Third-party software support market to reach $1bn by 2023
Rimini Street has announced that the third-party enterprise software support market is expected to increase by 200 percent by 2023, growing from $351m in 2019 to $1.05bn by 2023, according the recent research by Gartner.
Rimini Street reported an annualised recurring revenue of $274m in its 2019 Q3 earnings.
Gartner’s research note states: “Compared with the first nine months of 2018, the first nine months of 2019 show a 50 percent increase in Gartner client enquiries related to third-party support. Gartner enquiry volumes suggest that SPVM leaders are now acknowledging third-party support as an established option.”
The note includes several recommendations, including that SPVM leaders should be evaluating third-party support as an alternative to the vendor’s support in order to help fund future innovation.
David Rowe, Rimini Street senior vice president and chief marketing officer, said: “We believe this research note from Gartner further validates the increasing and widespread global leverage and use of third-party support to maximize ROI on current enterprise software investments and shift savings to fund accelerated innovation that drives competitive advantage and growth.
“To date, more than 3,100 clients with operations in 117 countries around the world, including 175 Fortune 500 and Global 100 organizations, have made the switch from vendor support to Rimini Street, and have saved more than $4bn in total maintenance costs.”