sdfsdaf

The SaaS industry has been compared to the dot-com bubble burst- what with the string of tech layoffs and the general atmosphere of uncertainty in the space, it’s not difficult to see why many people may think that SaaS’s time is past.

This article, part of BII’s Mythbusters series, attempts to determine how much fact- or fiction- is contained in these opinions.

The Situation At Hand

The global SaaS market has defied expectations, surging by an astonishing $420 billion from 2020 to 2022, surpassing projections by a whopping 150%. What's driving this explosive growth?

Despite projections of a slowdown in overall enterprise tech growth, SaaS is anticipated to maintain a robust annual growth rate of 16–18%. By 2030, it could reach an astounding $1.3–1.6 trillion.

The catalysts behind this trajectory include-

• The accelerated digitization during the pandemic
• Widespread adoption of public cloud by small and medium-sized businesses (SMBs)
• The growing standardization of services to the SaaS model.

Simply put, SaaS businesses were forced to adapt- first to the pandemic and then to the subsequent cloud services ad service by almost every business.

Myth 1: The Global SaaS Market is Slowing Down

While global SaaS investments experienced a 20