Despite the slowdown, this share is expected to grow by a promising 2% over the next four years, bringing the size of the SaaS product market in the country to $37 billion, from $12 billion today. By 2030, this figure is expected to increase to $50 billion.
It is fitting that the revamped and redesigned ET Soonicorns Summit 2024 (a top-tier tech startup initiative of The Economic Times that will return to Bengaluru on September 20, 2024) is perfectly positioned to delve into the future landscape and opportunities presented by the thriving SaaS market.
What does it take to propel India’s SaaS journey? This question and more will be answered by change-makers, industry leaders and disruptive innovators in India’s SaaS sector as they share deep insights and strategic initiatives in the panel discussion titled “Expanding India’s SaaS footprint at home and abroad: Scaling strategies to achieve the $37 billion target.”
Experts will chart the path ahead for India’s SaaS space as the products take centre stage globally. Shweta Bhatia, Partner and Head of Investments in Technology, Consumer and Financial Services at Eight Roads Ventures India; Lalit Bhise, CEO and Founder of Bizom; and Yamini Bhat, Co-Founder and CEO of Vymo, are among the illustrious speakers on the panel.
The first ticketed version of the summit, themed “From Resurgence to Resilience” with a central message of a call to startups to “recalibrate, bounce back, reinvent,” aims to chart the future of India’s startup ecosystem. The goal-oriented discussions are designed to identify gaps, abandon practices that have not yielded results, and adopt a forward-thinking approach to be at the forefront of AI-led disruption, even as a funding spring seems to be on the horizon.
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The summit has emerged as an ultimate platform to devise viable strategies to chart the path towards Innovation 2.0, which will enable Indian startups to ascend to the next level amidst an evolving ecosystem. To this end, this year’s summit will be a key impetus to go beyond resilience and empower the ecosystem to usher in a new era of resurgence, leveraging successful strategies and lessons learned while facing a challenging ‘funding winter’. To register, Click here!
What is SaaS?
SaaS, or Software-as-a-Service, is a cloud computing model that allows customers to use application software without installing it. Simply put, the need to purchase and install software has been replaced by simply purchasing a cloud subscription and having direct access to the software. SaaS companies manage all of the underlying physical and software resources.
At the moment, 71% of businesses rely on SaaS applications worldwide. The importance of this area can be measured by the estimate that by 2025 almost half of the world’s data will be stored in the cloud, increasing accuracy and efficiency and redefining the way businesses operate worldwide.
The SaaS market has seen a remarkable expansion globally. The market has grown from $237.48 billion in 2022 to $273.55 billion in 2023 and is expected to continue growing to reach $908.21 billion by 2030, a compound annual growth rate (CAGR) of 18.7%.
What lies ahead: the story of SaaS in India
The SaaS story in India is a bright one, promising to create over 500,000 jobs in the next decade, while India is emerging as a key SaaS player in the world. And there are compelling reasons to believe this. Here is a summary:
- Skilled Tech Workforce: India has a conducive environment for advancements in SaaS innovation. A strong talent pool in software development and innovation, coupled with a thriving startup ecosystem, positions India as a global disruptor.
- Government Support: The Indian government has been proactive, with initiatives such as Digital India and Make in India, fostering an ecosystem of increased investment in the technology sector and innovation.
- Customized Services: Indian SaaS companies are increasingly taking up the challenge of customization and catering to the needs of specific verticals such as healthcare, education, finance, and manufacturing.
- Prioritizing Security: Security in the age of technological advancement is non-negotiable. Indian SaaS companies are earning a reputation for not compromising on security and compliance, and their steadfast attitude is earning them a favorable place in global markets.
- Global Recognition: A focus on security and compliance, and quality of products and services has been instrumental in getting Indian SaaS companies global attention and recognition.
A 2023 report According to SaaaSBoomi, a community for SaaS founders, the Indian SaaS market will generate over half a trillion dollars in value. The report predicts that this growth will drive the emergence of over 100 new unicorns in the country.
Read also:https://economictimes.indiatimes.com/tech/startups/et-soonicorns-summit-2024-meet-the-investors-innovators-and-industry-leaders-set-to-recalibrate-rebound-reinvent-the-indian-ecosystem-startup/articleshow/112494656.cms?from=mdr
The AI push
A recent report by advisory firm 1Lattice and venture capitalist Sorin Investments, led by veteran dealmaker Sanjay Nayar, emphasizes that 15 to 20% of the world’s Artificial Intelligence (AI) workforce is located in India.
Indian SaaS companies are keen to take advantage of this by incorporating more AI into their products as they look to improve customer experience, security, and efficiency. This incorporation will also save time and costs. There is a growing focus on AI transformation at the service layer.
So what are you waiting for? Be a part of ET Sooicorns 2024 and dive into innovative ideas about SaaS in India during the panel discussion titled, “Expanding India’s SaaS presence at home and abroad: Scaling strategies to achieve the $37 billion target.” This is an opportunity to not only learn from industry experts and disruptors but also foster new networks and connections to take your startup forward. No matter what stage you are at with your startup, this panel discussion and summit can open doors for you to understand the challenges, shape sound business models, steer sustainable strategies, and navigate the funding conundrum beyond the hype.
For more information on the ET Soonicorns Summit, visit the site website
To register now, Click here.
(This article has been generated and published by ET Spotlight team. You can contact them at [email protected])
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