India Software As A Service (SaaS) Market To Be Driven By The Growing Adoption Of SaaS In Small And Medium Enterprises In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘India Software as a Service (SaaS) Market Share, Size, Trends, Scope, Report and Forecast 2023-2028’, gives an in-depth analysis of the India software as a service (SaaS) market, assessing the market based on its segments like deployments, applications, organisation sizes, and end use sectors.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 3.5 billion
- Forecast CAGR (2023-2028): 27%
The software as a service (SaaS) industry in India is being driven by the rapid technological advancements in the country. The increasing penetration of internet across India is likely to provide impetus to the SaaS industry.
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The market is expected to be driven by the growing adoption of SaaS in small and medium and large enterprises in order to fulfil customer expectations more efficiently. Moreover, the growing requirement to foster a more collaborative and virtual environment in the enterprises is likely to augment the demand for SaaS solutions.
SaaS enhances operational efficiencies, leverages existing data and bolsters the customer relationship management while enhancing the cost-effectiveness, which is augmenting the market growth. Moreover, the robust growth of the telecom sector in India owing to the liberal and reformist policies of the Indian government is estimated to provide lucrative growth opportunities to the SaaS industry in the forecast period.
India Software As A Service (SaaS) Industry Definition and Major Segments
Software as a service (SaaS) is defined as an efficient way of delivering applications over the internet. The SaaS enables the easy installation and maintenance of software, and one can easily access it via the internet. Some examples of SaaS are BigCommerce, Google Apps, Salesforce, Dropbox, MailChimp, ZenDesk, and Heroku, among others.
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Based on deployment, the market is segmented into:
- Public Cloud
- Private Cloud
- Hybrid
The significant applications of the product include:
- Customer Relationship Management (CRM)
- Operations and Manufacturing
- Enterprise Resource Planning (ERP)
- Content Management Systems
- Human Capital Management (HCM)
- Supply Chain Management
- Others
On the basis of organisation size, the market is bifurcated into:
- SMEs
- Medium and Large Enterprises
The significant end use sectors of the product include:
- IT and Telecom
- Manufacturing
- BFSI
- Healthcare
- Retail
- Education
- Government
- Others
India Software As A Service (SaaS) Market Trends
The India software as a service (SaaS) industry is expected to be driven by rapid technological advancements in the field of IT and telecom sectors.
With rapid digitisation in SMEs and medium and large enterprises in the country, which is estimated to increase the deployment of software as a service (SaaS). Moreover, SaaS providers are increasingly offering innovative services to enhance the efficiency of the virtual environment, which is anticipated to drive the market growth.
The growing use of web-based user interfaces by applications and the proliferation of associated practices such as web designing is likely to surge the demand for SaaS in enterprises. With the rising disposable incomes and robust economic growth of the country, the market for software as a service (SaaS) is poised to grow rapidly.
Key Market Players
The major players in the market are Infosys Limited, Microsoft Corp., Cisco Systems, Inc., Zoho Corporation, and Wingfy Software Pvt. Ltd, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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