For classic software escrow: an escrow agency equally serves the interests of the developer / licensor (protection of trade secrets) and the user / licensee (protection of their investment in IT) by holding the source code in escrow. An escrow agency acts as a catalyst to increase the credibility, and thus the competitiveness, of smaller software providers against larger providers. In an emergency, the user can access the source code and continue to use the software without issue. Software escrow is therefore a safety net for licensees.
For newer escrow models like cloud, AI, Key, IP, and Data escrow: the escrow agency acts as a neutral third party between two other parties and examines and stores the escrowed asset, which belongs to one party (who wishes to protect it) and will be used in one form or another by the other party (whom the other party is dependant on). Again, escrow solves a conflict of interest which might otherwise cause great friction that could, for example, hinder negotiations or even prevent cooperation. Escrow is a so-called business enabler that makes business connections fundamentally possible and easy.