How organizations are run has been completely transformed by software as a service (SaaS). Instead of relying on outdated desktop applications, businesses can now access the software through SaaS. It is crucial to consider the future of SaaS and how it will influence the software business as the world improves, develops, scales, and becomes more digitally focused.
In this blog, we will look at how SaaS has changed over time and what potential breakthroughs and new things might happen in the near future. We will also share how SaaS affects different industries (good and bad) and how organizations can benefit from these developments to improve, sustain, and scale.
The Evolution of SaaS
SaaS has come a long way since its inception in the late 1990s. It was a concept businesses hesitated to adopt. However, as internet speeds increased and cloud technology evolved, SaaS became more accessible and widespread.
SaaS is a multi-billion dollar industry, growing at an incredible rate. The SaaS industry has grown from $31.4 billion to an estimated $1617.1 billion from 2015 to 2022. That equates to over 5x growth in only seven years. 5x in 7 years, Read that again!
This growth can be attributed to the increasing demand for virtual solutions, the need for businesses to reduce IT costs and complexity, and the rise of digital transformation initiatives. In addition, the COVID-19 pandemic has accelerated the adoption of SaaS as more organizations have shifted to remote work and digital operations. As SaaS continues to evolve, we expect to see more innovations that will further transform how we work and do business.
Today, SaaS has become the norm for many businesses. With SaaS, businesses can access various software applications, including CRM, project management, accounting, and more. SaaS has also become more affordable, allowing small businesses to access the same software tools as larger enterprises.
The Latest SaaS Trends
The SaaS industry is evolving every second, and new trends are always happening. Here are some of the latest SaaS trends that businesses like yours should be aware of:
Artificial Intelligence Everywhere!
AI has been a hot-fire topic in the tech industry for several years now, and it’s no surprise that it’s becoming more and more important in SaaS applications. Companies can help themselves automate tasks, improve decision-making, and provide personalized experiences for customers by implementing AI in their processes.
Multi-Cloud Environments and SaaS
Many businesses now use multiple cloud providers to access different applications and services. Multi-cloud environments allow businesses to access broader services and provide better redundancy and disaster recovery capabilities.
No-code/low-code platforms make it easier for non-tech users to build and deploy applications. These platforms use visual interfaces and drag-drop functionality, making it easy for anyone to create custom software. This has been growing very quickly and has huge upside potential.
Containerization allows businesses to package applications and their dependencies in a portable format that can be deployed on any infrastructure (smooth and easy). This trend is gaining popularity as businesses seek more flexible and scalable deployment options (also save costs)
Edge computing involves processing data at the network’s edge, rather than in the cloud. This trend is gaining traction as businesses look for ways to reduce latency and improve the performance of their applications.
The Impact of SaaS on Everyone!
SaaS has significantly impacted various industries, from healthcare to education to finance. Here are some examples of how SaaS is transforming/disrupting/improving these industries:
SaaS has transformed the healthcare industry, making it easier for healthcare providers to access patient data and collaborate with other healthcare professionals (also saving more lives). SaaS applications can also help healthcare providers to streamline processes and reduce administrative burdens.
SaaS has also had a significant impact on education. With SaaS, educational institutions can provide students with access to educational materials and resources from anywhere, anytime. SaaS applications can also help teachers to manage classrooms more effectively and engage with students in new ways.
SaaS has transformed the finance industry, providing businesses access to powerful financial management tools. With SaaS, businesses can manage their finances more effectively, automate processes, and make data-driven decisions.
The SaaS industry is growing exponentially every year and will continue to do so with improvements in technology. Also, with the internet penetration of many countries growing, the big-time SaaS market overall will gain a lot more value in the near future.