The SaaS landscape — then and now
Just as the innovations that come from SaaS need to be well-calculated, the trends forecasting its future are nothing short of data-driven.
Here are some interesting stats to open up your SaaS horizons even wider:
2023 Stats
- The global SaaS market was valued at $197 billion, bagging a massive growth rate of 66% compared to 2022.
- It has been noted that though North America still led the pack, regions like Asia-Pacific and Europe are catching up.
- A record-breaking total of 192 SaaS M&A deals were completed in May of 2023, with 46% of the deals in 2Q23 involving vertically-focused SaaS businesses.
- Based on a recent survey, it was revealed that an average enterprise uses over 100 SaaS applications, showing great reliance on SaaS products.
2024 Trends
- AI and Machine Learning: They'll continue as major forces, driving micro SaaS solutions to new heights of intelligence and intuitiveness.
- Hyper-Specialization: Saas trends towards more SaaS products tailored to specific industries and sectors is evident.
- Enhanced User Experience: This remains a pivotal focus, with SaaS platforms striving for peak user-friendliness.
- Increased Adoption in New Markets: SaaS is poised to broaden its global reach, penetrating new geographical and sectoral markets.
Explore more insightful forecasts surrounding the future of the global SaaS market in the full compilation by Deduxer here.
Leaders of the pack
Andrea Mercado, a tech-focused journalist who has been covering AI and Internet trends for the past 5 years, has come out with her version of the top 5 SaaS companies to watch for in 2024:
Companies to (still) Watch out For
- OpenAIThe debut of ChatGPT shot parent company OpenAI to the #1 spot on Forbes' 2023 Cloud 100 list. With up to $29 billion valuations, the company switched from an open-source non-profit to a leading for-profit AI powerhouse in just 8 years.
- AdobeWith the 2021 acquisition of Figma, coupled with the recent commercial availability of Firefly, Adobe further strengthens their stance in the design world. It currently ranks as the 29th most valuable company globally.
- MicrosoftMicrosoft and OpenAI teamed up to create Dynamics 365 Copilot, an AI tool for marketing that promises to boost sales. Some projections suggest that Microsoft's market cap will surpass $3 trillion by early 2024.
- Oracle CorpsAs Oracle transforms to meet modern enterprise demands, its valuation stands at $330 billion as of June 2023. Its stock market performance also scored a remarkable 73% increase in early 2023.
- SlackWhile 46% of Slack users are based in the US, the UK stood as the second-largest market, boasting an 8.4% share in 2023. It is reported that Slack now owns an impressive 17.5% of the market share in collaborative software.
Read more facts on each of the above companies’ growth in the full article here.
Most Popular SaaS Products, Cloud Management Ver.
- IBM Cloud Orchestrator. A widely-used system that’s customizable and secure. Known to help businesses provide faster delivery of their services.
- Apache CloudStack. A leading open-source cloud management tool that becomes reliable for its broad integration and scalability.
- Wrike. Powered by an Adobe Creative Cloud extension, it is a cloud management platform utilized for better management of in-house and dispersed work teams.
- Symantec Web & Cloud Security. Equipped with notable security protocols, it provides businesses with robust protection in their cloud usage.
- AppFormix. A cloud management tool that offers stable end-to-end visibility for all apps that businesses use over the cloud.
Learn more of the ongoing SaaS Industry trends, including SaaS products connections and integrations, in the full extensive piece here.
Network for the infra AND for the people
Benchmarking is quite the common practice for most, if not all, industries. Though there is a limitless amount of online resources available within our fingertips, it’s a lot more efficient to discuss the know-hows straight with the experts.
- SaaStrThrough its platform, SaaStr has created a hub for all-things SaaS—from ebooks, podcasts, webinars, to its Annual SaaStr B2B software conference event.
- StartupGrindIt has attracted experts and founders from all industries to set up communities (aka ‘chapters’) in major cities around the world, including Bali and Jakarta.
- IndieHackersAn online forum for developers with its unique sections such as “Hard-Won Lessons”, “Learn from the Master”, and its notable one, the “Self-Care Hub”.
- SuperpathTargeted for content marketing enthusiasts, the channels cover SEO, B2B/B2C content strategy, career advice, and Q&A with featured guests.
Find more communities around the world, where you can learn passively or actively, in the full list here.
Got no conversation-starter with your stakeholders? Well, now you do!
With the insights you’ve gained from this week’s Monday Mavens edition, we hope it’ll be smoother for you to navigate the upcoming week.
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