The global SaaS industry continues to grow, with the industry expected to be worth $60.36 billion by 2023, an increase of 9% in the next four years.
With platforms being so accessible, Cisco estimates that 75% of workload will be SaaS only by 2021. And with SaaS now being applicable to almost every department, it’s easier than ever for anyone to research, choose, subscribe to and implement new platforms.
With SaaS technologies continuing to expand, what are the 3 key trends for SaaS in 2021?
While horizontal SaaS takes a one-stop-shop approach to help multiple industries, platforms that are vertically-specific aim to meet specific industry needs. This allows companies to understand customer needs more intimately and offer best in class products developed for their industry requirements.
A good example of horizontal SaaS products are Salesforce (CRM) and Hubspot (marketing), which provide a broad service and can be used across industries.
Whereas, vertical SaaS platforms focus on one industry allowing companies to circumvent some of the competition in the cloud space by delivering a unique, more targeted service with technology that can deliver greater business value specific to the industry need. Some examples include:
As automation continues to mark its territory in sales and marketing playbooks, annual spending for marketing automation tools is expected to reach $25.1 billion by 2023.
Organisations are using automation to drive operational efficiency and improve business processes, and integrations are key to driving automation and scaling productivity. Nowadays, businesses are looking for SaaS solutions that work with the tools they already use.
With businesses looking to streamline processes particularly for sales teams, customer success and retention teams, the key area for automation and integration will be with the CRM. Whether it's to increase data capture accuracy, to simplify processes or to simply save time on manual tasks, platforms which help enable this whether by integration or as add-ons as additional tools will be key.
Over the last few years, data and analytics have become a growing focus point in SaaS. Businesses are investing more and more in SaaS applications for business intelligence, and Gartner predicts that user spending on such apps will grow by 23.3% between 2017 and 2022.
This means that, in 2021, more businesses are likely to adopt specialized analytics tools. For businesses that have long struggled to trust the data at their fingertips, now is the time to adopt new SaaS solutions that deliver reliable numbers.
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