Indian SaaS products to corner 8% global market share by 2028: report
The Indian SaaS market is also expected to touch $37 billion in market size by 2028, from $12 billion presently, the analysis showed.
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This share hasn’t increased from 2022, owing to large enterprises cutting their budgets on SaaS (software-as-a-service) spends amidst broader correction in global macroeconomics.
Between 2020 and 2022 with funding being easily available, and software businesses ploughing funds into marketing and goto-market (GTM) functions, global market share of domestic software products jumped 2%.
However, the next 2% gain in global market share will take another four years to achieve. The US continues to lead the global SaaS product market with 49% market share.
“Till 2021 capital was available and the focus wasn’t on efficient growth. Now SaaS businesses are focused on efficiency and getting to profitability, while spending more time on GTM and cutting down employee counts,” said Mandar Dandekar, partner, Sorin Investments to ET.
Further, amidst correction in the overall funding market, the gestation period for
