As more industries and businesses move to cloud-based environments, software-as-a-service (SaaS) is getting faster and faster all over the world.
In recent years, SaaS startups that were started in India have grown a lot. This is because the digital world is becoming more and more combined.
India’s SaaS market has reached a key turning point because the number of tech startups invested in the area reached $4.5 billion in 2021. Based on this, we expect the market to reach $50 billion by 2030.
What Is SaaS?
SaaS is a way to share software where a service provider hosts applications for customers and makes them available to them over the internet.
It’s not like the old model, where the user had to build the server, install the applications, and set it up.
The user doesn’t have to pay for the software itself when using SaaS.
It works more like renting.
Customers are allowed to use it for a certain amount of time and pay for the software they are using.
How Is SaaS Used In Business?
SaaS companies are businesses that provide services to customers using the software.
These businesses make the product, build it, host it, and keep it up-to-date themselves.
They have quick access to a global market that allows them to sell, and they can grow without increasing the cost of shipping products
Benefits Of Software As A Service (SaaS)
Lower Cost:
SaaS, cloud-based solutions can reduce the TCO(total cost of ownership) by removing base installment & preservation expenses.
Also, its monthly operating costs are easier to predict when direct costs are lower and paid over time with saas tools.
SaaS also lets small and medium-sized businesses use software that they wouldn’t use otherwise because of the high cost of licensing. This means that you can quickly grow your customer base.
Easy to use & perform proofs-of-concept:
SaaS is easy to use because it already has best practices and samples built in.
Users can test the software functionality, and new release features in advance & can do proofs-of-concept.
Also, you can have more than one case with multiple variations and switch between them easily. Even in large environments, you can use SaaS to test the software before buying it.
Scalability & Accessibility:
The pay-as-you-go model is another great thing about SaaS. It gives you a lot of choices and ways to do things.
Since the software is hosted by a third party, it’s easy to change your usage plan and you don’t have to give notice in advance.
Also, using web-based subscribers can access the software easily from any location with internet capabilities.
You’ll also have the freedom to increase or decrease your use of SaaS-based on your needs.
Time:
Many SaaS apps are easy to set up because all you need is an internet connection and a log-in.
Also, the responsibility for maintenance moves from your IT department to the supplier.
This gets rid of extra work hours and downtime that you could have used to update regular software.
Lastly, SaaS apps tend to have a shorter learning curve, which means that your staff will pick them up faster.
SaaS can cut down on the time you spend installing and setting up software, and it can also make it easier to get software up and running.
Personalization:
Personalization in SaaS is easy if you just tell your Customer Success and Support teams to care. Truly care, like you would if it were your own problem.
If a customer comes to you with a problem, personalization is making sure that the problem has been fixed.
Most software packages are easy for consumers to use and can be changed to fit their needs.
You can also easily change the software to fit what your business needs. Most on-demand software can be changed so that it fits what the customer wants.
How SaaS is changing Indian business
In the last ten years, SaaS has grown in a way that has been both exciting & important.Now every industry in the world focuses on technologies.
In this process of digital transformation SaaS has become the software delivery model of choice. SaaS technology stack much cheaper to get started, didn’t require much time in the way of facilities, & was easy to set up.
This change from a traditional model to a cloud-based, on demand model has given vigorous SaaS startups a lot of new ways to build global brands.Indian Saas startups have a first-class spot at the chart in this race.
It’s important to remember that SaaS has only been around in India for 5 years. Even though there were other SaaS startups in India before 2018, when freshworks became the first Indian SaaS unicorn, we may have reached our ‘coming of age’ .
2018 – In 2018 there were only 800 funded SaaS companies, also Freshworks became the first Indian SaaS unicorn.
Infrastructure-as-a-service (IaaS) services for cloud systems are expected to grow by 35.9% & reach $40.8 billion in 2018.
2019 – In 2019, two SaaS unicorns were added- iCertis & Druva.
Infrastructure-as-a-service (IaaS), Platform-as-a-service (PaaS), Software as-a-service (SaaS) for cloud systems grew by 26.0% year over year in 2019 & brought in $233.4 billion.
2020 – In 2020, there were more than 10 Indian SaaS unicorns. Infrastructure-as-a-service (IaaS) services for cloud systems grow by 40.7% & reach $64.3 billion in 2020.
In 2020, Amazon was still the market leader for Infrastructure-as-a-service (IaaS), followed by Microsoft, Google & Huawei.
2021 – In 2021, there were 44 Indian SaaS unicorns. Infrastructure-as-a-service (IaaS) services for cloud systems grow by 41.4% & reach $90.9 billion in 2021.
In 2021, amazon stayed on top of the Infrastructure-as-a-service (IaaS) market.
Conclusion
SaaS are taking over most of the business application market because they are good for both the people who make them and the people who use them.
If you switch to a SaaS model, you may have to change how you run your business, but you’ll probably have a much better chance of long-term success if you do.