7 Ways SaaS Software can Impact Core Industries in 2023

Automation and digital transformation are the needs of the hour for modern industries. Advancing technology facilitates organisations to meet these requirements with the help of SaaS or Software-as-a-Service.

Do you want to know more about SaaS software and its impact on core industry sectors? Read this post and get your answer!

SaaS- Introduction and Importance in the Enterprise Sectors

Factors including remote working and globalisation have brought radical changes in the ways of communication with customers and team members. The SaaS model is capable of controlling new collaboration tools and platforms. The popularity of SaaS keeps on increasing in the corporate world because of these benefits. As a result, Gartner predicts over 16% growth in the market value of SaaS for the year 2023.

There is no exaggeration in mentioning that SaaS is a game-changer for enterprises that want to adopt digital transformation. Read on to know more about this revolutionary concept and its importance in companies irrespective of their industry sectors.

Software as a Service (SaaS) enables users to get connected and utilize cloud-based applications through the Internet. Usually, SaaS packages are based on a pay-as-you-go model. Enterprises can rent software or application to enable employees to connect.

SaaS is highly cost-effective as it requires minimal upfront costs. It also enables the company to ensure the seamless performance of its existing app. Increased accessibility, scalability, collaboration, and flexibility are some of the major benefits of SaaS.

SaaS requires a lower upfront investment and it is cheaper than traditional software thanks to the pay-as-you-use approach. It also helps businesses bring automation in repetitive business processes to increase efficiency.

SaaS service providers keep on updating the software regularly so that customers can get the latest features and seamless functionality. Before digging deep into the benefits, let’s have some fascinating facts.?

SaaS is highly scalable and can meet ever-changing business requirements and users can readily increase or decrease its usage. Talking about flexibility, you can access SaaS from any device run using the Internet. In other words, SaaS facilitates users to work from anywhere, anytime.

Interesting Stats that Show the Value of SaaS

As per the Statista report, the SaaS space is worth over $195 billion to date (in 2023). This value is based on end-user spending. The SaaS end-user spending was just over 31 billion USD in 2015. Surprisingly, this domain has increased in size by a whopping 500% over the past seven years. As per the IDC survey, 1 in 5 companies’ spending on SaaS remained unaffected by the COVID-19 pandemic.

It is necessary to jot down that SaaS applications make up as much as 70% of total company software use across the world. What’s more, it is projected that by the year 2025, 85% of corporate software will be SaaS.

As the remote workforce is gaining prominence rapidly, Global Industry Analysts Inc has expected that the SaaS market for web and video conferencing will reach $7 billion by 2026.

How SaaS Influences Core Industries?

Customised SaaS software has two types- Horizontal and Vertical SaaS. Both types are developed by keeping the company’s requirements. As technology evolves we can expect that new groups of SaaS products will arrive.

Project management is one of the most important aspects of the business on which the SaaS has the maximum impact. Other major factors of modern businesses are operations and product management that leverage the benefits of SaaS software. The following graph has shown this fact based on the Techstrong Research report of 2020.

Let’s understand various types of SaaS and their impact on business.

Accounting Software

It is the most common form of SaaS software. Customized accounting solutions can simplify the complexities of financial operations and automate several processes. Companies need to choose the right accounting software in this category of SaaS. Integration capabilities and advanced features are some of the most important factors to consider while selecting the most suitable software for your enterprise.

Project Management Software

Customised project management software makes effective collaboration and coordination across different departments possible for modern businesses. This software keeps all the team members on the same page irrespective of their departments and roles in the specific project. The project management software is quicker, easier, and more efficient than shared spreadsheets or documents because it can connect all the team members in a centralised, virtual environment.

ERP Software

The popularity of ERP software is increasing by leaps and bounds these days. When it comes to handling routine business processes like purchasing, accounting, project management, and supply chain management. Comprehensive ERP software is useful in financial planning, forecasting, reporting, and other crucial activities necessary to improve the decision-making process. It also prevents duplication and reduces the chances of human errors by bringing automation into several processes related to resource allocation and customer relationships.

CRM Software

Customer relationship management (CRM) plays a vital role in ensuring the success of any industry amid intensifying competition. It can give a 360-degree view of the customer’s data and thereby your company can improve services. The CRM solution eventually improves customer relationships and boosts sales. Some advanced CRM software contributes to estimating sales and purchases as well.

Security Software

A custom software development company develops this software to protect a computer, network, any Internet-enabled devices, or an enterprise IT system consisting of devices and servers. Confidential corporate information is prone to cyberattacks or data breaches. The security solution can safeguard the data while maintaining the confidentiality and preventing the data from unauthorized access. The SaaS-based security software is a cost-effective and advanced solution for SMEs and large enterprises.

Email Software

Another useful SaaS solution is email marketing software. It enables users to create and send emails to prospects or existing customers. This software also allows users to measure key metrics including open and click-through rates. As a robust tool for effective communication, email software gains ground in the corporate world.

Metaverse

SaaS software can be combined with metaverse for accelerating digital transformation. Though the metaverse is in a nascent stage, it can work wonders for companies by combining with SaaS. Advanced SaaS solutions can facilitate operations, streamline workflows, and improve network performances, we can expect that these solutions will give more powerful experiences with Metaverse in the coming years.

Concluding Remarks

SaaS has become inevitable for all industries across the world. The recent pandemic has brought SaaS into the limelight for maintaining productivity and collaboration. Forward-looking enterprises tend to use the SaaS model for leveraging its flexibility and scalability at affordable rates. Be it SMEs or established industries, SaaS can effectively fulfill their requirements and open the doors to new opportunities.

What do you think about the importance of SaaS in enterprises? Share your thoughts in the comment section!