78% of Businesses Switched to SAAS in the Last Year: Are You Missing Out? (Pie Chart Breakdown)

SAAS Boom: 78% Switched in the Last Year

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

  1. Vertical SaaS 
  2. Saas in construction 
  3. RevOps tools
  4. Embedded payments
  5. PaaS (Platform as a Service) and DaaS (Data as a Service)
  6. Low or no-code cloud services 
  7. Blockchain 
  8. 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.

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