As companies continue to move their operations and business processes online, the demand for cloud-based software (SaaS) continues to increase. According to a recent report by Grand View Research, the SaaS market is expected to grow from $165.9 billion in 2021 to $186.6 billion in 2022, and expand at a compound annual growth rate (CAGR) of 11.0% from 2022-2028. This growth is being driven by the increased adoption of cloud-based services by small and medium businesses as well as large enterprises. So what does this mean for corporations? It’s more important than ever to stay ahead of the curve and make sure your business is taking advantage of SaaS offerings. To help you do just that, in this blog post we’ll take a look at the current state of the SaaS market and some of the key trends to watch for over the next few years.
What is SaaS
SaaS is a software-as-a-service delivery model. It is software offered by the provider on the web. Customers can access and use the software, typically through a web browser, while the provider manages the infrastructure and security. SaaS is a popular model for many business applications, such as CRM and ERP. One of the main benefits of SaaS is that it can be quickly deployed and doesn’t require a large up-front investment. In addition, customers don’t need to worry about maintaining the software or managing upgrades – that’s all handled by the provider. As a result, SaaS can offer a lower total cost of ownership than traditional on-premises software. Another key benefit of SaaS is that it can be accessed from anywhere with an Internet connection. This makes it a convenient option for businesses with employees who work remotely or travel frequently. And since SaaS applications are usually hosted in the cloud, they can be scaled up or down as needed, making them more flexible than on-premises software. For these reasons, SaaS has become a popular choice for businesses of all sizes.
What the growth of SaaS has looked like over the last 10 years
Over the last ten years, there has been remarkable growth in the use of software as a service (SaaS). This model of software delivery allows users to access and use applications remotely, typically through a web browser. This approach has many advantages, including greater flexibility and lower costs. As a result, SaaS has become increasingly popular in both the business and consumer worlds. In the business world, SaaS applications are often used to manage customer relations and human resources. For consumers, popular SaaS applications include online storage services and social media platforms. The growth of SaaS shows no signs of slowing down, and even more businesses and individuals will likely come to rely on this convenient and cost-effective model of software delivery in the years to come.
How did Covid effect SaaS
The pandemic had a profound effect on the software-as-a-service industry. After years of rapid growth, the industry suddenly found itself under immense pressure as businesses across the globe cut spending in the face of an economic downturn. While many SaaS companies were able to weather the storm by tightening their belts and reducing costs, others were forced to make difficult decisions, such as layoffs and salary cuts. The pandemic also accelerated the shift to remote work, which has been a major trend in the SaaS industry for several years. The forced migration to remote work was a major upheaval for many companies, and it created new challenges, such as managing a distributed workforce and ensuring security. However, it also opened up new opportunities, such as expanding into new markets and reaching new customer segments. The pandemic has been a challenging time for the SaaS industry, but it has also been a time of change and opportunity.
What are the issues with using SaaS
One of the issues with using SaaS is that it can lead to application sprawl. This is because it’s easy for users to sign up for and use multiple SaaS applications without the knowledge or approval of the IT or Procurement department. This can quickly lead to a situation where an organization has a lot of different SaaS applications in use, many of which may be superfluous or duplicate functionality. This can create several problems, including increased costs, security risks, and compliance issues. Another issue with SaaS is that it can be difficult to control costs. This is because many SaaS applications have auto-renewal clauses that can result in unexpected charges. In addition, users may install premium versions of applications without the knowledge or approval of the IT department, resulting in higher-than-expected costs. Finally, SaaS application providers often offer discounts for multi-year contracts, but these contracts can be difficult to cancel if an organisation decides they no longer need the application. As a result, it’s important for organisations to carefully consider the pros and cons of using SaaS before making a decision.
What are SaaS Management Platforms and how do they work
SaaS management platforms are a type of software that helps businesses manage their software-as-a-service (SaaS) applications. They typically provide a central dashboard where businesses can view all of their SaaS applications and track usage metrics. Many SaaS management platforms also offer features such as single sign-on (SSO), application provisioning, and user management. In addition, some platforms integrate with third-party identity providers, such as Active Directory, to provide additional security and authentication options. SaaS management platforms can help businesses save time and money by simplifying the process of managing multiple SaaS applications. In addition, by providing a central location for all of a business’s SaaS apps, they can help businesses keep track of usage data and ensure that employees are using the apps that are most relevant to their job roles.
In conclusion, the SaaS market is expected to grow at a rapid pace over the next few years, driven by the increasing adoption of cloud-based services. This growth provides opportunities for both startups and established companies alike to capitalize on this trend. SaaS provides several advantages over traditional software, including lower costs, scalability, and flexibility. The majority of SaaS applications are delivered via the web, with mobile apps also becoming increasingly popular. The most popular categories of SaaS applications include CRM, ERP, office suites, and project management tools. As the SaaS market continues to grow, we can expect to see more innovation and competition in this space.
Appstrato helps you manage the SaaS effect in your organisation
Appstrato is a SaaS management platform that helps organisations procure and manage their SaaS estate. The Appstrato platform provides a centralised location for all your SaaS applications, making it easy to keep track of your usage and spending. In addition, Appstrato provides comprehensive reporting and analytics, so you can see exactly how your SaaS applications are being used. With Appstrato, you can be confident that your organisation is getting the most out of its SaaS applications.
Contact us for more information about Appstrato and how it can help you manage your SaaS applications. We look forward to hearing from you soon!