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5 key SaaS trends to try in 2021
Published on June 9, 2021
The software industry has seen a complete revolution thanks to the rapid advances in cloud computing technologies. Buying software is now a thing of the past, as customers today can easily subscribe to a specific SaaS (Software as a Service) and scale it up or down as needed. SaaS product development services accelerate the cloud computing market. Gartner predicts that cloud spending in India will reach $ 4.4 billion in 2021, up 31.4% in 2021 year over year. Popularity for SaaS The SaaS business model is preferable because of some fundamental factors that are universal. Flexible payment options and scalability are the two most important factors as they help businesses determine their priorities and only subscribe to the services they need. In the SaaS model, the operating costs are reduced, since both the computing and storage requirements are largely covered by the SaaS provider. Plus, the software is constantly updated and improvised as it analyzes user behavior around the clock and updates features accordingly for better performance.
Currently, the biggest advantage of the SaaS model is its ease of access. Since the lockdown, several companies have adopted the SAAS model, enabling mobile access to applications from any digital device and location, making it mobile-friendly and decentralized. With SaaS, cross-departmental collaboration has increased as it is now easier to share files, work on projects, and stay connected with different teams in the same organization. When it comes to security, most SaaS models are more secure and have disaster recovery and business continuity plans in place, regardless of data breaches or system failures. The growth paradigm The need to cut costs and stay connected, largely due to the ongoing pandemic, has been a major driver of the growth in SAAS offerings. Organizations have recognized that SAAS models are the best way to be digitally efficient so that their businesses can survive and thrive. This increasing demand has also increased market demand and competition for better and improved SaaS services. The following are the top 5 SaaS trends to watch out for in 2021
1.AI and machine learning: AI is expected to have a market value of $ 733.7 billion by 2027. AI makes sense and adds value to the vast amounts of data that any digital solution generates. Therefore, SaaS will see the adoption of AI in several ways in the coming month. AI-based algorithms provide computed analytics and predictions that help companies streamline their processes, make informed decisions, and automate repetitive tasks, saving companies time and money.
Machine learning, a subset of artificial intelligence, helps with pattern recognition, streamlining business processes and automating reactions for a better customer experience. ML is also one of the most sought-after trends in the SaaS market.
AI solutions provide online reporting that helps companies stay on track with their KPIs, identify upcoming fluctuations, and help them decide how to proceed in the future.
2. Trends for mobile SaaS apps: India’s mobile usage is projected to be 900 million by 2023, with an estimated nearly two-thirds of the population having internet access and a mobile device. With the introduction of SaaS, we are already accessing the app versions of the software on our phone. The year will offer a simplified user experience (UX), extremely responsive app features and functionality with factors such as task optimization, one-swipe actions, online payment and intuitive filtering functions. In the coming months, immersive mobile technologies such as augmented and virtual reality will also gain in importance in mobile apps. Overall, the SaaS launch criteria will focus on advanced and user-friendly mobile experiences.
3. Vertical SaaS: SaaS services can be divided into vertical and horizontal. With the latter, the service is aimed at customers from all sectors and industries. In the former, the service, as understood, will be tailored and aimed at customers within specific industries and supply chains. For example, companies will offer industry-specific analytics solutions that are separately customized for industries such as healthcare, retail, manufacturing, transportation, storage, education, and so on. With vertical SaaS, the solutions are more adaptable, more customer-oriented and focus on niche properties. This gives SaaS providers KPIs to provide better scope for upselling and reselling and lowering the cost of customer acquisition.
4. Micro SaaS: Micro-SaaS are mainly the small players who offer their customers limited or complementary solutions. These are usually add-on services to existing platforms or services that close the gap in the missing function in an existing SaaS product. It’s called micro-SaaS because of its company size or product focus, which is usually both limited and small. It’s a SaaS model, mostly vertical, targeting a niche market and operated by one or two members, often with limited services.
5. PaaS: In the coming period, the SaaS industry will continue to develop and increase in volume and portfolio, which, in addition to customer acquisition, is a primary growth factor for customer loyalty. A SaaS changeover to PaaS (Platform as a Service) means that the software providers are expanding their original offerings with further custom apps as add-ons. It gives a SaaS business model an advantage as it brings more agility, scalability and security to your overall offerings. Improved features, functionality and the ability to customize will make the solutions more agile and give companies more time and resources to focus on their core commercial activities. PaaS offerings are inherently robust, flexible, and accessible, which means that you can easily scale your business using a platform as a service Conclusion The SaaS industry is here to stay and keep growing with all engines. SaaS is not only more user-friendly and scalable, it also ensures data availability in the event of a disaster. Hence, it’s a complete go-to option for businesses and individuals alike. As data continues to be the driving force behind current business strategies, the SaaS model will become an increasingly convenient and affordable option across industries.
By Vikas Bhonsle CEOCryon Software Experts India