Seven Forces Reshaping Enterprise Software

MARCH 2019
Supporting analyses
Sesh Iyer, Bernd Schlotter, Roger Premo, Thomas Reichert, Michael Ruessmann, Pranay
Ahlawat, Christopher Detzel, Deepak Ayyagari, Diego Chojkier, M.R. Rangaswami, Bruce Fram
Seven Forces
Reshaping Enterprise
Software

1
Copyright©2019byBostonConsultingGroup.Allrightsreserved.
"Seven Forces
Reshaping
Enterprise Software"
available at
https://www.bcg.com/p
ublications/2019/seven-
forces-reshaping-
enterprise-software.aspx
Published:
March 25, 2019
The enterprise software
industry is being
transformed by
substantial investor
capital, Cloud 2.0,
artificial intelligence,
data protection,
preferred platforms, and
a talent shortage, leading
stakeholders of all kinds
to make big changes, and
big choices
This document provides supporting data for BCG's and Sand Hill
Group's report on "Seven Forces Reshaping Enterprise Software"

2
Agenda
Authors and acknowledgements
7 next wave enterprise software trends
Current trends and implications

3
Current trends and
implications

4
Seven Forces Are Shaping Enterprise Software
Source: BCG analysis.

5
Enterprise software is
continuing to attract
capital—2018 was a big year
with ~150B in VC and PE
investments
Fundraising for tech is
continuing to be attractive,
dry powder is at all
time highs
Multiples and average check
sizes in private markets have
gone up across deal types
More money, bigger investments and higher valuations
• Total PE/VC investments more than doubled in
last five years
• Growth investing and large buyouts continues to see
momentum with emergence of mega funds in tech—Visa,
Thoma Bravo and Silver Lake together raised 27B in ‘17,
12B in ‘162
• Certain pockets like AI, Blockchain and IoT getting
aggressive funding
Dry Powder increased
77% since 2014, driven partially
by non-traditional investors …
Enterprise software
continues to be an attractive
space for investors …
… and big increases in
revenue multiples and
check sizes across deal types
15.2x
9.6x
5.7x
2014 20162015
3.0x
2017 2018
11.5x
7.6x
9.2x
3.3x
11.4x
7.9x
3.5x
11.5x
8.4x
4.2x
12.6x
Median revenue multiples for
enterprise software1
Total PE/VC investments in software
companies ($B)1
2322
36
12
17
36
9
2014
65
2015
56
14
27
2016
49
16
2017
20
59
2018
62 71
96 89
145
+24% CAGR
Dry powder ($B)1
• PE valuations have nearly doubled
in the past four years, providing
investors with a path to high returns via
multiple expansion
1. Pitch Book – '14-'18, based on all deals closed 2014-2018 whose target was an application software company, by funds that invest 50% or more in enterprise software; Assumes 20% of cash + short
term investments could be used towards ent. software investments. Corporate VC dry powder references all funds with 25% or more of investments in enterprise software; PE deal types
considered: LBOs, management-buyouts, management-buy ins, add-on, secondary buyout, public to private, growth/expansion, principle investor, IPO, recapitalization, corporate divestiture, asset
acquisition, and acquisition financing
Source: 2."Thoma Bravo sets a fundraising record," Lynne Marek, Chicago Business, 2019, https://www.chicagobusiness.com/finance-banking/thoma-bravo-sets-fundraising-record Pitchbook,
BCG analysis
4 4 4
6
10
18
10
10
2014
3
2015
8
17
13
2016
10
11
2017
14
2018
Median check sizes ($M)1
46
84
44
17
2014 2018
84
150
+77%
• VC, PE, and "Big tech" funding has grown at a rate
of 15% pa
• Angel Investor dry powder not measured but expected
to grow, too
• Comprehensive data on the rising significance of non-
traditional megafunds increasing available capital, e.g.,
Softbank Vision Fund, is not available, but also expected
to grow
VC (early + late) PE3 "Big Tech" & Corp. VC2VC (early) VC (late)
1Big Investments
We are unable to disaggregate
early and late stage VC funding
21
22
5

6
Companies choosing to stay private much longer, driving up add-ons
and buy-outs, new pockets of value creation in China and India
Despite some high profile
enterprise software IPOs
(e.g., Zuora and Slack),
abundance of capital means
enterprise software
companies are choosing to
stay private longer
As investors are looking for
ways to put more money to
work, there has been an
increase in number of add-
on and buyout deals (e.g.,
recent take-private deals of
Apptio by Vista and Ellie Mae
by Thoma Bravo)
We are starting to see value
creation and growth of
unicorns outside the
US/Europe/Aus – particularly
in China and India
Increased capital access, better recent
private returns resulting in companies
staying private longer …
-2
2
0
4
Aggregate annual gains, $B
2005 2010 2015 2018
Public gain
Private gain
17
13
20172014 20182015 2016
23
1110
Total number of enterprise software IPOs1
Private vs. public returns2
2015
Med. add-on deal size, $M
219
Add-on buyout deal count
35.1
2014
215
42.5
273
26.7
2016
400
45.0
445
2017
57.5
2018
607 665
20152014 2016 2017 2018
376 383 446
+15%
• IPOs have continued to go down, with a slight
bump in 2018
• Private company returns have out paced public company
returns in 2017 and 2018
Number of buyouts1
… and the need to put more capital to
work by PE/VC resulting in an increase1
in rollup and buyout activity
Number of add-on deals1
• Number of add-on deals have doubled in last five years
• Number of buyouts have increased to 650+ vs
350+ in 2015
Note: IPO count refers to all offerings of companies with US HQs classified as software information technology companies, Unicorns includes B2C and B2B
Source: BCG analysis
1. Pitchbook, 2014-2018, based on firms that invest 50%+ in software; 2. "New Goldman Sachs research suggests companies are better off skipping IPOs and staying private — a rare development
that's preceded both the financial crisis and tech bubble," Rebecca Ungarino, Markts Insider, 2019, https://markets.businessinsider.com/news/stocks/private-versus-public-company-trends-
flashing-warning-sign-goldman-sachs-2019-2-1027956708; 3. "Meet the unicorn class of 2018," Andy White, et al, Pitchbook, 2018, https://pitchbook.com/news/articles/unicorn-class-of-2018 and
https://pitchbook.com/news/articles/unicorn-class-of-2019 (accessed Mar 7, 2019); 4. "Why Chinese tech stocks are getting hammered," Sherisse Pham, CNN Business, 2018,
https://money.cnn.com/2018/08/17/technology/chinese-tech-stocks/index.html; 5. Capital IQ evaluations of Chinese tech companies; 6. "Winter is coming for China’s private equity as market
rout slashes start-up firms’ valuations," Laure He, South China Morning Post, 2018, https://www.scmp.com/business/companies/article/2171182/winter-coming-chinas-private-equity-market-rout-
slashes-start
1Big Investments
Wealth creation starting to happen in
emerging markets, but there are indications
of markets getting overheated, esp. China…
‘18 and ‘19 unicorns by HQ location, % 3
18
70
6
1
4
2
30% of unicorn companies
are from emerging markets
Chinese tech stocks dipped ~12% in 20184
• Starting 2019 fund raising for startups in China have
become harder, valuations have fallen by 50%+ for some
tech startups
-50
-90
-17
-27
-53
-33
-44
Secoo
Zhongan Online
Qudian
PPDAI
SSLJ
Sogou
Zhicheng Technology
Yixin
-39
Stock change since IPO, %
6
Other AsiaChina
India LATAM
Middle East
US/Euro/AUS
6

7
Industry investment has more than doubled in since 2014
2014
($62B total invested)
2018
($145B total invested)
Note: 2104 data n=1,055 enterprise SW companies (representative); 2018 data n=1,474 enterprise SW companies (representative). Each node represents a company, with the size of the circle
reflecting the funding amount. Tight clusters represent a high commonalities between companies, while isolated clusters represent niche technologies. Investment includes VC and PE funding.
Percentages reflect the share of total investment in each function
Source: BCG analysis.
Digital Sales &
Marketing (19%)
AI (10%)
Cloud (22%)
Cybersecurity (12%)
IoT / Robotics (11%)
Human Capital
Mgmt. (4%)
Blockchain (1%)
FinTech (2%)
Other (19%)
Digital Sales &
Marketing (6%)
Human Capital
Mgmt. (6%)
Other (24%)
AI (18%)
Cloud (11%)
Cybersecurity (22%)
IoT / Robotics (8%)
Blockchain (2%)
FinTech (4%)
Blockchain 8.4x
Fintech 5.7x
Cybersecurity 5.2x
AI 4.7x
Human Capital Mgmt. 4.0x
Other 3.4x
IoT / Robotics 2.0x
Cloud 1.4x
Digital Sales & Marketing 0.8x
Market 2.3x
Growth in
$ invested,
'14 – '18
Gained
share
Lost
share
Big Investments 1

8
As we move to Cloud 2.0, deriving value from hybrid and multi-
cloud becomes the imperative for most enterprises
Increasing percent of cloud workloads1
31
10
152
79
27
74
2016 2020
111
262
17%
Workloads
(M)
35%
30%
18%
2016
39%
19%
16%
26%
825
2020
Public Cloud
Private cloud
Hybrid cloud
On premise
1,795
Total cloud revenues ($B)2
Cloud strategy for enterprise customers3
• We are seeing increased cloud penetration even in some
regulated industries like healthcare and utilities
• Three out of four enterprises will be private and hybrid
• One of out five will be public only
How many clouds do enterprises use or
plan to use
• Nine out of ten customers are going to invest in more than
one cloud
• Several reasons for having multiple clouds. E.g., best of
breed functionality, managing vendor lock-in,
application/data architecture, location, cost, etc.
IaaS
PaaS
SaaS
11
6
247
2016 2020
17
10
306
264
333
Systems software
Hardware
On-prem
51%
19%
27%
17%
2020 plan5
5+
72%
9%
Current state4
Unsure6%
3 to 4
1 to 2
Total cloud
workloads: 74%
Workloads moving to
cloud—both public and private,
resulting in rapid growth …
… even regulated industries
moving to cloud; majority of
enterprises being hybrid …
… and most enterprises
looking to invest in multiple clouds
Traditional on premise
workloads are rapidly
moving to public and private
clouds, with large developer
ecosystems forming around
hyperscale CSPs
Public cloud market is
continuing to grow rapidly—
already 65B, growing to
~110B in next two years
Private cloud seeing rapid
growth—projected to grow
to 27B by 2020
We are also seeing increased
adoption of cloud in
regulated industries like
utilities, healthcare and FI
Despite the growth in
public, hybrid and multi-
cloud will be the reality for
most large enterprises in the
short-medium term—50-75%
enterprises being hybrid and
90%+ invested in more than
one cloud
1."Cloud Vision 2020: The Future of the Cloud Study," Logic Monitor, https://www.logicmonitor.com/resource/the-future-of-the-cloud-a-cloud-influencers-survey/; 2. IaaS and PaaS from UBS,
SaaS, hardware and systems software for private cloud from IDC. Total on-prem software from Gartner. On-prem does not include private cloud systems software; 3. "Building trust in a Cloudy Sky,"
McAfee, 2017, https://www.mcafee.com/enterprise/en-us/assets/executive-summaries/es-building-trust-cloudy-sky.pdf; 4. 2017: State of Enterprise Multi-Cloud, Cloudify, 2017,
https://cloudify.co/2017-state-of-enterprise-multi-cloud-report/; 5. "Worldwide Whole Cloud Forecast, 2017–2021," IDC, 2017, https://www.idc.com/getdoc.jsp?containerId=US43215817
Public Cloud Private Cloud
26%
Software and technology
18%
54%
21%
9%
Education 19%
26%
Engineering
27%
15%30% 56%
56%Finance (Excluding insurance)
18%54%29%Government
19%
24%
13%
50%26%Healthcare
73%18%
58%
Insurance
62%
16%
23%
65%Manufacturing
Retail,transport, and logistics
25%17%Media and Entertainment
66%21%
28%56%16%Service (Including hotel and leisure)
59%20%
50%Telecommunications
21%18%
Utilities (Energy, oil and gas,
water and power
Private only Hybrid Public only
Which type of cloud architecture is your organization
currently using? (Grouped by industry)
Cloud 2.0 2
8

9
Massive work to be done as enterprises move to Cloud 2.0
Companies investing heavily as interoperability and DevOps become critical enablers
Whitespaces in Hybrid Multi-Cloud DevOps
• APM and dev tools for serverless
• Multi-cloud orchestration and management
• Distributed security and IAM
• DevOps for data pipelines and versioning
• Focus on new digital and cloud developers
Banking
Cloud
Stocks
343
Financial
156
462
eCommerce
519
Data
216
Payments
170
573
Analytics
949
211
Messaging
512159
223
147Mobile
144
956
611
553
321
389
464
Total APIs, 2014-192
iPaaS market ($B)3
0.6
20182016 2017 2019 2020
1.1 1.6 2.2 2.8
+45%
7
31
12
21
29
Respondents (%)
Don’t know
Not adopting
Adopting for
project teams
Adopting
company wide
Adopting for BUs
DevOps investments in enterprise4
• API economy is continuing to accelerate
• Integration platforms a critical enabler; forecasted to
grow 45%+ CAGR
Cloud 2.0 2
Cloud market turning into a
AWS + MSFT Duopoly because
of (1) economies of scale (2)
network effects of
ecosystem and developers
and (3) feature lead because
of higher R&D budget,
customer feedback. This is
having downstream decision
impact on MSPs, enterprise
cloud customers, software
vendors.
Given the hybrid and multi-
cloud reality, integration has
become an imperative – APIs
and iPaaS markets are seeing
aggressive growth
The focus and priorities
need to shift from being “on
the cloud” to being “cloud
native” to fully unlock the
cloud value proposition—
invest in Automation,
DevOps, Serverless and
Containers
1. UBS 2. "Research shows interest in providing APIs still high," Wendell Santos, ProgrammableWeb, 2018, https://www.programmableweb.com/news/research-shows-interest-providing-apis-still-
high/research/2018/02/23; 3. Gartner; 4. "New DevOps Trends: 2016 State of the Cloud Survey enterprise survey," Kim Weins, Right Scale, 2016, https://www.rightscale.com/blog/cloud-industry-
insights/new-devops-trends-2016-state-cloud-survey; BCG research and analysis
Public cloud market is evolving
to be heavily concentrated
with economies of scale at play
Interoperability, APIs, security
and integration middleware
markets becoming critical
To unlock full value prop
companies investing in DevOps
and re-architect to be cloud native
• Microsoft Azure and AWS projected together to take ~60%
of the market by 2020, top six cloud vendors to take 90%+
• MSPs, customers and platform players need to evaluate
the economic and roadmap implications of a duopolistic
market e.g., pricing power
Of companies exploring cloud native
development
Of new apps over next 12 months to be
cloud native
Of existing cloud apps will be rebuilt as
cloud native
66%
55%
25%
Growth of native application development
79
87
2018 2019E
(%)($B)
73
69
59
2016
34
2017
93
2020E
23
51
101
Combined
market share
Other
IaaS market share breakdown by year1
9
13,000 13,500 17,000 19,000 21,110
2019
11,000
20162014 20182015 2017
1.92x
API categories have grown up to ~3x in 20172
# of APIs
thru '17
# of APIs
added in '17

10
AI and big data front and center to digital transformations
Driving ~40% of all spend, but early days in realizing material value
• Of the $1.7T digital transformation market, 40% of
initiatives expected to drive AI initiatives
Investments in AI will
continue to grow as it plays
a crucial role in companies'
digital transformation
efforts
Across industries AI is
becoming a strategic
imperative with 92%,
increasing the spending on AI
in 2019 vs 2018. TMT,
Consumer, Financial and
Healthcare most expectant
Yet, only one in five AI
adopters have realized
significant value today.
Pioneers are struggling with
skills/gaps and more passive
adopters struggling without
a clear strategy and well-
identified use case
18%
% of companies with strong
adoption of AI and are considering
AI at scale3
% of adopters who are in early
experimentation and yet to find
big value3
72%
What gets in the way of AI adoption?3
72%
18%
0 25 7550 100
Competing investment priorities
Attracting, acquiring, and
Developing the right AI talent
Security concerns resulting
from AI adoption
Cultural resistance to AI approaches
Limited or no general tech.
capabilities (e.g., analytics, data, IT)
Lack of leadership support
for AI initiatives
Unclear or no business
case for AI applications
Passives Pioneers
% of respondents ranking the selection as a top three barrier
92%
88% 12%
8%
Pace of investment
in AI is increasing
Sense of urgency
to invest in AI
Yes No
Nine out of ten companies are increasing pace
of investment in AI and Big Data2
Expectations highest
in 4 industries3 …
TMT HealthcareFin. Serv.Consumer
…and lowest in 3
industries3
Public
sector
IndustrialEnergy
1,020
680
Spend on
digital
transformation
Est. AI
and data spend
Other
digital
spend
1,700
40% of digital
transformation
efforts are AI
and big data
based
Estimated 2019 spending on global digital
transformation efforts ($B)1
3AI Pioneers
Note: Survey respondents include C-executives from 65 companies (74% Financial Services, 17% Healthcare, 9% other)
1. BCG analysis; 2. "Big Data and AI Executive Survey 2019," NewVantage Partners, 2019, https://newvantage.com/wp-content/uploads/2018/12/Big-Data-Executive-Survey-2019-Findings-
Updated-010219-1.pdf; 3. Artificial intelligence in business gets real," MIT Sloan Management Review and BCG Henderson Institute, 2018, https://sloanreview.mit.edu/projects/artificial-
intelligence-in-business-gets-real/
AI and data is at the heart of the digital
transformation efforts …
… with a major uptick in number of
companies investing in AI across verticals …
… but only 1 out of 4 of companies
adopting AI realize the value proposition …
10

11
Pioneers leading with revenue use-cases vs. costs; customers
investing in data as a strategic asset and an AI at scale model
1. "Artificial intelligence in business gets real," MIT Sloan Management Review and BCG Henderson Institute, 2018, https://sloanreview.mit.edu/projects/artificial-intelligence-in-business-gets-
real/ 2. "The 2018 Global Data Management Benchmark Report," Experian Data Quality, 2018, https://www.edq.com/resources/data-management-whitepapers/2018-global-data-management-
benchmark-report/
• Many companies expect AI to change their business model,
but Pioneers are significantly more likely to have a plan to
address AI
• Passives need five years to catch up to where Pioneers are
today in developing an AI at scale operating model
• Within businesses applying AI, initiatives are revenue-
focused; Pioneers are especially focused on top line
growth through AI
• Revenue use-cases span industries and horizontals, e.g.,
– Marketing, sales and personalization
– Pricing optimization
– New products e.g., NLP, cybersecurity, medical
diagnostics
• Cost-cutting use cases include:
– Process Automation
– Predictive maintenance
– Customer support
– Supply chain optimization
85%
57%
90%
Passives
39%
Pioneers
Developing a strategy for AI is urgent
We have a strategy for using AI in our organization
Managers’ views on the importance of
developing an AI strategy (% agree)1
AI vendors targeting
revenue-increasing solutions
across a variety of industries
Best of breed companies
build robust data
management and
governance capabilities and
elevate data to be a
leadership topic
Full AI value proposition only
realized through having a
clear AI strategy and broader
AI at scale transformation
Planned data management projects (%)2 Managers who experienced/expect a business
model transformation from AI implementation
(% agree)1
63%
81%
19%
PioneersPassives
37%
Cost reduction Revenue Increase
Companies leveraging AI for revenue increases
vs. cost reduction (%)1
51%52%
75%
In the past 3 years In the next 5 years
15%
Analytics
36
Data integration
Data migration
Data governance
Master data
management
Data preparation
Holistic data quality
Data cleansing
Data enrichment
Single customer view
38
34
28
50
38
24
46
32
19
35
27
26
35
18
31
30
19
30
25
2017 2018
Passives Pioneers
3
Users targeting revenue
point solutions for
specific industries
Companies investing in
robust data mgmt. capabilities, making
data a leadership priority …
… and focus on a broader business process
transformation to fully realize the AI at
scale value proposition
AI Pioneers
• Data is foundational to building AI capabilities
• Companies continuing to aggressively invest in data
integration, migration and MDM capabilities
• Data Governance is emerging as a big theme
11

12
As Digital drives Tech spend, business functions and digital natives
disrupt the B2B purchasing game
Note: New spend includes SW licenses, first-year SaaS subscriptions, new mobile apps, new custom SW, tech consulting services, and tech systems integration services
1. Cloud, enterprise SW to drive global IT spending increase, Gartner, 2019, BCG analysis 2. "C-Suite Tech Purchasing Patterns," Andrew Bartels, Forrester, 2017,
https://www.forrester.com/report/CSuite+Tech+Purchasing+Patterns/-/E-RES137313 3. "B2B Report Millennials," Merit, 2017, https://madewithmerit.com/reports/Millennial_B2B-Report-
Merit.pdf 4. "The Changing Face of B2B Marketing," Kelsey Snyder, Google, 2015, https://www.thinkwithgoogle.com/consumer-insights/the-changing-face-b2b-marketing/
Digital driving investments in
2019 with cloud SW spend
growing 17.5%
B2B buyer base moves to
millennials and behaviors
are anchored in digital ways
of working
Business-led buying of
software is becoming more
of a norm with 30% of buying
led by the business
% of millennials involved
in product or service
purchase decision-making
% of are the sole decision
maker
34%
73%
46%
% of all B2B researchers
are millenials
42% % of all B2B researchers
use a mobile device
during the B2B
purchasing process
• Digital by default
• Mobile matters
• Social savvy and video is key
63% % using LinkedIn
224
Communication services 1,493
1,099
724
228
231
2019
IT services
Devices
Software - Cloud
Software - Other
Data center systems
4,000
1.3%
4.7%
4.1%
1.6%
17.5%
1%
• Spending on enterprise SW forecast to jump 8.5%
• Cloud computing infrastructure and applications forecast
to jump 17.5%
3.2%
6
5
5
5
4
4
2
10
CAGR 2012-18
14
12
11
• ~60% of buying coming from the business functions
4End-User Power
Spending on enterprise
SW to grow faster than any other
category driven by Digital1
IT still owns the lions
share of spend, but buying
shifting to be business-driven2
NextGen of B2B buyer
base and behavior changing3,4
3…
7…
12
Total projected spending on
global enterprise IT, 2019, $M
Forecasted growth
from 2018
Overall

13
• Engagement increases with project size; higher touch
needed for larger projects, due to complexity
Engagement model of business with internal IT and SW vendors changes
CIO has a seat at the table and SW vendors engage digitally across full lifecycle
1. "State of the CIO, 2018: IT-business alignment (finally) gets real, CIO, 2018," https://www.cio.com/article/3250845/state-of-the-cio-2018-it-business-alignment-finally-gets-real.html 2. BCG
research and analysis; 3. "The Digital Evolution in B2B Marketing," CEB, 2012, https://www.cebglobal.com/content/dam/cebglobal/us/EN/best-practices-decision-support/marketing-
communications/pdfs/CEB-Mktg-B2B-Digital-Evolution.pdf 4. "State of Pipeline Marketing," Bizbible, 2017 5. "Findings on customer success benchmarks," BCG, 2018,
https://www.gainsight.com/pulse/2018/recap/assets/pdfs/BCG%20Findings%20on%20Customer%20Success%20Benchmarks.pdf, 6. Open jobs found by searching for "Customer Success Manager" on
Indeed.com, 2019, http://www.indeed.com
Digital pre-sale engagement and
marketing expected to grow2
Digital has elevated CIOs
driving more business and IT
collaboration/cooperation1
Post-sale adoption and
renewal enabled by CSMs
• Digital self-service expanding as a new means
for engagement
• Digital marketing strategies have the greatest impact on
revenue for ~40% of marketers from across all industries
• A table stakes to win in subscription based
businesses
• Companies are rapidly adopting CSM to drive deep
customer engagement
• Role of CIO changes as the technology function transforms
into a critical digital enabler for the business
• CIO creates the digital foundation using cloud services
Open CSM positions in the US6
270k
4…
3…
% of IT leaders actively
engaging with business to
use technology can alter
the business
% of CIOs describe their
role as transformational
or strategic
% of LOB that see consider
IT as a strategic advisor
37%
~40%
49%
• Develop product and services with the business
• CIOs ensure powerful governance and steering capabilities
Land Deploy Adopt Expand
80
18
Renew
61 65 70
CSM Main ExecutorCSM Contributor
Where are CSMs involved?5
6…
% of companies changing the
reporting structure of CSM to the
CEO or Head of Sales
63%
7…
% of companies providing all of
Customer Success for free
75%
Internal CIO engagement
moves to ensuring powerful
governance and steering, as
well as to integrate with the
business functions
Digital has become an
increasingly critical part of
the software sales process.
The average buyer gets 60%
of the way through the sales
journey before the first live
interaction with a company.
The other factor impacting
the relationship between a
software vendor and a buyer
is the growth of as a service
subscription economy.
Vendors now have to focus
on buyers across the lifetime
and are ramping up post-
sale, online-based customer
management
4End-User Power
4
10.0%
7.9%
Content marketing 11.4%
Word-of-mouth referrals
SEO
Email marketing
18.6%
Conference / trade show
Paid search
10.4%
9.3%
4 of the top 6 marketing activities with greatest impact
on revenue are digital, based on survey respondents
57%
progress through the sales journey before
the average buyer's first live interaction
with a vendor 3
CSMs primarily
focus on post-
sale aspects of
the client
relationship
13

14
Data privacy is a board level topic driven by global data regulation
and awareness caused by breaches
Data regulation is tightening
globally with GDPR being
most prominent example
Number of breaches doubled
since 2014 while average
breach exposed more than
3x as many files
3 out of 4 data losses caused
by people, processes, and
organizational failures
(vs. inadequate
security technology)
Limited
39
Data protection regulation and
enforcement (no. of countries)
22
44
Strong Moderate
$38B• >40% of surveyed companies have “Strong” data
protection and enforcement— more than half
driven by GDPR
• “Limited” data protection mostly in emerging countries—
some working on tightening regulations (e.g., India)
EU
General Data Protection Regulation,
2018 (+ additional member
adjustments)
Robust
Limited regulation, Draft bill
expecting to be established 2019
India
Limited
• Number of breaches doubled since 2014 while 3x as much
data exposed in the average breach
No. of records exposed, globally, B
2014 2018
1.1
5.1+364%
No. of recorded data breaches, globally
6,500
2014 2018
3,014
+116%
e.g., Aadhaar (1.1B)
and Exactis (340M) 3
USA
Patchwork of state and national laws,
e.g.,
California: Consumer Privacy Act,
2018
Strong
382
226
238
322
146
2017
16
21
Accidental publication
IT configuration
Implementing security products
Malicious insider
Physical loss
Phising
Inadequate security technoloy
Organizational,
process and people
failures
72%
Security technology28%
No. of records lost, M
5Data Protection
Data regulation
globally is tightening … 1
… while threat of data
breaches doubled since 2014 … 2
… 72% of breaches caused by people,
processes, organizational failures4
Note: "Strong" combines "heavy" and "robust" categories from DLA Piper report
Source: 1. Data Protection, DLA Piper, https://www.dlapiperdataprotection.com/; 2. "2014 Data Breaches – A Billion Exposed Records – A New All Time High," RiskBasedSecurity, 2015;
https://www.riskbasedsecurity.com/2015/02/2014-data-breaches-a-billion-exposed-records-a-new-all-time-high/; "Over 6,500 Data Breaches and More Than 5 Billion Records Exposed in 2018,"
RiskBasedSecurity, 2019, https://www.riskbasedsecurity.com/2019/02/over-6500-data-breaches-and-more-than-5-billion-records-exposed-in-2018/; 3. "Data Breaches 2018: The 20 Biggest
Breaches of the Year," Dashlane blog, 2019, https://blog.dashlane.com/data-breaches-2018/; 4. "Building a Cyberresilient Organization," Stefan Deutscher, et al, BCG, 2017,
https://www.bcg.com/publications/2017/technology-digital-building-a-cyberresilient-organization.aspx
14

15
A top 5 CIO topic in many companies now … vendors re-engineering
solutions and building new offerings to address pain points
Data is top of mind for CIOs,
leading to spend increase
but there are no clear best
practices
To ensure location of data
storage is compliant and
include "data by design"
principles in product
development – requiring high
investments which is
creating headwinds for
expansion - especially for
small and mid-sized
software companies
New opportunities and high
growth in security point
solutions – DSPs needed to
integrate holistic solutions
Data is top of mind for CIOs …
Explosive growth in new
data privacy offerings
• 4x of number of privacy tech vendors in 1.5 years
• Market is highly fragmented
– 35% vendors offer one solution
– ~20% offer >3 offerings
• No vendor offers fully integrated solution
• Opportunity for Digital Service Providers (SI and advisory
services) to integrate holistic solutions
No. of privacy technology vendors5
• Spend on privacy likely to increase – CIOs will benefit from
best practices to manage data privacy and holistic
solutions
• Headwinds for Enterprise SaaS companies to expand
geographically due to high investments required –
especially for small and mid-sized players
Note: Cloud services spending on data centers only available for North America; NA is home to ~60% of data centers - extrapolated accordingly
Source: 1. "CIOs and the data security dilemma," Alastair Broom, GDPR Report, 2019, https://gdpr.report/news/2019/01/14/cios-and-the-data-security-dilemma/; 2. "Big Data and AI Executive
Survey 2019," NewVantage Partners, 2019, https://newvantage.com/wp-content/uploads/2018/12/Big-Data-Executive-Survey-2019-Findings-Updated-010219-1.pdf; 3. Data center information
retrieved from companies' websites; 4. "Google, Amazon and Microsoft cloud businesses helped more than double spending on data centers last year," Rani Molla, Recode, 2018,
https://www.recode.net/2018/3/15/17124300/google-amazon-microsoft-cloud-200-percent-jump-data-center-acquisitions; 5. "2018 Privacy Tech Vendor Report," IAPP, 2018,
https://iapp.org/media/pdf/resource_center/2018-Privacy-Tech-Vendor-Report.pdf
CIOs' 2019 data priorities (%)2
Data privacy is a key pain point
for CIOs1
As a result, CIOs prioritize data privacy…
99%
Data Privacy Cyber Security
94%
Data Ethics
56%
55%
34% 10%
9-105-6
1%0%
1-2 7-83-4
No. of product offered per vendor6
44
0
200
Q1
2018
Q3 Q3Q1
2017
Q2 Q4 Q2
193
4.4x
~$35B
5Data Protection
54%
Of CIOs believe that data
breaches are main
security threat
… and vendors (re-)engineering solutions
to comply (“privacy by design”)
ServiceNow opened
2 data centers in
Germany to drive
EMEA expansion
Vendors investing in complying with location of
physical data storage …3
Product development to adopt privacy mindset and to
engineer specific product features that address privacy
issues “privacy by design” …
Significant investments required to comply for vendors
• E.g., California (SB 327): Requires IoT devices to include
one or more "reasonable security features.”
worldwide investment in data
centers by cloud players in 20174
No. of cloud players'
EU data centers:
5 (2 new since 2017)
4 (1 more in 2021)
8 (6 more announced)
15

16
Broad set of ecosystems with different focuses and capabilities1
The rise of dynamic, multi-company systems as a new way to organizing economic activity2
Preferred Platforms 6
1. “The importance of collaboration in a connected world”, Nikolaus Lang, WEF, 2019, https://www.weforum.org/agenda/2019/01/how-collaboration-is-the-modern-company-s-secret-weapon/ 2.
The Myths and Realities of Business Ecosystems, Jack Fuller, MIT Sloan Management Review, 2019, https://sloanreview.mit.edu/article/the-myths-and-realities-of-business-ecosystems/
• Core SW product with
functionality extended by
growing number of
complementors (100+)
• Example
– MS dynamics
• Solution extensions/Add-ins
– Customer service
– Field service
– Finance and Ops
SW product + partnerships
- extend, implement, sell -
• Core SW product
• Number of partners, mostly
implementation, resellers
• Example
– CA AgileCentral
Traditional SW product
- engineer high quality product -
• Foundational arch. and core
functionality
• Marketplace
• Thousands of
complementors with
services
• Millions of developers
• Example
– SaaS (SalesForce)
– Open Source (RedHat)
Platform
- connect complementors, low friction- • Platform of platforms
• Potentially tens of
thousands of
complementors with
services
• Multiple platforms available
• Millions of developers
• Emerging super platforms
– AWS, Azure
• Platform partners
– E.g., Watson, C3
Super platform
- integrate platforms -
Focus
ComplementorsInternal
Product
Digital
Capabilities

17
• E.g., SalesForce
• Platform owners commit to treat all ecosystem
participants fairly and facilitate the economic
success of complementors
• Traditional boundaries are blurred
Platform value creation using ecosystems becomes the new logic for competition
While orchestrators have limited control, careful governance and deliberate plays – that balance what is good for the company vs. third
parties, end-users, the industry - are critical. Practice is racing ahead of theory, and pioneers who can crack the code will be
greatly advantaged
Strong ecosystems create
sizeable value for vendors and
the ecosystem1
Ecosystem builds on community
to increase value … large number
of contributors and users
create substantial value
• Customers consistently cite MSFT ELA as key
driver of cloud trial/adoption (license
portability, flexible true-up, clear discount
entitlements)
• Evangelize and build champions (e.g., hero
developers)
• Investment in Azure – DevOps, Open Source,
going beyond Windows and VSTS, multiple
regions
• E.g., Github ($7.5B), RedHat ($34B)
• Being externally oriented and to deploy
indirect influence
• Solve developer painpoints (GitHub faster than
alternatives; adds many features on top of the
original functionality)
• Continue to lower barriers of entry (AWS)
• Understand developer community deeply
(e.g., Microsoft with developers specific GTM)
Ecosystem builds on existing
incumbency … but with targeted
actions3
3
32
8
Total
economic
value
1
1
48
8
56
SaaS
License
Professional
Services
App
Exchange
Other
100 33
8
Estimated developer
counts (in M)2
Ecosystems build on automating
all operating decisions4
• Alibaba transformed decision making in four
steps
– “Datafy” every customer exchange
– “Software” every activity
– Get data flowing
– Apply the algorithms
• In 2017, during Alibaba’s biggest sales day,
the chatbot handled 95% of customer
questions
Cloud
Mobile
dev.
Dev
tools/C
ollab
4.0
Facebook
1.4
GitHub
Xamarin
StackOverflow
Twilio
6.8
Apple
Android
Tencent
RedHat
AWS
2.0
Salesforce
Alibaba
Azure
Google
31.0
13.3
20.0
6.5
3.0
2.0
8.0
5.4
2.5
1.0
3
5
10
0
1
2
3
0
5
10
# of developers
using Azure, M
2016
1.5
Azure revenue, $B
1.9
2017
2.5
2018
3
revenue, $B
No of developers, M
4.9
15.5
0
30
10
20
40
2014
$B
2015 2016 2017 2018
8.4
39.9
Revenue $B EBITDA $B
1. BCG analysis based on data from Bernstein on SFDC core revenue, based on Gartner estimate of 1.5x license revenue for SI and 3rd party developers, based on IDC estimates, Bernstein for Force.com enabling licenses,
based on estimate from ex-employee interviews and SFDC presentations for ISV royalties, and partner share of app sales based on Veeva 2. Developer count: Android, AWS, Azure, and Google calculated based on results of
2018 Stack Overflow Developer survey and IDC estimates on total developers; additional developer estimates provided from homepages for GitHub, Stack Overflow, Facebook, Alibaba, and Salesforce, and the following news
sources: https://realmoney.thestreet.com/articles/10/29/2018/ibm-picks-much-needed-developer-talent-34-billion-red-hat-deal; https://siliconangle.com/2019/01/16/red-hats-shareholders-greenlight-34b-acquisition-
ibm/; https://www.altexsoft.com/blog/mobile/pros-and-cons-of-xamarin-vs-native/; https://investors.twilio.com/home/default.aspx; http://open.qq.com/eng/; https://techcrunch.com/2018/06/04/app-store-hits-20m-
registered-developers-at-100b-in-revenues-500m-visitors-per-week/; 3. IDC data for number of Azure developers in 2017-2018; estimated 2016 based on growth rate 4. "Alibaba and the Future of Business", Ming Zeng, HBR,
2018, https://hbr.org/2018/09/alibaba-and-the-future-of-business
This does not include all services
and is missing the broader ISV
ecosystem built on SFDC platform
e.g., Gainsight and Veeva
Total economic value
Value captured by ecosystem
Value captured by SFDC

18
Customers, SW providers engage on multiple platforms, ecosystems
The future will see the spread of ecosystems; companies co-evolving in temporary clusters of
semifluid relationships spanning traditional industry boundaries
1. App and customer count from each platform's website and app marketplace, https://expandedramblings.com/index.php/amazon-web-services-statistics-facts/,
https://azuremarketplace.microsoft.com/en-us/marketplace/apps?filters=partners&page=1 , https://s1.q4cdn.com/454432842/files/doc_financials/2017/Salesforce-FY-2017-Annual-Report.PDF,
https://www.sap.com/documents/2017/04/4666ecdd-b67c-0010-82c7-eda71af511fa.html, http://www.oracle.com/us/corporate/oracle-fact-sheet-079219.pdf; 2. BCG estimates 3. IDC survey,
CloudView, 2018, n=5740 4. IDC FutureScape: Worldwide Cloud 2019 Predictions, 2018
5. The Myths and Realities of Business Ecosystems, Jack Fuller, Michael Jacobides, Martin Reeves, MIT Sloan Management Review, 2019, https://sloanreview.mit.edu/article/the-myths-and-
realities-of-business-ecosystems/
100s of thousands customers
locked into platforms1
Verticalization emerging
as a value driver3
Organizations need new ways of thinking
about from an ecosystems perspective5
ObservationsImplications
• Providers leverage advantage by expanding
marketplaces to accommodate more 3rd party
solutions and become relevant across the stack
• Support integration into other cloud solutions
• Top 4 clouds will be the destination for 80% of
workloads2
• Two verticalization models evolving
– From scratch: Industry specific from the bottoms up
with a common set of shared features with fewer
customizations (E.g., Veeva in Life Sciences)
– On top of horizontal platform: Anchored on
standardizing or pooling data leveraging the
platform across many processes substituting certain
modules with industry specific workflows where
necessary (E.g., Vlocity in Comms, Energy, Health,
Public, Financial Services and Insurance)
• Early stage of life cycle with no clear winners yet
• By 2022, more spend on Vertical SaaS, excluding
desktop and employee productivity, than horizontal
SaaS4
• 150K+ customers
• 3K+ apps
• 425K+ customers
• 1.75K+ apps
• 430K+ customers
• 2K+ apps
• Dynamic: Based on a co-evolutionary vs. static
relationships and capacities
• Collaborative: Driven by novel product combos with
complementary offerings
• Influence based: Shaped by influence rather than full
ownership or control
• Indirect: Profits from system transactions or cross-
subsidies, as often monetization occurs indirectly
• Emergent: Generates and embraces unanticipated shifts,
reversals, and unintended consequences
• Network oriented: Involves overlapping networks vs.
discrete/linear value chains
• Externally focused: Focuses on activities beyond individual
company borders
• Shift to ecosystems challenges the very idea of “industry”
from the industrial revolution — a discrete set of broadly
similar players competing to produce a common end
product in a vertically integrated fashion
• Adopt an ecosystems perspective and consider the specific
strategic choices we face, based on our particular
situation, aspirations, and capacities
• 1M+ customers
• 4K+ services
• 500K+ customers
• 6k+ apps
45%
35%
45%
40% 55%
55%
40%
30% 60%
30%
50%
35% 505
Communications
Accommodation and Food services
Construction
Financial Services
Media and Entertainment
Current adoption
Planned adoption in 24 months
Retail
Technolog Vendors
Healthcare
Utilities
Oil and Gas
Life Sciences
Education
Government
Whole sale Distribution
Manufacturing
Platform driven ecosystems
emerging as a new way to
organizing economic activity
A new logic for competition
Customers and SW providers
engage on multiple
platforms and play in several
ecosystems
The future will likely see the
further spread of ecosystems
with companies co-evolving
in temporary clusters of
semifluid relationships
spanning traditional industry
boundaries
18

19
Significant growth in tech skill needs …
with thousands of open positions to be filled
Existing employees lacking critical
hard tech skills4
Employees want new ways to work
and engage5,6,7
The tech talent pool is experiencing a demand-supply gap for critical skills,
while employees prioritize non-financial incentives
• Tech jobs growing not only in most top US hubs, but also in cities not traditionally associated
with tech
• Currently there are >100K open postings for top six emerging jobs in US
• Customer success managers a huge open gap
%ofsurveyrespondents
68
65
64
64
62
62
61
61
Master data mgmt
Mobile apps
41
Big data
42
Cybersecurity
Data science
Cloud Computing
Analytics
Web development
43
42
51
45
39
38
• Significant tech skill gaps in the existing workforce against
employer demand
Employee: Proficiency
level of skill
Employer: High demand
for skill in organization
• Empowered talent starting to broadly value non-traditional
rewards and incentives
Four trends emerge from multiple talent surveys:
Working with purpose
• Meaning in and impact from work
• 75% are 3x more likely to work for a
company with purpose
Permanent flexibility
• 51% employees want more flexibility
• Value good work-life balance
• 3% companies are Flex leaders
Open to move
• 67% of digital experts would relocate
outside their home country for work
Curating the work experience
• Effective and relevant day-to-day
work experience
• Digital from the inside out in
collaboration, learning, and
predictive analytics digital tools
-4
13
17
59
24
LA
Boston
Chicago
DC
Dallas
NY
Denver
Seattle
SF/bay area
Atlanta
Charlotte
-1
11
15
19
31
35
Growth of tech jobs in US tech hubs, %
change 2012-172
Open postings for emerging jobs in
US tech hubs (Feb 2019, K)3
3SRE
Full stack dev
CSM
ML engineer
7
5
Data scientist
Blockchain dev
6
12
33
2018 growth rate of emerging jobs in US
(multiple of previous year’s requirements)1
Open postings for emerging jobs in US
(Feb 2019, K)3
16
6
14
270
22
1
Hiring Hell 7
1. LinkedIn 2018 Emerging Jobs Report, 2018, https://economicgraph.linkedin.com/research/linkedin-2018-emerging-jobs-report 2. Scoring Tech Talent in North America 2018, CBRE, 2018,
https://mapping.cbre.com/maps/Scoring-Tech-Talent-2018/Analyzer/ 3. Searches for each position, nationally and per city, on Indeed.com, 2019, http://www.indeed.com 4. The Digital Talent
Gap, Jerome Buvet, et al, CapGemini/LinkedIn, 2017, https://www.capgemini.com/wp-content/uploads/2017/10/report_the-digital-talent-gap_final.pdf 5. Global talent trends 2018 study,
Mercer, 2018 6. Decoding Digital Talent, Rainer Strack, et al, BCG, 2019, https://www.bcg.com/en-us/publications/2018/decoding-global-talent.aspx 7. Global talent trends 2019, Mercer, 2019,
https://www.mercer.com/our-thinking/career/global-talent-hr-trends.html

20
We're in the middle of a major talent transition
Focus and discipline in reskilling, broader employee propositions, and leveraging specialized hubs
• Corporate leaders to invest more on training and
development while help engaging with the broader
community on "education to all"
Established task force to identify new
emerging technologies and created a
skills map curricula3
of global companies have strategies for
reskilling digital competencies442%
of roles filled by internal candidates
for employers with best in class
programs5
• Purpose, diversity and offering flexibility becoming
table stakes to attract and retain talent
… on industry level: Example initiatives
…on enterprise level
Purpose6: Leading B2B SW companies have
purpose-driven campaigns, others to catch up
98% of companies
have diversity
programs
Only 25% of females
and minorities benefit
from these programs
Diversity8: Need to address the gender gap
Offering flexibility4
Top 20 B2B
companies
20 select mid sized
players7
of senior executives say a top priority is
addressing work-life balance issues,
including flexible work schedules
30%
2018
70% 15%
20142014
100%
2018
• Expert hubs become critical when planning
workforce and location strategies
Green cities ranked in the 30 most attractive
cities for digital experts10
B2B specializations per tech hub9
1 1
LA
3
Boston
SanFrancisco
3
NewYork
3
Mumbai
Seattle
TelAviv
Chicago
HongKong
London
Berlin
3
Paris
Moscow
Prague
Beijing
Bengaluru
1
Delhi
6
5
1
4
3 3
2
1
3
2
AI
Fintech
Cybersecurity Adtech
Robotics Agtech
United States IndiaEurope China
Initiative to host reskilling content on
one platform to serve 1M workers1,2
7Hiring Hell
1. "Five insights from Davos on the Future of Work," Lynda Gratton, MIT Sloan Management Review, 2019, https://sloanreview.mit.edu/article/five-insights-from-davos-on-the-future-of-work/; 2.
"1 million workers targeted in Tech-reskilling drive," WEF, 2018, https://www.weforum.org/press/2018/01/1-million-workers-targeted-in-tech-reskilling-drive/ 3. https://futureskills.nasscom.in
4. Global talent trends 2018 study, Mercer, 2018, https://www.mercer.com/content/dam/mercer/attachments/global/webcasts/gl-2018-pdf-global-talent-trends-study-us-canada.pdf 5. BCG
analysis 6. Bright House research and analysis 7. B2B SW companies with ($2-700M+ revenue), Brighthouse analysis 8. Fixing the flawed approach to diversity, Matt Krentz, et al, BCG, 2019,
https://www.bcg.com/publications/2019/fixing-the-flawed-approach-to-diversity.aspx 9. Global Startup Ecosystem Report 2018, 2018, Startup Genome,
https://startupgenome.com/reports/2018/GSER-2018-v1.1.pdf 10. Decoding Digital Talent, Rainer Strack, et al, BCG, 2019, https://www.bcg.com/en-us/publications/2018/decoding-global-
talent.aspx
Broad and fast re-skilling is vital
Broader employee value propositions -
purpose, diversity, and flexibility - Specialized tech hubs - for emerging skills -
30-
40%
49%
Demand-supply gap for
critical skills get bigger.
Three key mechanisms to
respond:
• Close talent gaps by
reskilling current
employees
• Attract and retain talent
by offering employees
things that they want
and value
– Redesigning
employee value
proposition
– Addressing the
gender gap in
technology jobs
• Focusing on specialized
hubs for new talent
needs
20

21
7 next wave enterprise
software trends

22
The 7 next wave enterprise software trends to watch
These will become even more important in the next 3-5 years
Companies
need to start
planning for
the impact of
these trends
Blockchain
• Emergence of standards and
regulation
• Use cases being developed,
e.g. in fintech or supply chain
• Better feasibility e.g. tooling
and frameworks
5G, Edge, and IoT
• Growth of sensor and data
leading and increased need
for computation at edge
• 5G removing bandwidth
barriers – unlocking new use-
cases and edge applications
Interfaces
• New ways of interacting (via
voice, VR, AR, …)
• Vertical specific use cases
emerging, eg in field service
• Broad B2B rollout expected
to follow B2C breakthrough
AI Hardware
accelerators
• Rapid growth of deep
learning
• Increased training &
inference computation
• Growth of AI focused ASICs,
FPGAs and GPUs
DevSecOps
• Growth of containerization,
serverless and increasing
release velocity
• Push for security testing
early on the dev lifecycle
• Integration & automation of
security testing/monitoring
Quantum computing
• Very high information density
• Standards and ecosystems yet
to evolve
• Newly enabled use cases will
evolve in e.g. material
sciences, pharma, finance
Digital Twins
• Virtual representation of a
physical object
• Use cases e.g. in construction,
industrial, health care, etc.
• Enables better business
outcomes when integrated
with other software/ analytics
22

23
Authors and
acknowledgements

24
Authors
Sesh Iyer Boston Consulting Group Senior Partner and Managing Director iyer.sesh@bcg.com
Bernd Schlotter Boston Consulting Group Senior Partner and Managing Director schlotter.bernd@bcg.com
Roger Premo Boston Consulting Group Partner and Managing Director premo.roger@bcg.com
Thomas Reichert Boston Consulting Group Global leader of DigitalBCG reichert.thomas@bcg.com
Michael Ruessmann Boston Consulting Group Senior Partner and Managing Director ruessmann.michael@bcg.com
Pranay Ahlawat Boston Consulting Group Principal ahlawat.pranay@bcg.com
Christopher Detzel Boston Consulting Group Principal detzel.christopher@bcg.com
Deepak Ayyagari Boston Consulting Group Associate Director ayyagari.deepak@bcg.com
Diego Chojkier Boston Consulting Group Consultant chojkier.diego@bcg.com
M.R. Rangaswami Sand Hill Group Founder mr@sandhill.com
Bruce Fram bruce@sandhill.com

25
Experts, contributors, and support
Experts Contributors Knowledge team Writing and production support
Philip Evans Santosh Raghunath Sonny Ali Michelle Rafter
Derek Kennedy Kali Samuel Stella Su Alex Perez
Vikas Taneja Josh Wasserman Noriko Hasehawa Katherine Andrews
Max Hong Towsif Ahasan Gary Callahan
Rishi Varma Marco Albonico Siobhan Donovan
Shaveen Garg Kim Friedman
Simon Bamberger Abby Garland
Hady Farag Gina Goldstein
Hrishi Hrishikesh Sean Hourihan
Florian Schmieg Shannon Nardi
Becky Frederick

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