Software as the services in India to witness to reach $10bn in two years

A report says, investment into SaaS or on-demand software is a critical part for the delivery of key enterprise applications including cloud computing has increased by 60 % in 2019 over the previous year to $1.3 billion.

SaaS or on-demand software become a very critical part for every enterprise applications including so many components that includes cloud computing, office software, messaging software, payroll processing software, DBMS software, management software, CAD software, development software, gamification, virtualization, accounting, collaboration, customer relationship management (CRM), management information systems (MIS), enterprise resource planning (ERP), invoicing, field service management, human resource management (HRM), talent acquisition, learning management systems, content management (CM), geographic information systems (GIS), and service desk management.

According to a recent report from Bain & Company, investment in SaaS increased by 60 % in 2019 over the previous year to $1.3 billion. It says that the global SaaS market is expected to increase from $145 billion in 2019 to $230 billion in just two years.

This influences many global companies and investors to collaborate and invest heavily on software as a service (SaaS) to meet their austerity needs.

A Google and KPMG report goes a bit further. It says India is all set to be the home of a $10 billion SaaS industry with its global share expected to rise to eight per cent. At present, the SaaS industry is growing at a compounded rate of 18 % and SaaS in the small and medium business is slated to grow by 36 % in the next couple of years.

As India already having an advantage in this area, it is well positioned to play a leading role in the global SaaS segment in the next couple of years.