78% of Businesses Switched to SAAS in the Last Year: Are You Missing Out? (Pie Chart Breakdown)
The growing demand for SaaS software can be apprehended from the following statistics,
- The global industry of SaaS is projected to reach $232 billion in 2024.
- 85% of the applications used by businesses around the world will also have a SaaS model by the year 2025.
- In the next 3 years, the global retail sector will contribute $33.34 billion.
- Around 78% of small businesses have already switched to SaaS applications in 2023.
- Over 80% of businesses use the bare minimum of one SaaS software for smoother operations.
Benefits of SaaS over custom software
| Feature | SaaS | Custom software |
| Cost | Lower initial costs. (Subscription based) | Higher initial costs and continuous development costs. |
| Implementation | Faster | Takes time and technical knowledge |
| Updates and Maintenance | Automatic updates, maintained by the SaaS provider | Manual updates and maintenance require the internal IT team |
| Security | Robust, depends on providers | Sometimes vulnerable, depending on the internal IT department |
| Learning curve | User-friendly, pre-recorded training resource | Ongoing custom training for important features |
“80% of your customers don’t need to be power users today. They need to be able to use a few key features over and over again with ease”
What are the factors for the growing demand for SaaS?
- Small businesses deter from investing in costly custom enterprise software, as a cost-effective alternative for handling lower amounts of work they prefer SaaS solutions.
- Increase in personalized SaaS solutions for every problem that a business might face. (Here the only problem with this is, that you will be required to invest in more than one SaaS application to solve different problems 🙃)
- User-friendly interface, automatic updates of new features, robust security, less maintenance costs, and responsibilities also make it a no-brainer option.
- The rise in remote work also contributes to it.
- Businesses that undergo frequent changes benefit the most from SaaS.
Emerging SaaS trends to keep an eye out
- Vertical SaaS
- Saas in construction
- RevOps tools
- Embedded payments
- PaaS (Platform as a Service) and DaaS (Data as a Service)
- Low or no-code cloud services
- Blockchain
- Voice activation and Metaverse
The convenience of using SaaS solutions is driving the growth of its adoption in different industries. It’s reported that almost 70% of applications used by a corporate team are SaaS-based. If you are still not leveraging these tools, you will miss out on a lot of growth opportunities in the future. A software company in Delhi can be the right fit to make your business run smoothly.
