Statistics and Trends for the SaaS Sector in 2023
Updated on January 5, 2023 | by Samara Davis
The software-as-a-service (SaaS) market has flourished in recent years, opening the way for enhanced company efficiency and simplicity compared to the past. This rapid expansion has been fueled mostly by consumers’ desire to improve automation and the ongoing innovation of SaaS products.
SaaS platforms have already done a fantastic job of positively altering the way organizations function, but what can your SaaS solution do to remain ahead of the competition? This article will go over the top five trends and statistics for SaaS platforms in 2023, as well as how you may use them in your own setting.
Statistics About the SaaS Market’s Expansion
The pandemic had a significant role in the rising popularity of SaaS solutions, as many businesses were forced to convert to remote work and rely on software to keep operations running smoothly. Let’s take a look at how the SaaS industry is currently evolving.
The Growth of the SaaS Industry is Unlikely to Slow
Over the previous several years, the overall value of the worldwide SaaS industry has been steadily increasing. It was predicted to be over $152.18 billion in 2021. This value climbed to $176.62 billion in 2022, a 16% rise in one year. The SaaS industry is anticipated to be worth $208.1 billion in 2023, a 17.5% increase from 2022.
Since 2015, the SaaS Industry has Been Rapidly Expanding
According to BetterCloud, the number of IT-approved SaaS applications has more than tenfold grown since 2015. By 2025, it is predicted that 85% of enterprise applications will be SaaS-based.
By 2025, the Cloud will Hold Half of the World’s Data
According to the 2020 Data Attack Surface Report, data stored in the cloud will exceed 100 zettabytes (1 zettabyte = 1 billion terabytes) by 2025, accounting for 50% of the world’s digital data.
The Top Six SaaS Trends for 2023
SaaS organizations that concentrate on mobile-first technologies benefit from a distinct set of benefits. The year 2021 saw an increase in remote working, with app-driven technology soon becoming the norm for user communication.
It is now considered common practice to include both applications and mobile responsive webpages as part of the overall plan. According to research, mobile use accounts for around half of all online traffic globally.
As these figures rise, more SaaS providers will want to adopt a mobile-first strategy in the coming years, tailoring their solutions to a variety of mobile devices. Ever dreamed of developing a SaaS software solution? Go now and find out how best to do it.
Everything is Becoming Cloudy
While cost potential and scale formerly enticed executives, the major selling point in 2023 will be featured. Customers are aware that cloud-based SaaS companies rely on features to compete.
In 2023, leaders will continue to explore inside the organization to choose what they want to retain control over rather than outsource to the cloud. The approach will drive executives toward SaaS and application purchases from providers.
Organizations will recruit more workers as SaaS becomes increasingly fundamental to operations, investing in individuals who can assist manage crucial third-party platforms.
The Popularity of Low-Code and No-Code
Low-code is the next major step in the growth of the software business, and as such, it is included in SaaS market trends. Low-code platforms are development frameworks that complete expensive and high-error stages of application development. As a consequence, developers may concentrate on application logic and user experience, rather than only on business innovation.
A low-code solution may be used to create anything from a small mobile app to a sophisticated corporate system.
Users want a more customized experience in every program they use, which is one of the reasons AI has become one of the fastest-growing SaaS trends. AI assists programs in better understanding what people want and automatically adapting the product to their requirements. For example, when AI is integrated into business software, it may evaluate employees’ app use habits and alter the home or menu screens to prioritize the most frequently used functions.
AI is used by SaaS organizations to limit the possibility of human mistakes and to automate manual operations and time-consuming procedures. They save money and other resources in this manner. Intelligent data collection, intelligent and robotic process automation, and customer communication management may all benefit from AI automation.
The SaaS industry’s future prospects are promising. These SaaS developments will undoubtedly influence how many SaaS platforms present themselves as leaders in 2023.
More information on a similar topic – Vue vs React https://devoxsoftware.com/blog/vue-vs-react-which-one-to-choose-for-2022/.