- These major platforms probably only went all-in on flexbox fairly recently
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The SaaS industry started to be an industry that was edging on technological innovation, but it has become a necessity for almost all kinds of enterprises. SaaS tools are used to ease the automation processes, collaborate various other tools under a single roof, work remotely, and a lot of other smaller but equally necessary things. A lot of organizations in recent times have tended to gravitate towards SaaS tools owing to their cost efficiency, accessibility, and versatility.
The SaaS is garnering attention mostly due to its subscription-based model that offers cost-effectiveness for various industries that can’t afford to buy it or unwilling to. Kahootz predicted that 73% of businesses say that nearly all of their apps to be SaaS-powered by 2020.
What makes the US, Canada, and India top markets for SaaS Industries?
Let’s start with India. India has a great SaaS ecosystem. India has been rapidly growing in the technology sector over the past decade. Amid this evolution, India still has a lot of unsolved problems in both B2B and B2C sectors. The insane amount of population, IT services’ growth, and competence in areas such as banking, finance, and security make India one of the most favorable SaaS markets. According to NASCOM, by 2022, India’s SaaS market is expected to grow at 36 percent per annum and reach $3.3-3.4 billion.
In the first half of 2019 alone, investments in Canadian tech startups reached nearly $3.3B. It because of its lower costs and access to rich talent that Canada is recognized as one of the most desired places to build a company. TechTO estimates about 2,500-4,100 active tech startups in Toronto alone. We are now seeing a presence from tech’s most significant players like Google and Amazon in major Canadian cities. $5.13B in total capital invested in Canadian SaaS industries.
In Silicon Valley, the majority of SaaS has moved to machine learning (ML) and artificial intelligence (AI). The North American SaaS vendors are trying to meet the rising demands of increasing the security and scalability of services. North America is already an established market for SaaS vendors. Still, as there are more advanced technologies emerging every day, the demand for more secure cloud service remains a challenge for the SaaS providers.
With a surge in the number of startups bending towards a cloud-based solution, a prominent reason is an increasing demand for software products in these markets. Mostly to assist with email automation, managing customers, or even collaborating with team members. Because automation has become a necessity for both small and large businesses, SaaS has turned out to be a profitable and scalable business opportunity for us.
This is insane!
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Why these countries need SaaS?
Pay-per-use is the primary marketing point for SaaS. A SaaS product has no upfront costs. The companies are at liberty to pay for a limited due to its subscription-based service model. You have the freedom to choose the number of accounts you would want, and based on the requirement that can be scaled up or down. Small companies that do not have the purchasing capacity, and companies that want a service for a limited time can benefit from this.
Access from multiple locations and devices is another major selling point as all there countries – India, the US, and Canada have globalized IT sectors and have organizations working from different time zones. SaaS can be operated from any device as long as you have an Internet connection. The result being, mobility, and independence of working with software from multiple devices, including desktop, smartphone, and tablet, and is also easily deployable, which cannot be obtained purchasing licensed products.
Acquiring global customers and winning their trust can be a mountain to climb if you are just starting, as SaaS products have been here for a while, a lot of industries already have their preferred companies.
Rigorous digital marketing using paid tools, organic content, and display advertisements is one way to generate leads. Retargeting and SEO can also be used to get familiar.
Creating a global presence is not an easy task, especially when your customers are renting your product instead of buying it. You might cover your customers with excellent marketing, but if it does not deliver its promise, they’ll shift to a different company. Find a product-market fit, assemble a team that can build, market, and sell the world-class product and double down on customer acquisition and retention.
Oh, yes please!
According to a report published by KPMG along with Google, the global SMB SaaS market is expected to increase at a CAGR of 36% between 2017 and 22. By 2020 it is expected that the global SMB SaaS market will outgrow the enterprise SaaS market.
Getting a big target can extremely benefit able than a couple of small deals, but at the same time, those deals take much longer to close. It demands your physical presence in the market too.
When you are building your product, make sure that the people you are targeting to sell your product actually need your solution.
The number of SaaS players in India is comparatively smaller than the US and Canada, but the opportunities are immense. And since it is SaaS, it is not limited to the country you set up in. Your product can be availed throughout the world; hence by adapting to the changing market and addressing the needs of the audience, SaaS companies are well-placed for long-term and sustainable growth.