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The Indian SaaS Revolution - A Major Booster to SMBs
Set to redefine the global startup ecosystem, the Indian SaaS model is headed by savvy business leaders and a strong investor support system. In recent years the Indian SaaS industry has proven its potential, especially during the pandemic, when businesses started getting digitized. As per experts the Indian Software as a Service (SaaS) market is projected to gain unstoppable growth. On a global SaaS scale, the Indian SaaS companies cover around 1% of the market with approx. $2 billion+ annual revenue share. By 2028 the global SaaS market itself is predicted to reach about $617.52 billion. What has led to this massive success?
Well SaaS, a cloud-based model of software delivery, has enabled SMBs to access enterprise-level technology at a fraction of the cost of traditional on-premise solutions. Along with it technologies such as cloud computing, AI, and ML are distinctively adopted by businesses throughout multiple segments, to achieve continuous growth. During the pandemic, it was proved to be a major booster to small and medium-sized businesses (SMBs) in the country. Now, the growth charts seem to be in favour of this rising industry, on the way to witnessing a phenomenal global revolution in the SaaS industry.
What drove this massive success?
Meeting the core needs of today's growing businesses, SaaS as a key component offers cost-efficiency, security, and most importantly faster access over the internet. Specifically for SMBs, as the majority of users of SaaS for building their businesses. Boost in Productivity, which is quite crucial for SMBs to stay on par with large enterprises, has happened due to SaaS. With the ever-changing trends, businesses are investing smartly and strategically in understanding consumer behaviour. As a part of the SaaS model, businesses get customized solutions and access to improved data for re-designing their business strategies. Organizations no longer need to follow the traditional systems; with SaaS-based solutions acting as robust solutions, they can run online data analysis simultaneously. It is simply no wonder that this innovative industry is booming and further by 2026 is expected to see a rise of up to $105.6 billion! Incredible isn't it?
For growing businesses, SaaS provides the expertise of a large enterprise and core-tech support, which makes it a perfect match for SMBs. When budget is always a concern, for such businesses SaaS offers enhanced productivity at a minimal cost and reduced complexity of software management. Access to a wide range of software applications beneficial for the business without the need for expensive hardware or a trained IT staff, lets SMBs focus on their core business operations and improve their competitiveness. Security is another aspect of the SaaS model that attracts business owners and IT leaders. The recently introduced hybrid-working model has made IT leaders think of more ways to protect their business data and ensure no disaster disrupts their ongoing business activities.
Factors brewing the SaaS Revolution
Along with fueling business expansion, SaaS is consistently adding value that leads to the growth of a business. It is also resulting in the introduction of new businesses in the market.
With cost-saving benefits as the most critical criteria for a business owner, SaaS becomes an ideal match that brings innovation and data insights to the table.
SMEs that are facing operational or supply chain inadequacy, is shifting towards the SaaS model to meet their resolution.
Sustainability, is one of the major concerns for business owners, as consumers are open to exploring they don't mind trying alternatives. This makes maintaining the net promoter score (NPS) difficult and achieves continuous results. The SaaS model provides access to data for further monitoring and analysis, which lets businesses get an insight into customer needs and can accordingly revise their plan or strategy.
To what the future holds?
Seemingly both SaaS and SMBs have come a long way in less than a decade. SaaS and the overall cloud computing industry have gained popularity for various products available in the market such as Infrastructure as a SaaS Integration Platforms (SIPs), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS) among others. The need for managing the copious amount of data daily, backups, software, and other IT infrastructure will keep on increasing. With the number of SaaS companies that has grown four times that too only in India, it is no doubt that our country will play a crucial role in this upcoming SaaS revolution. As per a report, 2021 saw around $4.8 billion in venture capital investment in the industry, the number is three times higher than that recorded in 2020. By the year 2030, the Indian SaaS market is valued at $50 billion industry, as per a recent study. As we say, we still have a long way to go ahead, there is a need for more guiding principles some additional business rules, and compliances that will help organizations easily embrace SaaS. With ideation and vision to create a simple and smarter future and strongly backed by digital transformation, the SaaS industry will accelerate further without a doubt.
Kishore Shah
CEO of SPOCHUB, ESDS Software Solutions Ltd