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20202 SaaS 2019 39.8 75.3%2020 50%2022 113.5 3 1 2 3 442020.9 iResearch I 2020.9 iResearch I13.9 17.4 21.0 24.9 28.8 4.8 5.2 6.2 6.4 7.1 15.3%21.2%20.3%15.2%14.5%7.0%8.4%11.5%10.5%7.8%2015 2016 2017 2018 2019%GDP%6.2%6.5%7.3%8.2%16.8%17.2%18.3%19.5%29.9%32.6%35.9%37.8%2016 2017 2018 2019%2019 35.8 GDP 6.7%2015 13.9 80.2%2019 37.8%2020 2020 2015-2019 2016-2019 80.2%73.9%52020.9 iResearch I MES SRM/SCMB2B TMS/WMS CRM/SCRM+62020.9 iResearch I 2020.9 iResearch I-34.5%-33.0%-32.9%-32.6%-32.4%-31.0%-27.2%-25.8%-23.9%-22.1%-19.1%-5.1%3.5%5.2%-7.2%-9.0%-4.7%6.8%4.2%1.5%17.3%27.6%3C%84.1%83.9%77.1%76.5%69.9%68.0%67.6%65.0%61.3%60.0%57.2%53.0%52.4%52.0%51.2%50.9%46.6%44.9%43.5%24.9%2020 GDP 6.8%30%27.6%17.3%SaaS 3 2 N=1000 2020 6 iClick 2020 1-5 2019 2020 72020.9 iResearch I OA ERP SaaS SaaS SaaS KOL+82020.9 iResearch I SaaS 9 1 2 3 4102020.9 iResearch I 2015 2020 2020.07 13 2020.04+O2O+112020.9 iResearch I 2020.9 iResearch I620296756974318824139050110.1%8.9%10.0%10.9%9.8%2015 2016 2017 2018 2019%2019 41.2 10%2015 10.5%20.7%20%10%SaaS 30.133.236.638.141.23.24.25.57.08.510.7%10.4%10.2%4.0%8.0%31.6%25.6%28.0%25.4%19.5%2015 2016 2017 2018 2019%2015-2019 2015-2019 122020.9 iResearch I 2020.9 iResearch I46.9 225.11761.96271.113954.724874.136318.3379.5%682.9%255.9%122.5%78.2%46.0%0.1%0.4%2.5%7.0%13.1%22.0%28.3%2015 2016 2017 2018 2019 2020e 2021e%150.4 412.3 333.2 312.2 530.4 120.1 143.3 226.4 1502.9 347.2 160.7 183.1 522.6 1200.1 397.2 77.4102.72015 2016 2015 2018 2019/=/2015-2019 2015-2021 132020.9 iResearch I 2020.9 iResearch I59.898.9127.5164.6243.571.3%65.4%28.9%29.1%47.9%2014 2015 2016 2017 2018 SaaS SaaS%45.3%41.4%33.9%34.7%36.4%41.6%13.4%14.1%14.7%6.6%8.1%9.8%2017 2018 2019 SaaS 2019 66.1%2017 7%SaaS CRM SaaS SaaS 2018-2020 2017-2019 2014-2018 SaaS 103.3140.2 26%20%CRM54.7%66.1%142020.9 iResearch I SaaS 1 SaaS 2 AI 3 MCN KOL IaaS PaaS SaaS MCN KOL 152020.9 iResearch I SaaS SaaS SaaS SaaS SaaS 162020.9 iResearch I+SaaS SaaS ROI SaaS 172020.9 iResearch I 39.8 30%2019 39.8 75.3%2017 127.9%SaaS 2018 2019 79.8%75.3%2020 50%GMV 2022 113.5 SaaS SaaS 2.95.512.622.739.859.986.2113.590.0%127.9%79.8%75.3%50.5%43.9%31.7%2015 2016 2017 2018 2019 2020e 2021e 2022e%2015-2022 182020.9 iResearch I SaaS SaaS SaaS SaaS Logo SaaS 2020 192020.9 iResearch I=2019/2019=2019/2020 202020.9 iResearch I 2020.9 iResearch I(PS)1 Shopify 7503 41.5 SaaS 2 Salesforce 15101 10.8 SaaS 3 863 20.6 4 395 10.7 5 199 4.5(PE)6 189 33.0 7 317 72.0 8 66 32.1 SaaS P/S P/E SaaS GMV SaaS 800 2020 9 14 PE TTM PS2020 1=6.827 SaaS P/S P/E ARR ARR SaaS LTV/AVC GMV 21 1 2 3 4222020.9 iResearch I 2012 SaaS/+AI 232020.9 iResearch I SaaS 2015 SaaS 30 400 26 180 30+SaaS+SaaS SaaS SaaS SCRM 100+/IP 10+/H5/-Plus242020.9 iResearch I SaaS SaaS SaaS 252020.9 iResearch I SaaS SaaS+SaaS DMP QQ QQ 262020.9 iResearch I 2020.9 iResearch I0.1 2.7 5.2 9.3 1.1 1.8 2.6 3.5 5.1 65.8%182.5%62.0%66.1%2015 2016 2017 2018 2019SaaS%SaaS SaaS 88.4%2019 SaaS 8 6373 3.4 15 PaaS API 500 800 2019 2020 SaaS 1.11.98.714.45.32015-2019 PaaS SaaS SaaS+PaaS SaaS 99.99%200 62000272020.9 iResearch I SaaS2012 2013 2016 SaaS 2018 PaaS SaaS+PaaS+PaaS SaaS KTVZanUI-SaaS SaaS SaaS+PaaS+2013 2016 2017 2019 282020.9 iResearch I 2020.9 iResearch I0.691.85.8711.71161.55%226.15%99.68%2016 2017 2018 2019%PaaS SaaS PaaS PaaS SaaS SAAS PaaS PaaS+SaaS+PaaS 2016-2019 2016 2017 29 1 2 3 4302020.9 iResearch I 2020 SaaS SaaS+312020.9 iResearch I SaaS 322020.9 iResearch I+3.0 3.0 3.0 33 Keep Learning 400-026-2099 34
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