What’s New in Software as a Service for 2023
What’s new in SaaS this year?
The short answer is a ton of new apps! But it’s much more helpful to know what kind of apps are emerging on the scene, so let’s dig into the predicted trends for the year and the heavy-hitters to keep an eye on. Before doing that, though, let’s look at some numbers to get a better sense of how fast things are growing.
If you had to guess, how many marketing software products do you think exist today? 1,000? 2,500? Try a whopping 10,000+, according to Scott Brinker of Chiefmartec, and that number is increasing exponentially. Brinker predicts that expansion of the martech industry over the next seven years will completely eclipse that of the previous seven years.
Infographic courtesy of chiefmartech.com
“The digital transformation of marketing is far from over, and it remains one of the greatest levers every company on the planet has for winning and retaining customers.” – Chiefmartech
And that’s just martech!
Brinker concludes that the total number of business software apps out there is…drumroll, please…103,528 at least. The list is still growing, too—by an average of 945 software products per month. It’s enough for any business, big or small, to be completely overwhelmed by the breadth of options available.
More specifically, fueled by the explosion of remote work initiated by the pandemic, cloud-based SaaS businesses “are going to disrupt almost all the markets,” according to SPD LOAD. This will lead the global cloud computing market to a value of $623.3 billion this year, up from $272 billion in 2018, per a MarketsandMarkets™ report.
In fact, SPD LOAD claims that not only will almost all new companies be cloud-based startups, this industry is set to become the next trillion-dollar market. Who are the front-runners in this race? These are SPD LOAD’s top 6 SaaS startups to watch in 2023:
1. Seedata.io (cybersecurity)
2. Fuse Autotech (online car dealership)
3. Eqtble (AI-driven human resources)
4. Phyllo (APIs for the creator economy)
5. ClickUp (workplace collaboration)
6. Omnisend (marketing automation)
What about overall trends?
It’s not just specific companies that we should be keeping an eye on this year. It’s also worth looking at overall trends we can expect to see in 2023. Bernardita Calzon of Datapine offered an analysis of 12 SaaS developments that are advancing and expanding the industry. Here are the top 4:
Artificial intelligence
Autonomous, self-learning technology will help businesses get more value out of their data as well as supplement the productivity of human workers. Calzon cites personalization, speed, security, data intelligence, and integrations as the primary benefits AI can offer SaaS businesses.
Machine learning
As a subcategory of AI, machine learning is one of the fastest growing areas for software development. Like its parent, it helps SaaS apps provide operational efficiency, particularly in its ability to train the software to learn, dig more deeply into data, improve collaboration and communication, and fine-tune customer service.
Security
Cloud-based SaaS platforms are growing increasingly vulnerable to data breaches and cyberattacks. Because of this, businesses will increasingly rely on SaaS Security Posture Management (SSPM) to continuously provide security configuration checks.
Vertical SaaS
Companies that need to specialize are relying on vertical SaaS for its ability to be completely customizable. Healthcare analytics, retail analytics, and logistics analytics all rely on vertical SaaS to target clients in specific areas and to do so cost-effectively.
These trends are aimed at offering businesses more and better ways to achieve goals and meet objectives, all while staying competitive in their respective marketplaces.
Infographic courtesy of datapine.com
But the inevitable downside is the way this SaaS expansion can complicate the day-to-day productivity of employees who must learn, implement, and manage more and more workplace apps. A report from Cornell University’s Ellis Idea Lab and Qatalog found that 69% of workers say finding the information to do their job is time-consuming, and 43% say they spend too much time switching between different online tools.
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