India Software as a Service (SaaS) Market Report to be Driven by Increasing Start-up Landscape and Rising Digitisation in the Forecast Period of 2023-2028

The new report by Expert Market Research titled, ‘India Software as a Service (SaaS) Market 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 development mode, application, end uses, and major regions. 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 analyzing 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%

With the increasing number of start-ups in India, the reliance on SaaS has increased. Moreover, increasing investments from key investors from investors across the globe are propelling the growth of the market. SaaS applications are cost-efficient, as they significantly reduce a business’s IT spending budget because they are typically hosted in a shared environment. These applications enable users to select their preferred delivery model and quickly adapt to changing business objectives. Developing technologies such as artificial intelligence, machine learning, natural language processing, and the Internet of Things are anticipated to empower the SaaS market and thus increases the rate of adoption.

Industry Definition and Major Segments

SaaS (Software as a Service) is a cloud computing term that refers to a method of delivering applications over the Internet. It provides an alternative to traditional software installation in the business environment, allowing users to build the server, install, and configure the application. With the widespread adoption of cloud computing, storing, and processing large amounts of data has become more accessible and more efficient.

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By deployment mode, the market is divided into:

Public Cloud
Private Cloud
Hybrid

On the basis of application, the industry can be categorised into:

Customer Relationship Management (CRM)
Operations and Manufacturing
Enterprise Resource Planning (ERP)
Content Management Systems
Human Capital Management (HCM)
Supply Chain Management
Others

By deployment mode, the market is divided into:

SMEs
Medium and Large Enterprises

Based on end use, the industry is segmented into:

IT and Telecom
Manufacturing
BFSI
Healthcare
Retail
Education
Government
Others

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On the basis of regional markets, the industry is divided into:

1 North America
1.1 United States of America
1.2 Canada
2 Europe
2.1 Germany
2.2 United Kingdom
2.3 France
2.4 Italy
2.5 Others
3 Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 ASEAN
3.5 Others
4 Latin America
4.1 Brazil
4.2 Argentina
4.3 Mexico
4.4 Others
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 Nigeria
5.4 South Africa
5.5 Others

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Market Trends

With India’s burgeoning technology sector and rapid adoption of digital technologies, demand for SaaS products is increasing. Based on the end-use segment, the IT and telecom industry hold an accountable share is owing to increased internet users across the country and the telecommunications market’s growing subscriber base. While on the basis of organization size, the market is dominated by medium and large enterprises, as demand for SaaS solutions is significantly higher in this segment. SaaS solutions are required in medium and large enterprises for a variety of business applications, including office software, messaging software, payroll processing software, customer relationship management (CRM), database management system (DBMS) software, management software, and enterprise resource planning (ERP). As per NASSCOM data, India’s SaaS revenue reached US$3.5 billion in FY2020, with 75% of sales coming from international markets. The COVID-19 pandemic has accelerated enterprise cloud adoption significantly as businesses scramble to stay afloat. According to a November 2020 IDC survey, over 60% of organizations in India intend to leverage cloud platforms for digital innovation as they re-strategize their IT spending in response to the pandemic. Additionally, the survey revealed that the crisis enabled them to increase their spending on public cloud IaaS, PaaS, and SaaS solutions. These factors are bolstering the Indian SaaS market with a double-digit CAGR.

Key Market Players

The major players in the market are Infosys Limited, Microsoft Corp., Cisco Systems, Inc., Zoho Corporation, Wingify 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.