SaaS Market by Latest Trend, Growing Demand and Technology Advancement 2021-2026

In 2020, the India SaaS market is expected to be worth roughly 3.5 billion. In the projected period of 2021-2026, the market was expected to increase at 27% CAGR, reaching 15 billion US dollars by 2026.  

The SaaS Industry in India will benefit from increased demand for Software as a Service in the telecom and IT industries

The telecom and IT industries make for a major portion of the SaaS market by end-use sector. The increased use of the internet around the nation, and also the expanding telecoms subscriber base industry, can be credited for the increase. The need for Software as a Service for licensing software in the telecom and IT industries has risen as a result of this. Increasing smartphone penetration and low data costs are predicted to boost cloud computing adoption in India throughout the forecast period, boosting the overall market's development. The multi-tenant SaaS architecture, which signifies that the single service version may be accessed by all customers, was expected to boost the SaaS solutions’ popularity and scalability in India.

Increased demand from large and medium businesses will help India's SaaS industry to grow

Large and medium businesses account for a major proportion of the market in terms of organization size since the demand for SaaS solutions is particularly high in this sector. SaaS solutions are required in medium and large businesses for a variety of business applications, including payroll software for processing, messaging software, office software, CRM, ERP, management software, and software for database management. Meanwhile, in India SMEs have experienced rapid growth and are expected to continue to do so in the coming years. In the future period, it is projected to boost SaaS demand in SMEs, assisting industry growth.

Industry Definition and Segmentation for SaaS

SaaS is a software delivery paradigm where a specific piece of licensed software on a basis of subscription is hosted centrally. A SaaS system may be accessed from any device with a web browser and an internet connection. SaaS applications include Salesforce, Google Apps, BigCommerce, ZenDesk, Mailchimp, and Dropbox, among others.

 

Based on deployment there are three classes of the market:

● Cloud Computing in the Public Sector

● Cloud Computing in the Private Sector

● Hybrid Sector

The product has a wide range of applications, including:

● CRM

● Manufacturing and Operations 

● ERP

● Systems for Content Management

● HCM

● Management of the Supply Chain

● Others

The market is divided into two categories based on the size of the organization:

● Small and Medium Enterprises

● Large and Medium Enterprises

The following are some of the product's numerous end-use industries:

● Telecom and IT

● Healthcare

● BFSI

● Manufacturing

● Government

● Education

● Retail

● Others

 

Technological Innovations and Advancements to Help India's SaaS Industry Grow

The expansion of the SaaS India's market has been fueled by technology breakthroughs and innovations aimed at increasing corporate efficiency, as well as the expanding number of internet users. Artificial intelligence penetration, cloud computing usage, and other developments are examples of these advancements. Furthermore, in the wake of the COVID-19 pandemic, numerous companies have increased their IT investment due to the growing acceptance of working from home and remote work models, as well as an increased technology reliance. This is anticipated as a significant trend driving the India Software as a Service sector forward in the coming years.

Also Read>>Skills You Should Learn To Become AWS Cloud Engineer

SaaS Market in India: Key Industry Players

As per a report by McKinsey and SaaSBOOMi, the Indian software-as-a-service market is expected to produce $50 to $70 billion revenue and win four percent to six percent of the worldwide software-as-a-service market by the year 2030, worth up to $1 trillion.

The research examines the capacity, competitive landscape, and recent developments such as investments, acquisitions, and, mergers, plant turnarounds, and capacity expansions of the following important competitors in the India software as a service (SaaS) market:

● Cisco Systems, Inc.

● Microsoft Corp.

● Infosys Limited

● Wingify Software Private Limited

● Zoho Corporation

● Others

EMR's comprehensive report includes a SWOT analysis and also an in-depth study of an industry depending on Porter's model of five forces.

*Market Research by Experts is always striving to provide you with the most up-to-date information. The figures in this article are simply estimates and may differ from those in the final report.

By 2030, the Indian SaaS business is expected to produce revenue of $50 billion to $70 billion, accounting for 4% to 6% of the worldwide SaaS market.

The Indian software as a service community has experienced a rush of success and innovation. In the previous few years, Indian entrepreneurs have established over a thousand sponsored software as a service startup, more than double the rate of the previous five years and generating numerous unicorns in this process. As per McKinsey and SaaSBOOMi and, these companies earn $2 to $3 billion in revenue in total and account for about 1 percent of the worldwide SaaS industry.

These companies serve a wide range of clients and handle a wide range of problems, but several of them gained international notice during the epidemic by allowing newly remote employees to work from anywhere. Zoho aided in the transition by delivering applications for demos, videos, and collateral to sales teams. Freshworks provided firms with a unified platform for customer experience, and Eka's cloud platform has been expanded to integrate workflows for the Office of the CFO, from procurement through payments.

Other SaaS companies kept themselves occupied in other aspects. Innovacer, Zenoti, Postman, Browserstack, Chargebee, and, Highradius, UpGrad, Byju, Mindtickle, and Unacademy were among the ten new unicorns born during the epidemic. There are also numerous large venture capital deals, which include a 150 million dollar transaction for Postman, increasing the total money raised by an Indian Software as a Service community in the year 2020 to roughly 1.5 billion dollars, 4 times the amount invested in 2018.

Conclusion:

This article has provided sufficient knowledge on marketing trends how SaaS is adding a huge scope for all sectors of industries from small scale to large scale business. You have also seen various cloud deployment types and end-use sectors having a great demand for SaaS growth. Accredit the certification with this specialized training on managing human capital management with this online Workday Training course and upgrade your skills required for enhancing your professional career.

Author Bio: 

I am VarshaDutta Dusa, Working as a Senior Digital Marketing professional & Content writer in HKR Trainings. I Have good experience in handling technical content writing and aspire to learn new things to grow professionally. I am expertise in delivering content on the market demanding technologies like mulesoft Training, Dell Boomi Tutorial, Elasticsearch Course, Fortinet Course, postgresql Training, splunk, Success Factor, Denodo, etc.

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