The Latest Trends in the SaaS Market, Rising Demand And Advancement of Technology 2022-2027

In 2020, the India software as a service (SaaS) market is expected to be worth roughly USD 3.5 billion. In the projected period of 2022-2027, the market is expected to grow at a CAGR of 27%, reaching USD 15 billion by 2026. This article provides awareness of the insights and trends for the upcoming years.

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Rising SaaS Demand in the IT and Telecom Industries to Help India's Software as a Service Industry Grow

The IT and telecom industries make for a major portion of the SaaS market by end-use sector. The increased use of the internet across the country, as well as the growing subscriber base in the telecommunications industry, can be credited for the increase. The need for SaaS for software licensing in the IT and telecom industries have risen as a result of this.

Increasing smartphone penetration and low data costs are predicted to boost cloud computing adoption in India throughout the forecast period, boosting the overall market's development. The multi-tenant SaaS architecture, which means that a single version of the service may be accessed by all customers, is expected to boost the scalability and popularity of SaaS solutions in India.

Increased demand from medium and large businesses would help India's Software as a Service industry grow

Medium and large businesses account for a major share of the market in terms of organization size, since the demand for SaaS solutions is particularly high in this sector. SaaS solutions are necessary for medium and large businesses for a variety of business applications, including office software, messaging software, payroll processing software, customer relationship management (CRM), database management software, management software, and enterprise resource planning (ERP).

Meanwhile, SMEs in India have experienced rapid growth and are expected to continue to do so in the coming years. In the future period, this is likely to boost demand for SaaS among SMEs, assisting industry growth.

SaaS: Industry Terminology And Segmentation

Software as a service (SaaS) is a software delivery paradigm in which a specific piece of software is licensed based on subscription and hosted centrally. Any device with a reliable internet connection and a web browser could access data stored in a SaaS system. SaaS applications include BigCommerce, Google Apps, Salesforce, Dropbox, Mailchimp, and ZenDesk, Experro among others.

The market is classified into three categories based on deployment

• Public Cloud
• Private Cloud
• Hybrid

Among the product's numerous applications are:

• Customer Relationship Management (CRM)
• Operations and Manufacturing
• Enterprise Resource Planning (ERP)
• Content Management Systems
• Human Capital Management (HCM)
• Supply Chain Management
• Others

The market is divided into two categories based on the size of the organization:

• SMEs
• Medium and Large Enterprises

The product's various end-use sectors include:

• IT and Telecom
• Manufacturing
• BFSI
• Healthcare
• Retail
• Education
• Government
• Others

Technological Advancements and Innovations in India to Improve Business Productivity and Aid the Software as a Service Industry's Growth

The expansion of the software as a service market in India has been fueled by technology advancements and innovations aimed at increasing corporate efficiency, as well as the expanding number of internet users. Artificial intelligence penetration, cloud computing adoption, and other breakthroughs are among them.

Furthermore, in the wake of the COVID-19 pandemic, numerous companies have increased their IT investment due to the growing acceptance of remote work and work-from-home models, as well as an increased reliance on technology. This is anticipated to be a key trend driving the Indian SaaS sector forward in the coming years.

• Infosys Limited
• Microsoft Corp.
• Cisco Systems, Inc.
• Zoho Corporation
• Wingify Software Pvt. Ltd
• Others

The detailed EMR report includes a SWOT analysis as well as an in-depth analysis of the industry based on Porter's five forces model.

• Year of base: 2020
• Period of History: 2017-2021
• Period of Forecasting: 2022-2027
• The Report's Scope: The detailed EMR report includes a SWOT analysis as well as an in-depth analysis of the industry based on Porter's five forces model.
• Deployment Breakup: Hybrid, Private Cloud, Public Cloud.
• Application Breakup: Operations and Manufacturing, ERP, CRM, Content Management Systems, HCM, Supply Chain Management, and Others.
• Organization Size Breakup: SMEs, Enterprises of Medium and Large Size.
• End-Use Sector Breakup: Manufacturing, BFSI, Healthcare, Retail, Education, Government, and Others are some of the industries in which IT and Telecom firms work.
• Market Dynamics: SWOT, Porter's Five Forces, EMR’s Key Price and Demand Indicators.
• Competitive Landscape: Market Structure, Company Profiles - Overview of the company, product portfolio, demographic reach and achievements, and certifications.
• Companies Covered: Other companies include Infosys Limited, Microsoft Corporation, Cisco Systems, Inc., Zoho Corporation, Wingify Software Pvt. Ltd, and others.
• Purchase Option and Report Price: Explore our options for purchase to see which ones are appropriate for your resources and industry requirements.
• Format of Delivery: According to the purchasing choice, the document will be delivered as an attached PDF and Excel by email, with the option to receive an editable PPT.
  
  

Conclusion:

In this article, we have comprehended the latest trends and forecasts in the SaaS market and the growing demands in technological advancements for 2022 to 2027.