While it may sound like some new-found military group, SaaS is crucial for old and new businesses. SaaS (known more formally as ‘software as a service’) is dominating the cloud computing market as of 2023. The future of SaaS looks bright and that’s where this article proves useful. There are many innovative technologies and trends formulating within the SaaS market, making these applications even more attractive for a business. Software as a service is a concept that’s here to stay and it’s benefiting companies across the globe.
This new form of software cuts out the faff that comes with downloading software to your desktop. They’re a lot easier to understand and use, meaning even long-time employee Jeff can get to grips with it.
Any business that hasn’t already invested in SaaS applications is seriously falling behind its competitors. With the average business spending $2,623 per employee per year on SaaS, the time to use SaaS is now.
The growth of the SaaS industry
Simplicity is something that all of us want in our lives. Whether that’s personal or professional, anything that makes life a little easier is beneficial. SaaS applications have incredible benefits that are utilized by all businesses both big and small.
It’s no surprise that the growth of the SaaS industry continues to improve every year. As more businesses discover the benefits of using these applications, the value of the market continues to rise with it.
Currently, the estimated value of the SaaS industry is 146 billion U.S. dollars and it’s estimated to reach 195 billion U.S. dollars by 2023. It’s never been a better time to own SaaS applications or to be using them as a business.
Many businesses see SaaS applications as an opportunity to scale the business up and to use them to leverage all departments within the company. There’s an application for every need within a company, whether that’s social media scheduling applications to financial bookkeeping services.
With UX/UI designers also benefiting from SaaS tools, there’s no excuse to make use of these applications for your business.
5 innovative technologies and trends worth knowing
Disruption to the industry is healthy and it’s something that’s happening with this type of software already; no doubt, future of SaaS is going to be affected by them as well. Despite SaaS and its infancy on the market, a lot has developed over the previous years.
With technology advancing at an alarming rate, keeping up with it all is like being on a hamster wheel 24/7.
What innovative technologies and trends are worth keeping an eye on as a business? Here are some popular examples of what’s out there currently within the SaaS market.
The increased use of SaaS tracking tools.
With so many SaaS applications popping up on the market, it can be easy for a business to have one too many licenses in place. While these software applications are relatively affordable and cheap to subscribe to each month, these subscriptions can quickly add up.
That’s why it’s useful to have a software that tracks the company’s existing licenses to rule out any wastage or duplicate licenses. SaaS tracking tools are becoming increasingly popular with businesses that want to ensure they’re not wasting their budgets in this area.
It’s an easy mistake to make where one employee ends up buying a subscription without realizing another member of staff has already done so. These tracking tools are beneficial to make use of but to also ensure the licenses are compliant and audit-friendly.
There are lots of options out there for SaaS tracking tools so be sure to do your research to find the most effective one.
1. Advancements in AI technology.
The words on everyone’s lips at the moment seem to be artificial intelligence. It’s not only paramount for the future of SaaS but across all industries currently. Artificial intelligence offers many great benefits for those who are making use of SaaS applications. With its market value currently at 119.78 billion US dollars in 2022, it’s expected to hit 1,597.1 billion by 2030.
For a business, artificial intelligence provides numerous features that help with the responses and interactions between businesses and customers. This is particularly useful when it comes to UX and UI designers who require detailed insight into what their users need and want.
AI technology helps businesses keep their finger on the pulse when it comes to trends and patterns within the company. With so many KPIs being monitored, having artificial technology can help anticipate any changes so that businesses can keep one step ahead.
Looking out for SaaS applications that boast their use of AI is helpful when choosing an application this year for your business.
2. The allure of data-as-a-service (DaaS).
Data is, by all means, one of the most advantageous tools a business can have. With the right data, it can help a company make better-informed decisions in all areas. The use of data has become more sought after, particularly since the pandemic. The landscape of the business world has changed significantly and therefore the allure of data-as-a-service has risen. And, naturally, it will play a crucial role in the future of SaaS.
DaaS is a term used to describe the data management processes within cloud-based software. Organizations have been able to streamline and reduce the time taken to make decisions with the help of data. The use of DaaS caters to the demands of businesses nowadays that need to make the right decisions that will garner success.
The quicker they’re able to make operational decisions or decisions to better their customer’s experience, the better. Partnered with machine learning and artificial intelligence, the use of DaaS will only become more prominent in the coming years.
3. Mobile will continue to thrive and influence.
It’s apparent that in 2023, mobile is continuing to rise in popularity. The use of mobile has become so popular because it’s easier to carry around and everything can be accessed from this small device.
The future of SaaS is built keeping mobile phones in mind. The challenge with this for SaaS developers is the design and ensuring no compromises are made.
The creation of the interface for example is important because it needs to accommodate those with access needs. It’s a lot easier to cater to this with a desktop than it is with a mobile screen.
Despite the challenges, mobile usage will remain popular throughout the coming years, so SaaS companies will need to adapt and resolve these pinch points. These applications will likely be improved in the following areas for mobile use:
– Accessibility improvements
– Mobile personalization
– Immersive experiences in AR and VR
– Improved responsiveness capabilities
4. Machine learning capabilities.
Just like AI, machine learning is another medium of technology that’s making waves across many industries. Businesses can garner a lot of information from applications that make use of machine-learning technology. It can help to learn more about customer preferences and their behaviors when it comes to engaging with their business.
Machine learning (ML) and AI can be used alongside one another to get the most out of internal and external operations.
The benefits of SaaS for business
There are many great benefits to using SaaS for business, so if your business has yet to adopt SaaS applications, the time is now to start investing. Here are just some of the advantages that come with SaaS software.
A lot of the applications available under the branch of SaaS are highly affordable. It provides accessibility for all businesses no matter what budget they’re limited to. With lower costs, it can help to achieve all of the objectives a business has without breaking the bank.
Onboarding employees or customers is made a lot easier with the use of SaaS applications. A lot of them are designed to be understandable for anyone, regardless of their skillset or experience in the field.
For companies that operate with a variety of employees of different ages and skills, SaaS applications are easy to utilize.
Scalability and adaptability
Perhaps the biggest benefit of SaaS applications for businesses is that they’re easily scalable and adapt to business growth. A lot of traditional software may only cater to specific-sized organizations, whereas that’s not always the case with SaaS.
The future of SaaS is bright
Any business can greatly benefit from the use of SaaS applications for 2023 and beyond. The small investments you make across the business for both internal and external operations will provide healthy returns.
Explore the wide range of SaaS applications currently available and level up your business this year with the latest technologies and trends appearing in this technology market.