SaaS in 2021: Growth Trends and Statistics

 By Pranjali Manore



Over the last decade, one can see that businesses have continued to shift their sales, marketing, and operations further into the cloud. With continually evolving SaaS products, it has never been simpler to power a business from anywhere. 

 

Companies can run SaaS software solutions and online data analysis without relying on implementing applications on their own computer systems and data centres. Thus, these innovations are growing their popularity every year. 

 

SaaS takes over the cloud computing market. As per the Gartner report, it is estimated that the service-based cloud application industry will be worth $143.7 billion by 2022- a growth level that will shape the sector in the dawning of this year, 2021. 

 

SaaS (software-as-a-service) is a distribution model that offers a lot of agility and cost-effectiveness. It makes it an incredibly reliable option for numerous business models and industries. It is also popular among businesses due to its simplicity, security, user accessibility, and widespread connectivity. In turn, SaaS platforms streamline business models, resulting in maximum efficiency across the board. Today, most companies implement various business intelligence strategies, turning to SaaS BI tools to assist them in their effort. 

 

Let's dive into some of the top SaaS trends in 2021. 

 

1.     Artificial Intelligence:

 

This is the first and most impactful trend in SaaS is the autonomous, self-learning variety. 

Nowadays, AI is deep-rooted in the veins of our society. Artificial Intelligence made the top 3 of our list of business intelligence trends for 2021- and next year, it is expected to make some serious waves. Artificial intelligence technology is becoming more widespread; it is becoming a real game-changer, with an estimated value of market of $733.7 billion by 2027. Artificial Intelligence optimizes business processes, growing productivity and efficiency while automating repetitive tasks, and supporting human capabilities. 

 

2.     Machine Learning (ML):

 

ML, a subset of AI, is used in SaaS to automate responsiveness in customer service reports and applications, including AI-powered chat operations with live chatbots. Moreover, it will automate the onboarding process of SaaS. Machine Learning is built on an autonomous operational model. Innovations will facilitate software and platforms, which empower businesses to automate significant chunks of internal operations other than customer service or experience alone. 

 

MI is one of the fastest-growing software segments, and, as such, it is a hot SaaS 2021 topic. ML becomes a vital part of the AI-based software-as-a-service model; a rising number of platforms will appear to help businesses across sectors. 

 

3.     Analytics-driven SaaS:

 

The third essential SaaS industry trends are data-driven. Investment in analytics-driven SaaS innovations is predicted to soar. 

In actual fact, industry specialists believe that investment and value in analytics-centric SaaS models will rise by 23.3% by 2022. 

 

It is predicted that this year analytics will become a central component of many service-based software platforms, making business intelligence and data-driven decision more powerful for anyone looking to get ahead of the competition. 

 

4.     Vertical SaaS:

 

Vertical SaaS is the fourth forecast for SaaS trends in 2021. At the same time, Horizontal SaaS focuses on clients within specific industries and supply chains. Few examples are healthcare analytics software, modern logistics analytics, or retail analytics. Companies looking to benefit from specialization find Vertical SaaS a cost-effective, industry-specific option that allows them to refine certain features' customization. 

 

Conclusion:

 SaaS technologies have made it easier for businesses and software vendors to successfully deliver the essential features and functionality to end-users, ultimately contributing to SaaS solutions' popularity over on-premise software products. 

 

As information continues to be the driving force behind smart business strategies in a digitally dependent world, SaaS will be an increasingly convenient and affordable option across industries, both now and in the coming years. By embracing these essential SaaS industry trends, trusting your products, you will hit the ground running in 2021, enjoying increased growth, success, and access to invaluable business insights. 

 


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