Thursday, July 25, 2024

Indian SaaS Industry to Reach $37 Billion by 2028, Says New Report

The Indian software-as-a-service (SaaS) sector is lately growing at a remarkable pace and it is being projected to reach to $37 billion by 2028 globally. The forecast comes from a report released by advisory firm 1Lattice and venture investor Sorin Investments. It writes that the growth will be mainly driven by startups which are targeting international markets.

The report reveals that the global market share of Indian SaaS products is expected to reach 8% by 2028. Currently it is about 6%. The growth is believed to be propelled by such Indian SaaS companies which are venturing into the US and Europe markets.

The report simultaneously highlights several key factors which can influence the growth journey. It writes that the software startups witnessed significant investments between 2020 and 2022 and the new capital was mainly used in marketing and go-to-market (GTM) strategies. The period witnessed a 2% jump in the global market share.

However, some changes in the funding landscape have been witnessed lately. It is more towards efficiency and profitability. SaaS companies are now more focused on optimizing GTM functions while maintaining capital efficiency.

Indian SaaS startups are adapting the changes and they are following content-based marketing approaches. They are now focusing more on organic traction through content and SEO. They are also integrating artificial intelligence (AI) into their product suites to enhance customer experience as well as operational efficiency. A data reveals that India currently hosts about 15-20% of the global AI workforce.

The AI talent is primarily focusing on AI transformation within the services layer. It is aligned with India’s strength as a global back office.

Apart from all these, the industry is collaborating with the government to integrate AI into mainstream curriculums. This will ensure development of a robust talent pool equipped with AI skills.

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