SaaS Industry Update 2024: Statistic, Trends, Leader, Community

Just as the innovations that come from SaaS need to be well-calculated, the trends forecasting its future are nothing short of data-driven.

Here are some interesting stats to open up your SaaS horizons even wider:

2024 SaaS Statistics

Revenue in the SaaS market reached $258.6 billion in 2023 and is projected to increase to $282.2 billion in 2024 (Statista Market Insights)
SaaS-powered workplaces were about 30% more efficient than other types in 2022 (Better Cloud).
47% of venture capital funding in 2023 went to companies with a SaaS business model. (Dealroom)
71% of companies relying on SaaS model applications, SaaS will continue to hold the first position as a real digital transformation driver. (Harvey Nash Group)
99% of companies will be using at least one SaaS solution by the end of 2024 (SaaS Academy)

Key Factor That Will Shape SaaS Trends in 2024 and Beyond

AI Adoption: 77% of SaaS companies have either launched AI features, or have applied AI to their product roadmap in the past year. Only 15% SaaS company who have been able to monetize AI
Low/No-Code Platform Growth: Low-code/no-code solutions revolutionize the app development landscape, resulting in a 45.5% increase in SaaS adoption within code platforms, making it accessible to all.
Market Diversification: A surge of 37% in the number of specialized, sector-specific SaaS niche solutions exemplifies a shift towards more targeted offerings.
User Experience as The Main Focus: A strong emphasis on user-centricity drove many companies to significantly increase their investments in customer experience technologies.
Collaboration Tool Enablement: The ongoing remote work revolution propelled a surge in the usage of collaboration tools, enabling seamless remote collaboration.

SaaS Market Leader in 2024

Andrea Mercado, a tech-focused journalist who has been covering AI and Internet trends for the past 5 years, has come out with her version of the top 5 SaaS companies to watch for in 2024:

Companies to (still) Watch out For

OpenAI

The debut of ChatGPT shot parent company OpenAI to the #1 spot on Forbes’ 2023 Cloud 100 list. With up to $29 billion valuations, the company switched from an open-source non-profit to a leading for-profit AI powerhouse in just 8 years.

Adobe

With the 2021 acquisition of Figma, coupled with the recent commercial availability of Firefly, Adobe further strengthens their stance in the design world. It currently ranks as the 29th most valuable company globally.

Microsoft

Microsoft and OpenAI teamed up to create Dynamics 365 Copilot, an AI tool for marketing that promises to boost sales. Some projections suggest that Microsoft’s market cap will surpass $3 trillion by early 2024.

Oracle Corps

As Oracle transforms to meet modern enterprise demands, its valuation stands at $330 billion as of June 2023. Its stock market performance also scored a remarkable 73% increase in early 2023.

Slack

While 46% of Slack users are based in the US, the UK stood as the second-largest market, boasting an 8.4% share in 2023. It is reported that Slack now owns an impressive 17.5% of the market share in collaborative software.

Online SaaS Resources & Community to Keep Up with The Update

Benchmarking is quite the common practice for most, if not all, industries. Though there is a limitless amount of online resources available within our fingertips, it’s a lot more efficient to discuss the know-hows straight with the experts.

SaaStr: Through its platform, SaaStr has created a hub for all-things SaaS—from ebooks, podcasts, webinars, to its Annual SaaStr B2B software conference event.
StartupGrind: It has attracted experts and founders from all industries to set up communities (aka ‘chapters’) in major cities around the world, including Bali and Jakarta.
IndieHackers: An online forum for developers with its unique sections such as “Hard-Won Lessons”, “Learn from the Master”, and its notable one, the “Self-Care Hub”.
Superpath: Targeted for content marketing enthusiasts, the channels cover SEO, B2B/B2C content strategy, career advice, and Q&A with featured guests.

Find more communities and resource globally through: Better together: Top SaaS communities for networking and inspiration

Got no conversation-starter with your stakeholders? Well, now you do!

With the insights you’ve gained from this week’s Monday Mavens edition, we hope it’ll be smoother for you to navigate the upcoming week.

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