Software as a Service (SaaS) is a mesmerizing source of revenue growth for both tech and nontech companies. Many companies are a victim of growth challenges: they anticipate acquiring as much as 50% of their revenue from new businesses and products by 2026 but lack an apt approach that will drive their success. Here, software-as-a-service (SaaS) products can come to your rescue.

The global SaaS market is presently worth nearly $3 trillion, and Mckinsey projects it could rise up to $10 trillion by 2030. The global market size considering SaaS is projected to soar up to $883.34 billion by 2029 from $251.17 billion in 2022, at a CAGR of approximately 19.7%.

Theres a lot about SaaS that is sufficient to attract businesses far beyond its revenue potential. For one aspect, the asset-light SaaS nature indicates it supports lower overhead and logistics costs as compared to physical products. Secondly, it liberates traditional companies from the hassle of performing the most complex tech stack by themselves- they can associate with major  cloud service providers. Last but not the least, since the software is an amalgam of 1s and 0s, its easily scalable, specifically when combined with the clouds flexibility and extensibility.

As per SWZD, nearly 64% of businesses have already implemented remote work environments during the pandemic era. The software is estimated to be adopted by nearly 85% of business apps by 2025, states Better Cloud.

As enticing as a new business opportunity,  SaaS product development  is the foundation of innovation for successful  software companies. Which itself predicts that about 50% of the worlds data will be on the cloud by 2025, as per data Attack SurfacReport. This was followed by the Web Tribunal Report of around 80% of businesses on the verge to shift their systems to SaaS by 2025.

Establishing new SaaS businesses will be a priority for nontech incumbent companies seeking new sources of development.