The next phase of growth and innovation for India’s SaaS sector
SaaS market has been experiencing remarkable expansion, with projections indicating a substantial rise from $237.48 billion in 2022 to $273.55 billion in 2023. The SaaS industry is expected to maintain this impressive trajectory, reaching an estimated $908.21 billion by 2030, boasting an 18.7% Compound Annual Growth Rate (CAGR).
The Software as a Service (SaaS) sector in India is gearing up for an extraordinary phase of growth and innovation in 2024.
Against the backdrop of post-COVID dynamics, the Indian SaaS sector is positioned as a key player in driving digital transformation, with a multitude of factors shaping its future. The Indian software as a service (SaaS) market is expected to grow from $13 billion in 2022 to $25 billion by 2025, $35 billion by 2027, and $50 billion by 2030, according to a report by venture capital firm Bessemer Venture Partners (BVP).
As of now, 71% of companies globally are relying on SaaS model applications, solidifying their role as primary catalysts for digital transformation.
The demand for SaaS solutions is underlined by the estimation that, by 2025, nearly half of the world's data will be stored in the cloud. This migration to cloud-based solutions is reshaping how businesses operate and manage their data, ushering in a new era of efficiency and accessibility.
In 2024, it is anticipated that approximately 85% of all business products will be SaaS applications.
This statistic underscores the widespread adoption of SaaS across industries, indicating that businesses are increasingly recognising the benefits of scalable, flexible, and cost-effective software solutions. Moreover, by 2025, a significant 65.7% of spending on software applications is projected to be directed towards cloud
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