Despite the slowdown, this share is expected to rise by a promising 2% in the next four years—taking the market size of SaaS products in the country to $37 billion, from the present $12 billion. By 2030, this figure is expected to swell to $50 billion.
It is only fitting that the revamped and repurposed ET Soonicorns Summit 2024—a premier tech-startup initiative by The Economic Times on its return to Bengaluru on September 20, 2024—is perfectly positioned to dive deep into the future landscape and opportunities the thriving SaaS market presents us with.
What will it take to propel India’s SaaS journey forward? Changemakers, industry leaders, and innovative disruptors from India’s SaaS domain will answer this question and more as they are set to share in-depth insights and strategic initiatives at the panel discussion titled ‘Expanding the Indian SaaS Footprint at Home and Abroad: Scaling Strategies to Achieve the $37B Target’.
The experts will map the path of India’s SaaS territory, as the products take centre stage globally. Shweta Bhatia, Partner, Head of Technology, Consumer & Financial Services Investments Eight Roads Ventures India; Lalit Bhise, CEO and Founder of Bizom; and Yamini Bhat, Co-Founder and CEO, Vymo are among the illustrious lineup of speakers at the panel.
The first-ever ticketed version of the summit, themed ‘From Resurgence to Resilience’ with its core messaging or call to startup to ‘Recalibrate. Rebound. Reinvent’, aims to outline the future of the Indian startup ecosystem. The goal-driven discussions are designed to identify gaps, let go of practices that did not deliver results, and adopt a forward-looking approach to be at the forefront of AI-led disruption, even as a funding spring seems to be on the horizon.
Discover the stories of your interest
The summit has emerged as a definitive platform for devising actionable strategies to chart the journey towards Innovation 2.0, set to enable Indian startups to rise to the next level amid an evolving ecosystem. Towards this end, this year’s summit will be a key push to move beyond resilience and empower the ecosystem to usher in a new era of resurgence, leveraging successful playbooks and lessons learnt while countering a challenging ‘funding winter’. To register, click here!
What is SaaS
SaaS, or Software-as-a-Service, is a cloud computing model that allows clients to use application software without installing them. Simply put, the need to buy and install software has been replaced with buying just a subscription to the cloud and accessing the software directly. The SaaS companies manage all underlying physical and software resources.
Currently, 71% of companies rely on SaaS model applications globally. The importance of this domain can be gauged by the estimation that by 2025 nearly half of the world’s data will be stored in the cloud—elevating accuracy and efficiency while redefining how businesses operate worldwide.
There has been a remarkable expansion in the SaaS market at a global level. The market has risen from $237.48 billion in 2022, to $273.55 billion in 2023 with the upward trajectory expected to continue soaring and reaching an estimated $908.21 billion by 2030—an 18.7% Compound Annual Growth Rate (CAGR).
What lies ahead, India’s SaaS story
The Indian SaaS story is a glittering one, promising to create more than 500,000 jobs in the next decade or so, while India emerges as a key SaaS player in the world. And there are strong reasons to believe that. Here’s a glimpse:
- Skilled tech workforce: India has a conducive atmosphere for breakthroughs in SaaS innovation. A robust talent pool in software development and innovation coupled with a thriving startup ecosystem positions India as a global disruptor.
- Government support: The government of India has been proactive—with initiatives such as Digital India and Make in India—fostering an ecosystem of increased investments in the technology sector and innovation.
- Customised services: Indian SaaS companies are increasingly taking up the customisation challenge and catering to the needs of specific verticals, including healthcare, education, finance, and manufacturing.
- Prioritising security: Security in the era of technological advancements is non-negotiable. The Indian SaaS companies are making a reputation for themselves for not compromising on security and compliance and the unflinching approach is earning them a favourable spot in the global markets.
- Global recognition: A focus on security and compliance, and the quality of products and services has been instrumental in getting Indian SaaS companies global attention and recognition.
A 2023 report by SaaSBoomi—a community for SaaS founders—said that the Indian SaaS market will create more than half a trillion dollars in value. The report anticipated that this growth would foster the rise of over 100 new unicorns in the country.
Also read:https://economictimes.indiatimes.com/tech/startups/et-soonicorns-summit-2024-meet-the-investors-innovators-and-industry-leaders-set-to-recalibrate-rebound-reinvent-the-indian-startup-ecosystem/articleshow/112494656.cms?from=mdr
The AI push
A recent report by the advisory firm 1Lattice and venture investor Sorin Investments, led by veteran dealmaker Sanjay Nayar, emphasises that 15 to 20% of the global Artificial Intelligence (AI) workforce is housed in India.
The Indian SaaS companies are keen to leverage this, by incorporating more AI into their products as they look ahead to enhance customer experience, security, and efficiency. This incorporation will also save time and cost. There is an increased focus on AI transformation into the services layer.
What are you waiting for then? Be a part of the ET Sooicorns 2024, and immerse in path-breaking ideas on Saas in India during the panel discussion titled, ‘Expanding the Indian SaaS Footprint at Home and Abroad: Scaling Strategies to Achieve the $37B Target’. Here is an opportunity to not only learn from the experts and the industry disruptors but to also foster new networks and connections to take your startup forward. Regardless of the stage you are at, with your startup, this panel discussion and the summit can open the doors for you to understand the challenges, shape robust business models, steer sustainable strategies, and navigate the funding conundrum beyond the din.
To learn more about the ET Soonicorns Summit, visit the website
To register now, click here.
(This article is generated and published by the ET Spotlight team. You can get in touch with them at [email protected])