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The growing Indian SaaS firms





The Indian SaaS space has the potential to create $1 trillion in value and nearly five lakh jobs by 2030, as businesses around the world accelerate digitization and automation, A new study says. There are more than a thousand funded startups and 10 unicorns in the country’s SaaS sector, generating as much as $3 billion in annual subscription revenues, according to a report of SaaSBoomi. The report further says, the industry, which currently employs 40,000 workers, could generate annual revenues of as much as $70 billion by 2030 and win as much as 6% of the global market. However, many startups face challenges in accessing capital during their early stages and attracting skilled talent to grow. The industry may need to boost funding at three to four times the current level to reach their potential over the next 10 years.

Despite the challenges, “India has an exciting opportunity to propel itself on to the world stage as a SaaS force to be reckoned with. SaaS and software accounted for $600 billion of the $3 trillion in global enterprise IT and communications spending last year. The industry is growing at an 8% annual rate, twice the pace of the overall IT market. Covid-19 has created a further push toward SaaS, with six Indian SaaS unicorns created during the pandemic. The report highlights, more than 1,000 SaaS companies are operating in India as of now and more than 150 SaaS start-ups have $1 million in ARR (Annual Recurring Revenue), with this the global SaaS market will grow at a pace of 18-20% each year, with more than $500 billion in revenue by 2025.

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