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Hyperlocalization will be the key hereafter
Gain valuable perspectives on emerging technologies, industry maturation, Hyperlocalization innovation, and global influence shaping the trajectory of SaaS in India and beyond.
Embarking on a journey through the dynamic landscape of India's Software as a Service (SaaS) industry, we uncover invaluable insights from industry leaders navigating the ever-evolving terrain of technology and innovation.
Piyush Somani, the Managing Director and Chairman of ESDS Software Solution Ltd. shares his perspectives on the future landscape of the SaaS industry in India, he emphasizes the importance of hyperlocalization and collaboration in driving SaaS innovation in India, while also discussing the role of government policies and industry collaborations in fostering a conducive environment for SaaS startups to thrive.
Excerpts:
In your view, how will emerging technologies like AI, edge computing, and blockchain shape the future landscape of the SaaS industry in India?
As members of the present generation, we are fortunate enough to witness the first-hand boom in India's SaaS market. With the 4X jump in recent times, the industry is now worth 12 to 13 billion dollars and has seen a surge in investment of over 5 billion dollars just within five years. In that aspect, what we've witnessed till now is just the beginning as emerging technologies like AI, edge computing, blockchain accompanied by quantum computing, and 5G networks will boost it further. In the near future, Artificial Intelligence will further fuel automation and inculcate more intelligent decision-making, allowing businesses to provide hyper-personalized services and solutions to their end users. Similarly, edge computing will enable real-time processing of data even for remote regions, providing secured access for all. Talking about security, we have already seen blockchain technology enabling security and transparency and bringing decentralization through its applications in various industries. We understand that the road ahead will present a challenging ride, and we will face challenges in all aspects. But if the industry stands tall and unified, we can definitely overcome whatever comes our way.
For established SaaS companies, how do you see your role evolving in the face of industry maturation, and what strategies will be crucial for staying ahead of the curve?
SaaS has always been more about flexibility from the development to the delivery stage, and at ESDS, we aim to do the same. For us, the priority has always been about providing value-infused solutions through rapid innovation and flexibility. As an industry, we are no longer just solutions providers but are now ecosystem conductors. In a market as competitive as SaaS, the key is prioritizing crucial use cases and providing effective solutions accordingly. One more crucial aspect that we've identified and is already a big advantage for us at ESDS is keeping the development cycles as short as possible and releasing product updates regularly, all while keeping the customers' needs in mind.
To the startups in the SaaS space, how do you envision contributing to the next chapter of SaaS innovation in India, and what unique perspectives do you bring to the table?
Hyperlocalization will be the key hereafter, so for Indian SaaS startups, developing world-class solutions for local needs will give them the edge. For ESDS, we were pretty thoughtful in that aspect while developing our digital agri-ecosystem Famrut and even the complete office automation solution is because they were thought of and developed by keeping the needs of the Indian customers in mind. At ESDS, though, it is not just about innovation as the only way; it is instead accompanied by the right collaborations and partnerships to alleviate the technological gaps and enhance the speed of development.
What challenges and opportunities do you foresee for the SaaS industry in India, and how can stakeholders collaborate to overcome obstacles and foster sustainable growth?
When we speak of challenges, then, scalability and reliability in IT infrastructure can cause substantial havoc. But, as an experienced SaaS provider, we tackled the challenge of scalable and trustworthy infrastructure head-on with our in-house patented cloud solutions. Apart from this, there are two significant concerns that any SaaS provider needs to address: to provide a glitch-free customer experience and solutions must comply with the industry protocols. All this requires effective vendor collaboration and compatibility with various platforms and systems.
In the context of data security and privacy concerns, how are SaaS companies preparing for and addressing potential challenges to ensure a secure and compliant future for their users?
Indian SaaS companies are ready to adhere to the upcoming Digital Personal Data Protection Act that has already received the President's assent. With complete adherence to the legislation, most of the security and privacy concerns are going to be addressed beforehand. Apart from that service providers are generally prepared and if not must prepare themselves for the security in general through some general cyber security touch-points. These touch-points include encryption, adaptive vulnerability scanners, and timely employee, partner, and vendor training, amongst others ensuring complete preparedness.
The subscription-based model has been a key feature of SaaS success. How do you foresee pricing models evolving in the future to cater to diverse user needs and market demands?
The landscape of SaaS pricing is transforming from the traditional subscription model to a more diverse and dynamic pricing system in alignment with changing needs of the markets and users. Customized priced solutions have become significant for SaaS success. The rise of usage-based pricing, where pay-per-use models gain importance, particularly for services with variable application like analytics platforms or cloud storage. Moreover, outcome-based pricing models are expected to arise that will allow vendors, to share in the financial gains of SaaS users, predominantly in high-impact solutions such as marketing automation or sales CRM. This customization of subscription will cater to individual needs allowing them to pay for specific features and functionalities.
With the globalization of businesses, how do you envision SaaS companies adapting to and influencing international markets, and what role might India play in shaping the global SaaS landscape?
The SaaS stage has changed globally with the emphasis and focus on adaptation and influence. SaaS companies are devising in two directions- either by adapting to international nuances via localization, compliance, local enterprises, and influencing the global landscape by taking advantage of India's SaaS offerings such as profitable solutions and promoting hyperlocal invention. India as a country is geared up to play a pivotal part in becoming a SaaS hub by fostering a thriving ecosystem of startups, investors, and academic institutions. The current system is an absolute delight for ecosystem of innovative SaaS solutions which is designed to cater to a global consumer. The country’s robust open-source culture is contributing to the international SaaS community thereby promoting collaboration and advancing innovation. I believe, India has a unique opportunity to advocate for ethical practices within the global SaaS landscape, by supporting responsible data practices that prioritize the greater good of humanity.
The startup ecosystem in India has been vibrant. How can government policies, investment strategies, and industry collaborations foster a conducive environment for SaaS startups to thrive and contribute to the industry's future?
The Indian SaaS startup ecosystem is a dynamic stage filled with potential that requires the correct elements for a truly intriguing execution. I believe government policies can enhance the industry by investing in STEM education, reskilling initiatives, establishing dedicated IT academies, and creating a foundation for a future-ready workforce skilled that is skilled artificial intelligence and cloud computing. There is need for simplified regulations thereby fostering a startup-friendly environment. Also, it is important to ensure accessibility to the stage. Financial incentives, such as customized tax breaks and grants, serve as props that will help startups stand out. Investors when take on the role of the encouraging audience will help with bridging funding gaps via vibrant angel investor networks, specialized venture capital funds, and alternative funding mechanisms like crowdfunding, providing financial support and mentorship. Such efforts will help create an environment where Indian SaaS startups thrive and significantly contribute to the industry's future, envisioning a captivating SaaS symphony resonating globally.