2020 was a year of disruption and reliability on digital technology increased as companies responded to the rapidly changing business environment. According to Gartner, SaaS application development services are taking over the public cloud services market.
Businesses, irrespective of their size, are turning to cloud-based software as a service (SaaS) as part of business continuity strategies to weather the disruptions. This, in turn, led to the increase in SaaS spend per company by 50% in 2020 compared to 2018.
With the advent of new technologies, SaaS trends are expected to grow rapidly and create a major impact on businesses. So, if you’re not aware of the SaaS trends, tools, and statistics shaping the tech this year, we’ve got you covered.
What is SaaS?
Software as a service (or SaaS) is a way of delivering software that can be accessed from any device with an internet connection and a web browser. Instead of installing and maintaining software the SaaS provider host, maintain and manages the application, including security, availability, and performance.
Types of SaaS Products to Include in Your Stock
SaaS has become so accessible that businesses can now implement SaaS products for nearly any area of business practice. Cisco forecasts that SaaS will account for 75% of the workload in 2021.
Some of the most common types of SaaS applications available include:
- Customer Relationship Management (CRM)
- Payment gateways
- Project management
- Web hosting and eCommerce
- Accounting and invoicing
- Data collection and management
- Human resources
- Communication platforms
- Marketing (for example email marketing
You can find SaaS tools for every business function. However, with countless companies emerging to be a part of the buzz it can be quite overwhelming to select the best SaaS tool. Thus, we have curated a list of the top 10 SaaS products that can enable the smooth functioning of your business.
- Bit.ai – Document collaboration tool
- Elink – Content curation tool
- Trello – Project management tool
- Slack – Communication tool
- HubSpot – CRM, Sales, and Marketing SaaS software
- Buffer – Social media management
- Intercom – Customer support tool
- BambooHR – Human resource tool
- Freshbooks – Accounting tool
- Toggl – Productivity tool
Top SaaS Trends For 2021
Whether you are a startup or an established business, you have to be on top of the latest SaaS trends to stay ahead in the competition. Here are the top SaaS trends to follow in 2021.
- Artificial Intelligence and Machine Language
AI is expected to contribute $15.7 trillion to the global economy by 2030. Artificial intelligence is getting linked to the software of all types. AI when integrated with SaaS can automate services, analyze data, optimize business operations, enhance security, and improve productivity.
For example, Remove.bg is a SaaS software company that Alt-text uses AI to automatically remove background from the image. After the company started to use AI to enhance their software, their searches and growth climbed steeply.
Image source: Exploding topics
Alt text: growth chart of AI-powered software Remove bg
Machine Learning, a segment of AI, is also gaining popularity due to its distinctive potentiality. From offering automating responses for better customer experience to streamlining business operations, it benefits businesses in numerous ways.
In the B2C industry, Spotify is a great example that uses ML to offer personalized song suggestions to its users.
- Low-code or No Code SaaS Platforms
Coding software from scratch no longer exists. As per recent data, the global low-code development platform market is expected to generate a revenue of $187 billion by 2030.
SaaS platforms are no more only for developers or tech-savvy people. They are for anyone. You don’t require much technical know-how to use them. Their UI and UX are straightforward and anyone can use them. Apart from this low-code tools also offer a lot of benefits including, reducing app development costs and accelerating the development process.
For example, Ninox is a cloud app development platform that can help you develop custom business apps with no-code or low-code.
- API’s and Integrations
A survey conducted by Mulesoft revealed that 90% of global SaaS vendors considered integration crucial to driving top-line revenue. With the high demand for SaaS product development services, SaaS developers are focusing on adding integration capabilities to their products.
Businesses want SaaS tools to easily work with existing processes and other tools their team is already using. Thus, this trend will deepen in 2021 and more SaaS service providers are expected to offer more refined integration solutions instead of redirecting their customers to third parties.
The SaaS industry has become increasingly competitive. Thus, in 2021 and beyond SaaS software companies will have to find new ways to offer value to their users.
This cutthroat competition has made several SaaS companies become micro-SaaS companies. Micro-SaaS products offer one important function and usually, they are add-on, extensions, or accessories to a bigger SaaS product. For example, Grammarly is a stand-alone micro-SaaS product for Google docs.
Micro-SaaS are generally run by a small team. They can be deployed faster and managed with very few people.
The Bottom Line
2021 is set to see huge growth and the increasing reliance of businesses on SaaS. By embracing these essential SaaS trends, you will get the ball rolling in 2021, enjoying the increased success and growth of your business. If you’re ready to grab the future of SaaS and benefit from your SaaS solution, contact us.
At ERISN, we always stay in the loop of the latest SaaS trends to provide our clients with high-quality, market-successful cloud computing services.