What is a SaaS Company? TOP SaaS Products & Companies in 2023

What Is SaaS? Key Market Insights for 2023

Software as a Service, or SaaS, is considered one of the primary components of cloud computing. The global SaaS market was valued at $113.82 billion in 2020 and reached a point of $165.9 billion in 2021. Currently, the market is expected to grow at a compound annual growth rate of 27.5% in the 2022-2028 period and hit the mark of $716.52 billion by 2028. The rising adoption of public cloud services across enterprises worldwide is considered one of the primary factors driving market growth. More and more businesses are shifting towards SaaS solutions from an on-premises model due to the high cost of software deployment.

Organizations deploy the SaaS model across various applications like salesforce automation, customer relationship management (CRM), web content management, conferencing, and others. The significant increase in the global adoption of instant messaging applications, emails, and video calls also drives the demand for smart devices among end-users, which, in turn, is predicted to drive SaaS market growth.

Despite the destructive impact of COVID-19 on most businesses across the world, the pandemic outbreak positively affected the SaaS market as many enterprises opted for cloud software platforms. The lockdown has led to the significant growth of the global adoption of cloud platforms, increasing the use of public cloud services such as conferencing SaaS and cloud telephony and augmenting the SaaS market development. Also, with the growing number of startups across healthcare, retail, and other industries, the demand for public cloud increased during the pandemic. For example, in March 2020, in Italy, Microsoft Corporation observed a 775% increase in applications based on a cloud service platform, such as Microsoft Team, Power BI, Windows Virtual Desktop, and others. Moreover, the company also reported an increase of more than 44 million users in Teams daily. The increasing demand for SaaS-based applications has created numerous market opportunities for cloud vendors to expand their business during the COVID-19 outbreak.

The SaaS industry keeps changing and updating, with the key market players launching new strategies more frequently to stay ahead of the market. The companies to date are focusing on increasing investment in the promotion of cloud services to increase the client base in the market and targeting new regions to increase the revenue from the industry. For the moment, some of the major players in the SaaS market include:

• Adobe Inc.;
• Alibaba Cloud;
• Microsoft Corp.;
• Google LLC;
• IBM Corp.;
• Salesforce.

As for the SaaS market segments, enterprise software dominated the market accounting for a revenue of over 70% in 2021. This segment growth is attributed to a rising trend toward deploying cloud-based software applications in small and medium enterprises. Key market players, such as Microsoft Corp., Salesforce, and IBM Corp., are providing advanced enterprise SaaS solutions to the companies, significantly contributing to the market share.

Source: https://www.grandviewresearch.com/

The productivity software segment is projected to grow with a CAGR of 10.6% and is mainly fueled by the growing demand for productivity software in small organizations as it allows enterprises to become officeless. Additionally, the significant availability of productivity apps like emails, calendars, and note-taking also contributes to this segment’s growth over the forecast period. North America is projected to keep holding a major share of the SaaS market, with well-established market players like Google LLC, Microsoft Corp., and Salesforce driving the market growth. In Asia Pacific, the SaaS market is expected to grow with a CAGR of 12.1% in 2022-2028, with India and China being the main factors contributing to the market growth. Additionally, the increasing number of secured internet servers in China, Japan, and India, coupled with the significant expenditure on cloud infrastructure, is expected to further augment the SaaS market growth over the forecasted period.

Europe is also expected to grow substantially due to the significantly increased adoption of cloud tools like project management, sales tracking, office collaboration, and inventory management. Germany and the UK are among the leading countries in adopting SaaS.

The increasing adoption of cloud-based applications, along with growing advancements in AI, Big Data, and other technologies, is expected to further drive the SaaS market growth, with the public cloud holding the largest market share.

What is a SaaS company? Key Features SaaS Companies Should Offer

As one of the core components of cloud computing, software as a service (SaaS) is currently on the rise. Along with Platform as a Service (PaaS) and Infrastructure as a Service (IaaS), SaaS has transformed the way businesses work, allowing them to use software, applications, platforms, and IT infrastructures via the internet and online hotspots. All these three platforms have grown significantly over the last decade and keep rising, fuelled by increased adoption of cloud tools. With growth like this, cloud computing is quickly becoming the norm as businesses start moving away from on-premises software solutions to the cloud.

Source: https://www.stackscale.com/

Software as a service is a cloud-based application delivery and consumption model in which users pay for software on a subscription basis. The price for cloud services usually depends on the subscription term, the number of licenses, and the features in use. To date, approximately 30 000 SaaS companies are offering their services to more than 14 billion customers worldwide. The US has the most significant proportion of SaaS companies (17 000), followed by the United Kingdom and Canada, with approximately 2 000 companies each. Software as a Service is currently responsible for around 70% of company software use, and this figure is forecast to rise to 85% by 2025.

One of the reasons software providers are moving to a SaaS business model is predictable recurring revenues. Customers also gain benefits from the flexibility of pay-as-you-go efficiency and on-demand scaling. SaaS has been the most significant and fastest-growing market segment for the past three years. Businesses are now spending 20% more on cloud technologies than they did a year ago and are increasingly relying on leading SaaS companies.

What is a SaaS company, and what features can it offer customers? SaaS companies are organizations using software to provide customers with a service. They create, develop, host, maintain, and update the product themselves, distributing data online to be accessible from a web browser on any device. SaaS companies have better control over their products compared to traditional companies, offering better security, user experience, and faster updates. They can also provide more transparent pricing, as many companies operate on a monthly customer subscription.

There are five essential features SaaS companies should offer their customers:

• Application Hosting on the Cloud. SaaS companies’ primary criterion is using cloud technologies to provide software solutions to their customers. It makes it easier to monitor consumption, scale up, or terminate a subscription if needed.
• Easily extensible integration market. Products provided by SaaS companies should be easily extensible via native integrations or open application programming interfaces (APIs) and software development kits (SDKs).
• Flexibility & Scalability. When it comes to SaaS companies’ products, scalability is an essential factor. The companies should allow users to deploy SaaS apps for both small teams (5-100 licenses) and large enterprises with several thousand users.
• Straightforward Pricing Catalog. SaaS companies should follow a straightforward and predictable pricing model, where each set of features has a set price, which changes depending on the number of users.
• No Maintenance Efforts & Hassle-Free Implementation. This is one of the main reasons why companies choose SaaS-based apps. With SaaS companies, applications can be implemented without setup hassles, as SaaS vendors will provide you with training support or managed implementation. The companies also deliver over-the-air (OTA) updates via the cloud, which also simplifies maintenance.

The Main Stages of Following the SaaS Business Model

The last several years were golden for the SaaS industry. Many new software-as-a-service startups emerged, fuelled by a rapid rise of remote and hybrid working. This new reality has motivated many people to start their own SaaS businesses. However, building a SaaS business is not enough, even if you filter out some creative SaaS ideas and have a business plan ready. You need a SaaS business model to figure out how to make money from it. The software-as-a-service business model is essential to ensure your business keeps running smoothly, makes a profit, and copes with any challenges.

A SaaS business model is a template of how a SaaS business will operate, generate revenue, and stay afloat in the competitive market. Software as a service businesses are generally more complex than traditional ones and require a significant amount of coding knowledge, design skills, and attention to the latest trends. A SaaS business model can help you avoid many business issues and succeed in the competitive SaaS business environment.

Every SaaS business experiences three main phases – startup, growth, and stabilization. Usually, people understand the startup phase and start dreaming about stabilization or the “Stable Golden Goose” stage when the SaaS business stabilizes and begins to generate significant stable profits. The growth phase is often not discussed much, though it’s one of the most stressful periods for SaaS businesses when they either make it or break it. Let’s take a look at each stage below.

Phase 1: Startup

During the startup stage, the foundation of the SaaS company is built. This phase includes getting everything going, programming a working product, and entering the market with it to acquire the first customers. During this stage, founders discover consumer needs, identify their target audience, and create an effective marketing and sales strategy. They also consider options for customer support and plan financial resources.

Phase 2: Hypergrowth

When the SaaS product reaches the market, and everything is done correctly at the startup stage, the business experiences hypergrowth. Businesses start adopting your software, creating a sudden demand for marketing, sales, and customer service teams. While this sounds great, it usually costs you more money as you need to act quickly to capitalize on this opportunity. During the hypergrowth stage, you need to expand in data, storage, bandwidth rapidly, and all sorts of technicalities to secure a loyal customer base. Fortunately, the growth phase is accompanied by additional revenue and reinvesting the capital into products and services. SaaS companies usually have the necessary resources to meet their customers' demands, providing them with IT infrastructure for their business, IT support, and customer service.

The startup “valley of death” lies in between startup success and startup failure, and it’s the worst place to get stuck

Phase 3: Stabilization or “Stable Golden Goose”

As the SaaS company acquires and retains more customers, it will start seeing a higher income and a stabilization phase occur. At this point, the business has leveled out and continues to attain new leads, generating a healthy profit without more overhead costs. New customers don’t test your infrastructure limit like it was in the hypergrowth phase, and you become familiar with a churn rate. If a company has wisely reinvested in customer services software, product updates, and marketing automation during the growth stage, these tools will help it to keep pace with customer demand and create an excellent user experience. To date, different types of SaaS business models exist. All of them can be categorized into three broad categories:

• SaaS Revenue Model;
• SaaS Pricing Model;
• SaaS Distribution Model.

SaaS Revenue Model

This model helps you understand how to profit from your SaaS business, allowing you to define how to monetise your product and at what price. With the SaaS revenue model, you can also understand your target audience and how to market your product to it. The main types of SaaS revenue models include:

• Ad-based revenue model;
• Channel sales;
• Affiliate revenue model;
• Freemium model;
• Direct sales;
• Subscription revenue model.

SaaS Pricing Model

This business model helps define the price of your product. By analyzing the competitors, you can make an informed decision and set the SaaS product price that will give you a competitive advantage in defining the users’ choice. The most successful SaaS pricing models include:

• Flat rate;
• Tiered pricing;
• Per-user pricing;
• Pay-as-you-go model.

SaaS Distribution Model

This SaaS business model is about methods of how you distribute your product to customers. There are two types of SaaS distribution models:

• Direct distribution (eCommerce self-service, field-based sales force, phone-based sales force);
• Indirect distribution (App Store marketplaces, resellers, in-app purchases, professional services companies).

Both these types depend on your budget and the business goals you want to achieve.

What is a SaaS Product? Pros and Cons of SaaS Products for Business

SaaS product represents software accessible to all users via any device with internet access. The idea of a SaaS-based app originated in the 90s and turned into one of the most relevant business distribution models today. According to statistics, approximately 70% of organizations’ software use is SaaS, and this number is expected to grow to 85% by 2025. In 2022, the total number of SaaS users has exceeded 14 billion and is projected to rise due to the steady growth of the software as a service popularity worldwide.

SaaS products are also usually called web-based or hosted software. With this software, you don’t need to install anything on your device as a service provider hosts the application. The maintenance and product updates are also performed on the host side, being invisible to the service users. SaaS software doesn’t require special equipment or experts; you just need to go to the site and use the product for your business purposes.

SaaS customers are provided with a licensed subscription, which can be easily accessed via the internet. The responsible SaaS vendor provides customers with the software on its servers, sharing it with all subscribed users and taking all the responsibility for providing access, IT support, security features, and excellent user experience.

Due to the simplicity of use and the absence of the need to install special equipment, the SaaS model has developed rapidly, causing an immediate market reaction. Large corporations started to absorb SaaS companies along with their products. Over the past few years, approximately 200 companies worldwide, including giants such as Microsoft, Salesforce, Adobe, and SAP, have invested between $13 billion and $8 billion in software services and acquired cloud-based enterprises. The average amount spent on these purchases was over $1.3 billion. For example, Microsoft acquired GitHub in 2018 for $7.5 billion, and Adobe acquired Marketo ($4.75 billion) and Magento ($1.68 billion). According to analysts, each acquisition impacted the companies differently, though every deal looked like a huge success.

The SaaS market has great potential and offers numerous advantages to its customers, benefiting the overall growth of businesses worldwide, although this model has some drawbacks as well. Let’s look at SaaS products' main pros and cons.

Advantages of SaaS product

• One of the most critical advantages of SaaS products is their accessibility. The products are hosted in the cloud platforms and are easily accessible from anywhere via a web browser or mobile device. The service availability is only limited to an internet connection.
• To build your product with SaaS, you don’t need to purchase the hardware. Instead of this, you can quickly start with APIs delivered by your SaaS vendor.
• Endless integrations are another benefit of SaaS products for organizations. The number of cloud-based apps is constantly growing, and software integrations have become a must-have requirement.
• SaaS products can easily be scaled with a simple upgrade within the subscription, providing smooth growth in the number of features, which is crucial for any MVP product.
• While using a SaaS product, you don’t have to worry about software maintenance. Your SaaS provider is responsible for keeping the service running smoothly.
• Data safety is another benefit of SaaS products. To date, the cloud security standards are constantly improving and, according to Gartner, by 2025, 99% of cloud security failures will be customer fault.

Disadvantages of SaaS product

• No matter how paradoxical it is, security remains both a strength and a weakness of most SaaS products. Current technical solutions, such as ISO / IEC 27017 standard, don’t provide complete protection against user data leakage, and anything from weak passwords to phishing attacks can cause it.
• Many SaaS applications deal with data that is under government regulation, and therefore, there may be a technical issue with meeting state requirements, whether it be GDPR or HIPAA compliance.
• Loss of control can also be a SaaS disadvantage as the service provider manages everything, making customers dependent on the vendor's capabilities.
• Most SaaS solutions offer limited customization and may have more latency than client/server applications.

SaaS Types

There is a wide range of SaaS market options to choose from, and it is one of the main reasons software as a service model stands out in a separate market segment. Below, we’ve collected the main types of SaaS available today.

The Customer Relationship Management (CRM) Software

CRM is the fastest-growing software in digital marketing. Its main goal is to automate the sales and marketing processes. The total value of the CRM market was $69 billion in 2021 and is projected to reach $146 billion by 2028. In 2022, 91% of small businesses use CRM systems, with 81% of organizations using cloud-based CRM platforms.

Examples: Salesforce, GIST, HubSpot, Intercom, Engagebay.

The Enterprise Resource Planning (ERP) Software

ERP is software that organizations use to manage day-to-day business activities like project management, planning, accounting, risk management, and procurement. The ERP market was estimated at $50.57 billion in 2021 and is expected to rise to $79 billion by 2026.

Examples: Oracle, Microsoft Dynamic 365, Odoo, SYSPRO, Acumatica Cloud ERP.

The Project Management Software

This type of SaaS product helps project managers collaborate with teams. The software helps to complete client requirements and manage time, budget, and scope constraints.

Examples: Jira, nTask, ProWorkflow, Trello, Confluence.

The Collaboration Software

This cloud software includes features for communication, sharing information, and emphasizing teamwork, including remote teamwork.

Examples: Slack, Miro, Asana, Todoist, Teamwork.

The Billing Software

The billing software contains SaaS products to cover all payment procedures, making tracking projects and invoices easy and getting paid on time.

Examples: Square, Zoho Invoice, Xero, Refrens, Tipalti.

CMS and eCommerce Platforms

eCommerce SaaS solutions allow you to start selling the product immediately, saving costs on website development and UX/UI design. The core features include payment integrations and goods management. CMS, or the Content Management System, allows the publishing and editing of content like blog posts and articles.

Examples: Shopify, BigCommerce, Wix, Adobe Commerce, WordPress.

HR/HRM Solutions

This SaaS software is focused on managing human resources and providing features like recruiting, interview scheduling, employee reviews, and performance tracking. HRM helps automate manual tasks, monitor the working time, and simplify the onboarding process.

Examples: Lattice, Monday, Gusto, ADP Workforce Now, Freshteam, Personio.

Mobile Device Management Software (MDM)

The software is used by businesses to optimize the functionality and security of their mobile devices within the enterprise, simultaneously protecting the corporate network. IT departments use MDM SaaS solutions to monitor, manage, and secure employees’ mobile devices and maintain the desired level of IT control.

Examples: Scalefusion, Kandji, BlackBerry Unified Endpoint Management, VMWare Workspace ONE.

The vertical SaaS

This SaaS type describes software targeted to a particular niche or industry-specific standards. Vertical SaaS is a general name for niche products designed to optimize specific business processes.

Examples: ClearCare, Clio, Madwire, Textura, Quizlet, Procore.

The various SaaS solutions available today allow customers to resolve numerous issues in different spheres of their businesses, significantly simplifying the lives of millions of people worldwide. Each type of SaaS software aims to fix the customer's particular problem. Whether creating a board with tasks for your team, receiving a card payment, or sending a file to your manager, SaaS can boost your organization’s effectiveness, efficiency, and collaboration between teams. By hosting software apps in the cloud, SaaS solutions reduce costs, enable employees to use programs anytime, and quickly scale the software if needed.

B2B and B2C SaaS

Business to Business (B2B) and Business to Client (B2C) are the two major types of economic interaction that are classified according to the type of interacting entities. The primary difference between B2B and B2C SaaS companies lies in the consumer of the final product. B2B interacts with other companies, while B2C interacts with individuals as the end consumers. “With the shift to the SaaS model, the connection between your customer’s success and your success is much more direct and felt more quickly. Smart companies have realized that customer loyalty is the most powerful sales and marketing tool that they have (Bill Price).”

B2B SaaS companies are usually made for organizations and tend to focus on customer needs specific to business owners. B2B SaaS products are designed to help businesses operate more efficiently with highly automated technology, reducing the cost of human resources. Many companies use the B2B software model to optimize sales, marketing, and customer service to improve performance and increase revenue. HubSpot and Google are examples of B2B companies. The main advantages of using the B2B SaaS model are:

• Cost-effectiveness;
• Easy accessibility;
• Easy upgrades;
• Flexible payment options.

At the same time, B2C SaaS businesses target people purchasing products for their personal use. This type can include entertainment, organization, and personal finance companies. Dropbox, Canva, and Slack are examples of B2C SaaS products. B2C SaaS is ideal for businesses that want to outsource their software needs and don't have the time or resources to develop it in-house. The main benefits of this SaaS model include:

• Reduced costs;
• Scalability;
• Increased efficiency;
• Faster time to market;
• Flexibility.

According to statistics, the B2B SaaS market's size is larger than the B2C market. Business solutions are considered more stable in terms of business owners’ needs, while individual users’ requirements tend to change much faster, making it difficult for applications to adapt to rapidly changing needs.

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Best SaaS Companies to watch in 2023

SaaS businesses can include a range of software covering many different things. However, they all have one thing in common: SaaS companies allow other businesses to work more efficiently.

Source: https://explodingtopics.com/

Below, we have compiled a list of the strongest and fastest-growing SaaS companies in 2023, which are examples of successful SaaS businesses across industries.

EdTech SaaS companies

Kahoot

Kahoot is a cloud-based gamified content management platform created for schools and organizations. It enables educators to create learning games on their own or choose from 100+ million ready-to-play options offered on the platform. Kahoot features include importing questions from spreadsheets, creating a quiz in minutes, inserting videos into questions, searching from millions of questions in Kahoot's question bank, and many others.

Clever

The platform provides learning and data-handling solutions for schools simplifying digital learning. Students, teachers, and staff have their own portals and see only what they need. Kids can easily log in to Clever and learn with resources selected by their teachers. Parents can also use the platform to stay connected to their child’s education, receive important information, chat with teachers, and access special classroom moments.

Codecool

Codecool is Central Europe’s biggest digital skilling and sourcing platform, offering training, upskilling, and reskilling to students, companies, and governments. This programming school provides education in mentor-led, agile work teams, hands-on classes, and real-life projects and offers a pay-afterward option, allowing users to pay monthly after they’re hired.

Brightwheel

This online management platform for pre-schools offers teachers to track attendance, communicate with parents, keep daily records, share photos and notes, and gain insights into daily activities. Parents get a real-time feed of their child’s activities throughout the day, staying in touch with the teacher. Brightwheel also offers paperless billing sending automated invoices and enabling parents to track subsidy payments and securely pay online.

Klassroom

The Klassroom platform helps families be better involved in their child's school life, improving the family-teacher relationship. The main features of the app include attendance management, private chat with teachers to discuss a child’s progress and organizational moments, appointment management, video conferences, and a Know Your Students (K.Y.S) feature, which provides teachers with insight from home, making differentiated teaching easy and promoting student-centered learning.

AdTech SaaS companies

Permutive

The privacy-safe infrastructure of this platform helps advertisers and publishers reach audiences timely and safely, keeping control of their first-party data. Permutive was created to eliminate the data leakage inherent in software products and update the infrastructure based on first-party data. The company offers a privacy-safe environment that protects and enhances the relationship between you and your users.

AcuityAds

AcuityAds is one of the successful startups to watch in 2022. This adtech company helps advertisers run targeted advertising campaigns across all ad formats and screens, enabling organizations to form meaningful connections, grow their business, and maximize their marketing impact. Powered by patented AI, AcuityAds provides unique programming capabilities to help marketers understand the true consumer value of their brand and connect the consumer journey.

InfoSum

Infosum was built for enterprise-level clients with owned media and big media holdings to manage, organize, and transfer first-party data. This platform creates an additional layer of security to monetize the audience, with its data never leaving the ecosystem. Being the end-to-end data collaboration platform, InfoSum, removes the need for data sharing between companies, allowing the creation of specialized audience segments that can be activated in the company's media resources without compromising consumer privacy.

ID5

ID5 is a solution for big publishers created to improve online advertising for consumers, advertisers, and media owners. ID5 provides a cookieless alternative to link the IDs of sellers and buyers, helping publishers grow sustainable revenue. In 2021, ID5 became the most installed ID module in Prebid, with 3.4 billion users and 60 000 domains globally. By working with this solution, advertisers run effective campaigns, and publishers address their audiences better, maximizing the value of digital advertising.

MarTech SaaS companies

Bazzoole

Bazzoole was built to automate influencer marketing activities with proprietary technology. This platform is considered one of the best marketing technology companies in Italy for influencer marketing. Bazzoole’s AI technology based on deep learning algorithms, statistical models, and social listening helps select the best creators for your brand, seamlessly collaborate with them, manage your campaign, and measure the results obtained.

Mavrck

Mavrck is considered the best influencer marketing platform for enterprise brands. With this platform, B2C marketers can manage influencer campaigns more efficiently and effectively. The app provides end-to-end relationship management, helps discover relevant influencers, and offers advocacy, referral, loyalty marketing programs, and workflow automation that benefits multiple marketing functions.

FullCircl

This company is best for audience analytics. FullCircl helps financial services providers gain valuable insights into marketing strategies and their audience to accelerate onboarding, find, engage, and win the right customers for your business, and drive future revenue. The company helps businesses in the financial services industry analyze customer journeys and implement future development and growth strategies.

PropTech SaaS companies

BeamUp

This startup was developed to empower enterprises to drive operational excellence across their facilities and simplify facility lifecycle management by leveraging digitization and AI tools. BeamUp helps engineers and architects project buildings with greater predictability regarding their future performance. AI-powered digital twin technology provides an extra level of connectivity and access to data within the assets network, allowing for smart budgeting, sustainability, design, compliance, and maintenance over time.

VTS

The VTS platform was created for leasing and asset management. It collects CRE data in retail, office, and industrial markets, providing agency brokers and landlords with the required market information. The software helps manage deals, leases, and tenant relationships and has a user base of over 34 000 customers. VTS platform generates insights on tenant demand in different markets, making it operate on up-to-date market insights and investors.

Enertiv

This SaaS platform for commercial real estate aims to simplify the daily operations and workflow of CRE professionals, replacing paper workflow with digitized project data in a user-friendly mobile app. Leveraging sensors, Enertiv collects real-time on-site data and generates insights to enable predictive maintenance that improves the tenant experience. The platform also includes an ESG and energy module that provides automated utility billing, tenant billing for utilities, energy management and analytics systems, and investment planning.

LeaseAccelerator

This SaaS solution aims to manage and optimize the leasing life cycle, offering powerful tools for lease management, automation, accounting, and sourcing. Robotic Process Automation (RPA) simplifies the entire leasing process, optimizing it for long-term compliance with ASC 842 and IFRS 16 and unifying leases into a single system to ensure program control.

FinTech SaaS companies

Rapyd

Rapyd is the mobile-first financial network that allows the creation of payment, payout, and fintech experiences everywhere through a single API and SDK. With this platform, businesses can issue corporate cards, collect and disburse funds in local currencies, create virtual accounts, hold, transfer, and exchange funds, and manage compliance without worrying about local regulatory issues.

Kabbage

Kabbage is an AI-based small business loans platform offering lines of credit through an automated system, which can approve lines of up to $200 000 within several minutes. The platform provides thousands of businesses worldwide with a broad set of cash flow management products and services. In 2019 the company launched Kabbage Payments - a payment processing tool to help small businesses manage invoices.

Guidewire

Guidewire is the industry-leading P&C insurance cloud platform. The company products include insurance billing, claims management solutions, and underwriting and policy administration. Guidewire supports the insurance lifecycle for leading insurers in 38 countries, offering AI-based solutions for product launches, predictive sales, risk analyses, underwriting, and more.

Tink

Tink is a provider of a cloud-based platform with API integration for businesses. The platform offers plug-and-play app programming interfaces, allowing banks and financial institutions to build account aggregation, data enrichment, payment initiation, personal finance management products, and more. The company offers solutions for businesses of all sizes and allows them to operate under Tink’s PSD2 license. It also utilizes machine learning models to analyze data from multiple sources.

How Can Bro Help You?

Brocoders is a technical partner offering services for building web-based and mobile app products. Besides programming, our services include user experience, project management consultancies, and graphic design. For the moment, we’ve successfully implemented 85 projects worldwide, working with our clients regardless of their location and time zone.

Brocoders works in agritech, fintech, fitness & healthcare, foodtech, ride-sharing, and events management industries and has 87 top specialists on board. Our featured SaaS products include:

• CondoGenie (Real Estate industry);
• Adact (Martech industry);
• LadderOut (HealthTech industry);
• ConverHero (Martech industry);
• EveryPig (Agritech industry).

The global SaaS market keeps growing steadily and is projected to reach $716.52 billion by 2028. Offering numerous benefits to users, SaaS-based apps reduce the time spent on the installation and configuration of the software and provide significant cost savings. Software as a service solutions are scalable and are an excellent decision for businesses of any size.

In-house solutions may require significant time and investment, which may not be a suitable decision for some companies, and this is where outsourcing can rescue your SaaS project and help you reach your business goals. At Brocoders, you can hire a trusted SaaS outsourcing development team, which will arrange product development smoothly and beneficial. Our services include a dedicated team, team augmentation, DevOps services, mobile and web-based app development, MVP development, and digital transformation, so you will be able to find the best solution for your business needs easily. Hire TOP engineers for your SaaS product development and ensure your product is in good hands.

Wrapping Up

To date, many companies have ridden the SaaS wave, gaining momentum from a growing industry. According to the latest data, over 30,000 SaaS companies exist worldwide, and this number continues to grow. Enterprises and consumers worldwide continue to move towards cloud computing, fueling the SaaS market and encouraging even more companies to prioritize this model.

The companies featured in our article demonstrate how successful a SaaS business can be in different industries and inspire you to set specific goals to experience similar growth in your business in 2023 and beyond. Software as a service model has a lot to offer. Using this model properly, you can help your business save money, human resources, and time. By eliminating software maintenance and incompatibility issues, SaaS can provide you with streamlined focus and greater productivity, putting your business on a new level.