average billing term is seven months in advance in 2016. Comparable to 2015, with average contract length shortening from 1.5 to 1.3 years and average billing period increasing by one month from 2015 to 7 months

General Dynamics is a market leader in the aerospace and defense industry. In 2018, a total of 105,600 people were working at General Dynamics.

Internet sales strategies are the only sales method to see a decline in CAC, dropping from $0.54 to $0.42 between 2014 and 2015

For SaaS companies valued at over $1billion, the median amount of financing raised is $206million

The average company booking professional services revenue on new deals is equivalent to 16% of the first year subscription value. Professional services margins are approximately 22%

The median monthly revenue churn for large SaaS companies is 0.75%, translating into an annual revenue churn rate of 10%

At Twitter, 10 percent of tech roles are staffed by women

93% of CMOs who employ Agile practices say their speed to market for ideas, campaigns, and products has improved93% of CMOs who employ Agile practices say their speed to market for ideas, campaigns, and products has improved

The largest SaaS companies (>$75million yearly revenue) attribute 2.5x as much new revenue to upselling than the smallest SaaS companies (<$1.25million): 28% versus 11%

The median cost for a SaaS company to acquire a dollar of new customer revenue is $1.18

More SaaS & Tech Growth Strategy Stats

The boom in the industry is creating more jobs for techies. Data reveals there were 627,000 unfilled positions in tech in April 2017

For SaaS companies valued at over $1billion, the median amount of financing raised is $206million

To generate a single dollar of new customer revenue, Field Sales strategies have an average Customer Acquisition Cost (CAC) of $1.14

At Twitter, 10 percent of tech roles are staffed by women

If your Net Revenue Churn is high (above 2% per month) it is an indicator that there is something wrong in your business; this will become a major drag on growth

The average SaaS company spends just 6 hours determining their pricing strategy

If your Net Revenue Churn is high (above 2% per month) it is an indicator that there is something wrong in your business; which may have a dramatically negative effect on your company’s growth. Source: Mckinsey

Because of the losses in the early days, which get bigger the more successful the company is at acquiring customers, it is much harder for management and investors to figure out whether a SaaS business is financially viable.

In 2017, the global adoption rate for biotech soybean amounted to 77 percent.

Customer’s lifetime value (LTV)= average revenue per user (ARPU) / monthly churn rate

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