Are you prepared to ride the wave of SaaS industry’ meteoric rise?
No matter where you turn consumers and companies use SaaS on daily basis whether conferencing in Zoom, watch movie on Netflix rely on SaaS. Typically Software as a Service (SaaS) started on a floppy disk and CD-ROM of pre internet time but when people think of first software as a service Salesforce comes to mind . On 1999 salesforce launched their customer relationship management (CRM) platform as the first SaaS built from scratch to achieve record growth “Big commerce”. The popularity of SaaS industry is evident in all software giants moving towards using it including IBM, Microsoft, Salesforce, Adobe, Oracle, SAP, and etc.. as adoption continues to grow.
ONGOING SITUATION OF SAAS INDUSTRY
The SaaS industry is experiencing sudden large increase cementing its position as a cornerstone for a business worldwide as it has penetrated many sector such as Financial sector, health sector, marketing, IT, insurance, fashion etc.
Facts & numbers
The Saas industry currently represent 0.15% of the world economy CMF
The global market share is estimated to reach USD720.44 billion by 2028 with ( compound annual growth rate) CAGR of 25.89% from USD 143.77 billion in 2021 global news wire
Banking, financial service and insurance sector of global SaaS market (BFIS) is expected to contribute USD 130.7 billion with a CAGR of 19.2%, retail and e-commerce of global SaaS market is predicted to hit 138.9% with a CAGR of 23.6% billion by 2027 BCC Research
SaaS is becoming go-to solution for organization of all size. The rapid growth of SaaS can be attributed to the surging demand for cloud based solution that provide unparalleled flexibility, cost effectiveness and scalability and business communities continue to embrace digital transformation and prioritize efficiency.
Shape the present and future of business with Saas
SaaS is now very important part of the business landscape, by providing cloud based software solution have made it easier for business of all sizes to access technology they need to succeed. SaaS companies such as Amala Technologies offer a wide range of solution to help businesses streamline their operation and improve their bottom line
Revolutionize business productivity by harnessing the power of SaaS financial institution and businesses can increase efficiency, productivity, improve decision making and gain competitive edge.
Increasing security and privacy; threat of data breach and cyber threat has put security at a forefront of consumers mind, as a result SaaS platform provide secured and reliable solution to their customers such as two factor authentication and in future multi factor authentication to build trust and continue to drive industry growth.
The convenience and accessibility; the increasingly penetration of mobile device in our daily device has significantly changed how industries operate, more business recognize importance of mobile that can be accessed anywhere at anytime, mobile apps that provide seamless user experience and real time transaction as it support MNO ( mobile network operators) and easily bank access.
Saas platform must provide robust and analytic capabilities to meet the growing demand. Real time analytic tool are becoming increasingly important as businesses aim to become data driven, the capacity to collect, analyze and interpret big data is crucial to companies to make informed decision and stay ahead of competition.
Low code; enabling users without technical skills to easily create custom application, particularly more attractive to small and medium size companies that need to quickly deploy and develop software solution to keep up with market demand.
Rise of usage based pricing; the subscription based pricing model has been a staple of Saas industry for many years. However with increasing competition and evolving customer demand we may see more experimentation with pricing model in the future such as usage pricing model, customer pay based on the use of the product & service rather than fixed subscription price. Usage based price provide flexibility for customers and fit for business with fluctuating demand.
Easier integration; by combining different solution create robust ecosystem that meets specific needs enabling business to streamline their operation and make better use of their data also enable personalize workflow that incorporate multiple SaaS solution leading to high productivity, efficiency, accurate and drive informed decision making and strategic planning.
Saas is sweeping through the tech world at lightning speed , now its a perfect time for a financial institution to stay ahead of curve, Saas such Amala system is giving business more freedom to run their back office the way they want, the way most effective for them and mobile apps gave access to work anywhere at anytime thus increase tremendous growth impact towards its customers and improved customer experience .The sustainability of financial institution such as SACCOS, Microcredit and Microfinance lies with a better system like Amala Core Banking solution . Book a demo now.