India’s SaaS industry is now expecting to reach $1trillion by 2030 by creating 5 lakh jobs. Indian SaaS companies can expect an increase in revenue to $50-$70 billion by 2030.
It’s a fact that the current pandemic has left a great impact on the economy as well as businesses of every size in the country. However, India’s SaaS industry has gained much during such time of uncertainty, it is now expecting to reach $1trillion by 2030 by creating 5 lakh jobs.
The report named ‘Shaping India’s SaaS Landscape’ notified that Indian SaaS companies can expect an increase in revenue to $50-$70 billion by 2030.
According to a report by SaasBoomi, a community of industry founders and builders, with consultancy McKinsey & Co and the country’s software industry trade group, Nasscom, suggests that India’s SaaS (software-as-a-Service) industry could potentially be worth $1 trillion and create around 5 lakh new jobs by 2030 as businesses around the world experience a boom in digitisation and automation.
India has over a thousand funded start-ups and 10 unicorns in its SaaS sector, which generate around $3 billion in annual subscription revenues. According to a report, the number of unicorns could increase by 10- times till 2030, amounting to $1 trillion valuation.
The SaaS industry, currently employs 40,000 workers, could amplify itself by grabbing as much as 6% of the international market, whose expected worth could be $1.3 trillion by the end of the decade, the report added.
Tech entrepreneurs after a period of over 4 decades, post the boom of IT industry across the country have been continuously innovating and have successfully established thousands of start-ups, that provide niche software solutions, varying from billing to customer support, as a subscription service through the cloud.
Companies, such as Chargebee Inc., have made a mark globally, while companies like Freshworks Inc., are nearer to public share offerings.
It’s a known fact that several start-ups face challenges in procuring capital during their initial stages and hunting skilled talent to grow. Therefore, the industry may need to increase funding by three to four times the current level to reach its potential over the next 10 years, the report stated.
Manav Garg, founder and chief executive officer of Eka Software Solutions and a founder partner of SaasBoomi, said in a press release that “India has an exciting opportunity to propel itself on to the world stage as a SaaS force to be reckoned with”.
The report further notified that SaaS and Software accounted for $600 billion of the $3 trillion in global enterprise IT and communications expenditure last year. The industry is growing incredibly at an annual rate of 8%, which is double the pace of the entire IT industry.