The Indian software-as-a-service (SaaS) industry is showing remarkable resilience in the face of a challenging funding climate, with a projected doubling in growth to reach USD 26 bn in revenue by 2026, according to a report by Chiratae and Zinnov. This comes despite concerns of an economic recession, with 93% of survey respondents anticipating an increase in revenues in the next year. Despite layoffs in the US tech industry, 96% of Indian SaaS unicorns grew their headcount in 2022. Although there has been a decline in SaaS company valuations in public markets, private markets have not been as affected, with late-stage funding bottoming out. There has been a steady compound annual growth rate (CAGR) of 47% since 2019, with Indian SaaS start-ups securing three times more funding in 2022 than in 2019. The areas of DevOps, Cybersecurity, and Vertical SaaS are projected to drive future growth and innovation in SaaS categories. India is leading the way in AI product development, with roughly 16% of the global AI workforce, and is shaping the global technology landscape. India holds a 70-million-strong small and medium-sized enterprise (SME) market, which presents an opportunity for Vertical SaaS players. With these advantages in mind, the Indian SaaS industry is poised for tremendous growth and success.
Indian SaaS Displays Resilience with Steady Growth Expected for 2023 and Beyond – Chiratae and Zinnov Report
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