7 SaaS Trends for Greater Digital Excellence in 2021
The SaaS industry is maturing with expansion of technologies and accelerated the pace of digital transformation. Companies are rushing to employ SaaS in their businesses. It has grown tremendously in the last 5 years and can expect to grow by 10% in the coming years.
Cost-saving and ease of use were its primary features. With the presence of large enterprises and availability of good IT infrastructure, the US is leading in SaaS; North America alone contributes 40% shares of global revenue in SaaS in 2020.
SaaS removes the need of organizations to install and run applications on their own devices or own data centers. SaaS offers wide range of advantages to organizations:
- Scalability: SaaS offers vertical scalability and allows access to fewer or more features on demand.
- New Release: The SaaS providers can upgrade the new releases and become available to customers unlike in traditional updates where customers had to buy the package.
- Data Storage: Companies don’t need to worry about the storage of data, they are regularly saved on cloud, are safe and secure.
Diving Deep into the SaaS Trends
1. White Label SaaS: Software companies develop software from scratch, test, and finalize the platform and sell it to other companies so that they can customize and label their brand with software and promote it. Food delivery Services, Taxi Service, Logistics & Dispatch are few examples of businesses that are using white label SaaS.
2. API in SaaS: API in SaaS is enabling different departments of companies to openly use software. Like MailChimp is a SaaS-API that syncs all the email activity of the business with its database and controls automation workflow.
3. Predictive Analysis using AI: Artificial intelligence-driven data analysis predicts who your potential customers are, displays information about your competitors, and predicts what your target audience might want to buy and consume.
4. Low Code in SaaS: Low Code allows developers to develop software with minimum coding and provides a drag & drop interface style that helps a non- developer to easily get into the SaaS market.
Overcoming SaaS challenges
Due to the increasing demand for the smart technologies, there may be profit opportunities in the global AI- SaaS market. But still there is a lack of well-trained professionals & also companies need to overcome certain challenges;
1. Lack of Insight on SaaS : Usually clients seek a lot of on boarding and training assistance, which slows down the expansion of SaaS companies in customer acquisition and customer service.
2. Overlooking product-to-market fit: Intelligent automation still seems a task as we need to align more efficiently on product cloud computing. For this, sufficient knowledgeable people will be needed to get AI enabled SaaS.
3. Security Concerns with SaaS: Large companies must ask these questions: Can their systems meet the ever-increasing security requirements? Security in SaaS is always questionable.
In the past few years a new breed in technologies and enterprise solutions has emerged for companies. Large enterprises around the globe have started expanding their capabilities with changing technology in different horizons. To see a shift in SaaS the companies should go beyond traditional SaaS and enter into the integration of artificial intelligence.
To know more about implementation of new technologies in SaaS read the complete blog.
