You might be not sure about the SaaS growth and how come it is the future of software. But we can assure you that after reading this article, you will witness the non-stop growth of SaaS product platforms in digital technology.
SaaS solutions are one of the aspects of the IT industry that is growing the fastest. The Software as a service (SaaS) model, which works on a subscription basis and is centralized on a remote cloud network, is becoming popular with many organizations for a number of reasons, such as its flexibility and low cost.
Since working from home is more important than ever after a pandemic, the need for SaaS will only grow in a huge way.
In the last few years, there have been a lot of changes in the software business. And in this Internet age, demand for Software as a Service (SaaS) technology is booming.
In the Digital age, SaaS has become an important part of running a business. SaaS product, on the other hand, is an application that is hosted on a server by a provider and accessed by clients through a secure internet connection. We’ve also put together some of the most important trends and growth rates for SaaS solutions for 2022 in this article.
SaaS Products and Tools Taking Over the Digital Industry
A new generation of SaaS tools became possible because the internet was faster and more reliable and because it was easier to get into multiple markets. Hundreds of businesses found eager customers who wanted new solutions. Several SaaS businesses opened up to fill in the gaps and make sales, communication, record keeping, and other tasks easier and smoother for these businesses.
In theory, companies should have more options if they have access to a wide range of tools. In the real world, companies now have trouble making decisions. Total SaaS preferences have been made possible by a wide range of options. Finding and using tools has become almost as hard for many businesses as doing everything by hand.
How the SaaS Market Grow in the Future
Based on the database that Forbes keeps, the number of SaaS tools will grow to more than 50,000 in the next few years. Most companies in the middle market will use dozens of tools to do different things, and even smaller companies will use more than a dozen tools to do everything.
A platform that helps business leaders and IT teams understand their full software stack could be the answer to the chaos. In a perfect world, that platform would let businesses control all of their cloud software in one place, including analytics and provisioning, with almost no setup time. Because of this, we created the SaaS product VenueArc to help the venue and event management industry in a more creative way.
Businesses need to realize that the growth of SaaS won’t stop. SaaS tools will continue to be in high demand as long as it’s easy for companies to get into new markets or make their own markets. This is something good. The world needs new ideas, and niche businesses need tools that can help them deal with the problems they face.
But nobody wants complexity, especially when it makes doing business harder than it would be without tools that are supposed to make life easier. The next generation of cloud software makes it easier for companies to make decisions and for small and mid-market businesses to create and manage stacks that work best for them.
Still not convinced?
You can estimate the worth of Software as a Service by two of these stats by Gartner:
SaaS now rules the market for cloud computing. Gartner says that the service-based cloud application industry will be worth $143.7 billion by 2022. This level of growth will shape SaaS trends in 2022.
In the last seven years, the size of the SaaS market has grown by about 500%. People think that SaaS is the most important business technology. The United States has about eight times as many SaaS companies as any other country. Cloud security is the part of the IT security market that is growing the fastest.
Let’s find out more about the interesting trends about the (SaaS) Software as a Service in future.
The first significant trend in the SaaS industry is based on data. As the digital transformation in all fields speeds up, businesses in all areas are looking to data to streamline their operations and learn more about their customers or users. Investments in software-as-a-service innovations that are driven by analytics are expected to soar.
In fact, experts in the field think that in future, investment and value in SaaS models that focus on analytics will rise by 23.3%. Analytics will become a crucial part of almost every service-based software platform by 2022 and beyond. This will make business intelligence and data-driven decisions even more helpful for anyone who wants to get ahead of the competition.
This streamlined analytics will let users look at their data from a single point of truth, finding hidden insights by using modern tools like performance dashboards, where every member of the team has access to the most critical business information.
The Increasing Need for API Integrations
The API (Application Programming Interface) has been a critical part of software development for many years, and our fifth SaaS trend is all about it. With the rise of SaaS solutions and their use by the market, it became necessary to add them to a business system that was already in place. Some companies might want to move all of their data to the cloud, but many would instead integrate it with their current infrastructure to make it better. This is where the problem is.
At first, SaaS providers didn’t offer a complete solution for integrating their services. Because of that mistake, the work took longer, and the customers were disappointed. Then, they would send their customers to a third party to get the APIs that would allow the cloud solution to be added to the customer’s existing system. It was better for the SaaS developers not to start from scratch and instead use APIs from other companies to save time and money. Their time to market was shorter, and they could focus on their core skills to create features that made them stand out.
More Concentration on Retention and Churn
As the growth of the SaaS industry continues to speed up, SaaS platform providers are working on a wide range of ways to give platform users the most value possible so that they stay on the platform longer and don’t leave.
This means that many existing platforms and new innovations will come with fully customizable features and tools that give businesses access to a wealth of information that can help them improve their internal processes and meet customer needs head-on.
A stronger focus on churn and retention will not only increase the value of SaaS offerings but will also lead to things like personalized onboarding tutorials and videos, better mobile optimization, and advanced platform feature notifications, among other things.
From this point of view, putting more emphasis on retention and churn means that as a SaaS user, you have more room to grow and change your business.
SaaS: What Makes It Unique
As we have talked about the most crucial software-as-a-service (SaaS) trends for 2022, now it’s essential to think about what makes SaaS not just a technological development but also a business model that works.
Flexibility in Payment Modules: There are different ways to pay, so businesses don’t have to buy expensive software and hardware. Instead, they can choose between different ways to set prices. In today’s competitive world, many organizations like payment models that are flexible, like ones where they only pay for the resources they use.
Scalability: The scalability of cloud-based SaaS makes it easy for businesses to grow. Companies can choose which features and options they want to use.
Updates: SaaS providers take care of making the necessary software updates and adding new features over time, so businesses don’t have to spend a lot of time on this.
Accessibility: With SaaS, businesses can use applications from anywhere and on any digital device. This is especially useful for mobile platforms. Also, it is easy to use and friendly to the user.
Adaptability: Because SaaS innovations seem to offer an almost unlimited amount of scalability, access, and insight, businesses that use these tools or platforms will be much better able to deal with constant change or unexpected organizational roadblocks.
Increased collaboration: SaaS developments make it easier for teams and departments within a business to work together by making it easier to share files and read and understand information across systems.
Security: Most SaaS models are known for their enterprise-level security, which is a more comprehensive approach to security than many centralized, on-premises solutions. There are already disaster recovery plans in place for Cloud SaaS in case a system fails. This means that your business’s data will always be accessible and safe, even if there is a data breach or your system goes down.
The good news is that you can find all of the above-described features or aspects in our SaaS product, VenueArc, which is specially developed for the performing arts sector.
We have instilled the SaaS technology into our venue and event management software so that our clients have the most updated technology to manage their event and venue management operations seamlessly with the innovative digital platform of SaaS.
Try VenueArc to have a Seamless SaaS experience for your performing arts center
Software as a service has a bright future, and both businesses and consumers are paying attention to it.
The web-based SaaS product works better than the traditional one. It gives real results to the end-users at a budget-friendly rate.
So, what will be your next step?
If you are thinking of switching your old app for managing events and venues to SaaS! Let’s Discuss.
We have the skills and experience to develop SaaS apps, which we deliver with high quality and support services. Our experts will listen to your needs and build the application you want based on those needs.
Our expertise and work are best shown by the SaaS solutions we make for the performing arts industry. Check out how we price our products and give it a try now by availing of our free 30 days trial.