Software as a service is one of the most important sectors of technology today. Although the possibility of its transformation before the epidemic was quite clear, interest in SaaS products suddenly skyrocketed with a distributed workforce as medium and large enterprises embraced digital and remote sales processes, significantly expanding their utilities. The phenomenon is global, but India in particular has the opportunity to take its SaaS momentum to the next level.
According to a report by SaaSBOOMi and McKinsey, the Indian sash industry will earn between $50 billion and $70 trillion by 2030 and account for 4%-6% of the global Sausage market, valued at about $1 trillion. There are some important long-term trends that are driving this expansion.
The Indian SaaS community has seen a storm of innovation and success. Entrepreneurs in India have set up nearly a thousand funded SaaS companies in the last few years, more than double the number five years ago and have created several unicorns in the process.
According to SaaSBOOMi and McKinsey, these companies together generate total revenue of $2 billion to $ 3 billion and represent about 1% of the global SaaS market. These companies are diverse in terms of the clients they serve and the problems they solve but also enable flexibility for new remote staff to attract a number of global attention during epidemics.
Zoho has helped make this pivot easier by providing sales teams with apps for parallel, video, and demo; Freshworks offers businesses a seamless customer experience platform and Ica expands its cloud platform to integrate workflows from CFO office payments. Other SaaS companies were busy in other ways. During the epidemic, 10 new unicorns appeared: Postman, Zenoti, Innovacer, Highradius, Chargebee and Browserstack, Mindtickle, Byju, UpGrad, and Unacademy.
There are several examples of significant venture funds, including a $150 million contract for Postman, bringing the total amount raised by the Indian SaaS community in 2020 to about $1.5 billion, four times the investment in 2018. Although the Indian SaaS community has made commendable progress in recent years, there are a number of key growth drivers that could exceed $ 1 trillion by 2030. These include:
The number of comfortable initiatives in product evaluation and business decision-making through Zoom is increasing rapidly. This embrace of the digital go-to-market fundamentally equates the playing field for Indian companies in terms of customer access and end markets.