Keep a tap on latest SaaS trends that are breaking business norms in the present volatile world
SaaS or Software as a Service is a model wherein software is licensed to users on a subscription basis. Businesses prefer SaaS as they get access to latest and secure version of software sans the complexities. There is no need for them to install, maintain or update the software.
The valuation of the Global SaaS Market in the year 2021 was USD 143.77 Billion. It is estimated to reach to USD 720.44 Billion by the year 2028, as reported by SkyQuestt. While private cloud is growing rapidly, public cloud still remains the largest segment for SaaS.
The key attributes of SaaS are flexible payment choices, scalability, regular updates, accessibility, security and enhanced collaboration. This makes SaaS contribute to the growth and expansion of businesses. Hence, companies, especially starts-ups, hire shopify developer and raise the average spend on SaaS applications to excel.
Top 10 SaaS Trends for Businesses
Here are the top 12 SaaS trends that are writing down the future of the business in the coming years. Let’s delve deeper and find out how SaaS will transform the way companies operate in the near future.
1. The lure of AI – The highlights of Artificial Intelligence and Machine Learning are their predictive analysis and pattern recognition tools. This has made AI the central marketable asset for the growing SaaS industry. Both startups and MNCs are benefitting out of the tremendous potential of AI.
For instance, Grammarly integrates natural language processing together with deep learning into the SaaS model. It uses AI-powered writing assistant to deliver grammar and language recommendations to its users in real-time.
2. Attention to CX SaaS – SaaS CX refers to a cloud based customer service. It enables users to access different internet application through a web browser. Customers connect with brands via digital touchpoints in many new ways these days. The cloud service, SaaS, offers an effortless experience to customers through these touchpoints.
For instance, with Zendesk, businesses can create self-help centers for their customers. Thanks to the ticket system, glitches and problems are solved quickly. Companies prefer Zendesk for multiple integrations, simple reporting and options of customization.
3. The boom of Micro SaaS – SaaS helps businesses target niche market that focuses on specific equirements. The best thing about Micro-SaaS is that it helps companies get location independent. With benefits viz. low overheads and high margins along with much lower risk, Micro SaaS has a lot of potential. The target market and pricing strategies of a Micro SaaS business is different from traditional SaaS businesses.
Take for example, Rabbit Rabbit AVL, the dynamic event space with a food truck. The brand has developed a referral system to increase traffic. Through this system, the brand can easily build a mailing list of customers automatically.
4. Make the most of PaaS Platforms – Companies are going gaga over PaaS or Platform as a Service. Businesses have started adopting PaaS instead of setting up facilities from scratch at their premises. PaaS has erased all the stress related to maintaining servers, looking for upgrades, patching and authentication.
The classic example of PaaS is Facebook. Here developers create particular applications for the Facebook platform using proprietary APIs. Developers have the freedom to make these applications available to any user of Facebook. PaaS offers expertise, scalability and speed at low cost to users.
5. Vertical SaaS on the rise – As opposed to Micro SaaS that targets niche market, Vertical SaaS refers to a business model that focuses on a specific industry. With Vertical SaaS, companies are able to receive customized SaaS solutions. These are designed and developed just for them.
For instance, Fleetmatics, a Dublin based company, offers fleet management SaaS. The SaaS is designed for fleet managers and fleet owners. The software is utilized for inland logistics and helps companies with vehicle allocation through GPS.
6. Adoption of SaaS Integration – Integrations help link SaaS services to varied computer systems. It helps create a broad system wherein every solution functions autonomously. With this, several human errors have been eliminated. SaaS integration allows multiple SaaS vendors to talk to each other.
One of the easily understood examples is that of Google Workspace Suites. Google owns multiple applications viz. Gmail, Google Drive, Google Suite, and Google Sheets. Google allows easier movement of data for users between these applications. The platform was built with the objective of ease of data transfer.
7. Acceptance of Low-code Capabilities – Low-code helps develop an application with minimum coding. Companies save a lot of development time building applications with visual programming. Low-code scores high as it offers increased productivity, flexibility, transformation, and a better customer experience.
Take for instance, Microsoft’s low code development platform – Power Apps. Organizations with resource constraints are able to develop applications through Power Apps. It links the gap between multiple applications and companies that coexist within a process.
8. The inclusion of DaaS – Data as a Service refers to data management strategy. It makes use of cloud for delivering data storage, processing, analytics services, and integration, through network connection. With this, companies can reduce their time-to-insight and improve the reliability of the data.
For example, DMD Marketing Corp. gave the users quick access to the data using DaaS. The cloud-first approach for data management helps refresh data quickly. The company has even been able to reduce data processing time.
9. Towards Mobile-first SaaS – Earlier, Mobile SaaS was a second thought rather than first choice. However, in coming years, companies will make Mobile SaaS a priority. With a huge population owning a smartphone at present, investing in mobile-first SaaS has become a mandate.
SafetyCultures offers mobile-first technology through iAuditor app. Workers are able to access safe and quality applications with this. Companies create smart check-lists and carry out on-site inspections using iAuditor. Not implementing Mobile-first SaaS might make businesses lose out on many opportunities.
10. High on MarTech SaaS – MarTech refers to grouping of several technologies, enabling marketers to improve marketing activities. Marketers use it to elevate the digital experience of customers. MarTech SaaS has facilitated streamlined workflows, enhanced internal communication and built better relationships.
Companies like Treasure Data help their clients merge individual profiles. It lets them discover crucial buying signals using MarTech. Marketing teams utilize SaaS to deliver customized customer experience.
The Growth of SaaS
SaaS has elevated the experience of companies by offering them a lot more than they expected. SaaS has included different working models and worked on the present ones to excel. Companies that earlier found SaaS a complex approach are adopting it to grab the future.
This data-driven Software as a Service (SaaS) solution is here to stay. It has become the first choice for many organizations. It’s high time that MNCs and startups make intelligence and innovation their priority to survive and thrive in the future.
SaaS now dominates the cloud computing market. Gartner predicts that the service-based cloud application industry will be worth $143.7 billion by 2022 – a level of growth that will shape SaaS trends in 2022.
The world after SaaS, SaaS 2.0, will be built by SaaS customers, for SaaS customers. In that world, SaaS 2.0 companies will have to think about how SaaS scales and how SaaS customers can maintain agility, visibility and control in a world where SaaS is the skeleton, circulatory system and soft tissue of their business.
SaaS is the future of software. It removes complexity by giving organizations access to the most up-to-date, secure versions of critical software, without the need to install, maintain, or update it.