Before we explore our essential software-as-a-service trends for 2021, it’s important to consider what defines SaaS as not only technological development but as a working business model. In this blog, we discuss the SaaS trends in 2021 and how it is impacting the market and businesses.
As businesses continue to rely on innovative data discovery tools and technologies to increase both their productivity and their efficiency, and as new software-as-a-service trends continue to emerge, this young, ground-breaking industry can only go from strength to strength.
Key Characteristics of SaaS
Scalability: Cloud-based SaaS enables businesses to expand with ease due to its inherent scalability. Companies can be selective about the types of features and options they want.
Accessibility: With SaaS, businesses have the mobility of accessing applications from any digital device and location, making it especially convenient for mobile platforms. Additionally, it boasts ease of use and is user-friendly.
Flexible payment options: Businesses don’t have to go through the expense of purchasing software and hardware. Instead, they have the option of utilizing various pricing structures. Flexibility in payment models, where they only pay for the resource usage they need, for instance, is attractive for many organizations in today’s competitive world.
Increased collaboration: SaaS developments enhance a business’s ability to promote collaboration across teams and departments due to the facilitation of file sharing, in addition to distinct ease of reading and understanding across systems.
Updates: SaaS providers handle the necessary software updates and develop new features over time, so businesses don’t have to invest ample amounts of time in this particular area of operation.
Security: Most SaaS models are known for their enterprise-level security, which is a more holistic approach to security than many centralized, on-premise solutions. In Cloud SaaS, pre-existing disaster recovery protocols are in place to manage potential system failures. This means that your business’s data is available and secure regardless of a data breach or system failure.
SaaS Trends in 2021
Artificial Intelligence
The first of our most impactful trends in SaaS is of the autonomous, self-learning variety. Today, Artificial Intelligence (AI) is deep-rooted in the veins of our society. Artificial Intelligence technology is becoming more widespread; it’s becoming a real game-changer, with a projected market value of $733.7 billion by 2027. AI optimizes business processes, increasing productivity and efficiency while automating repetitive tasks, and supporting human capabilities.
The Need for API Connections
The API (Application Programming Interface) has been a fundamental part of software development for years, and this is precisely what our fifth SaaS trend focuses on. With the explosion of SaaS solutions and adoption by the market, the need to integrate them into an existing business system appeared. Some companies may want to migrate all their data to a cloud platform, but many actually would rather harmonize it with their already existing infrastructure in order to improve it – and this is where the problem lies.
Centralized Analytics
The third of our essential SaaS industry trends is data-driven. As digital transformation across industries accelerates, businesses across sectors look to data to streamline their organization while gaining a deeper insight into their customers or users. Investment in analytics-driven software-as-a-service innovations is expected to soar. In fact, industry experts believe that investment and value in analytics-centric SaaS models will rise by 23.3% by 2022.
Machine Learning
Machine Learning (ML), a subset of AI, is utilized in SaaS to automate responsiveness in customer service reports and applications, such as AI-powered chat operations with live chatbots. It will also automate the on boarding process of SaaS. As ML is built on an autonomous operational model, new innovations will facilitate software and platforms that empower businesses to automate significant chunks of internal operations other than customer service or experience alone.
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