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At a Glance
During this pandemic, SaaS technologies like video conferencing have dramatically changed the way we do business. Because people and companies have seen what SaaS can do for them and how it can make life and business more accessible, SaaS is here to stay. SaaS companies of all sorts are anticipated to do well following the epidemic. Any business that can use SaaS effectively has a competitive advantage.
Covid- 19 has wreaked havoc on the global economy, and company owners are scrambling to find cost-effective and practical solutions to achieve their objectives and maintain their market leadership. The current pandemic appears to be one of the most critical economic upheavals in recent decades. Even though a shift to remote employment and e-commerce was already underway, the pandemic accelerated the process, imposing it on many unprepared firms.
During the Pandemic
Software as a Service, or SaaS, was the ideal option for industries to get online and move to the cloud to keep up with the current dynamics.
This has impacted every business sector internationally, whether it is resource management, e-commerce, healthcare, logistics, automotive, or any other, and it was the ideal moment to utilize the benefits of SaaS.
Nowadays, companies are increasingly seeking to use SaaS solutions for product development processes, as digital transformation has raced beyond our wildest imaginations. It’s off to a slow start, with this critical engineering discipline falling behind most other types of business software, such as ERP and CRM, in terms of acceptance.
A Statista report says 36.6 percent of logistics industry professionals noted that in 2020, they would have to modify their company operations in some locations due to the impact of the coronavirus pandemic. Simultaneously, 25.4 percent of respondents said it was too early to decide how their firms will run.
Any mobile application development services company or business that is remotely accessible and flexible enough has quickly adapted to these challenging times. In contrast, businesses struggling to provide their workforce with access to physical servers and other collaboration tools have realized the urgent need to make a rapid switch to cloud-based technology, aka the SaaS platform.
After the Pandemic
During this epidemic, SaaS technologies such as video conferencing have profoundly altered the way we conduct business. SaaS suppliers were compelled to adapt their sales methods quickly in the face of lockdowns, establishing remote contacts with prospects and thinking digitally first.
As the end of this nightmare approaches, some of the fundamental changes that the epidemic has wrought in the financial world may linger for some time. According to a poll conducted by McKinsey, more than 90% of B2B decision-makers believe the remote and digital model will persist in the long run, and three out of four feel the new model is as effective as or more successful than before COVID-19.
In the new atmosphere created by COVID-19, several SaaS firms have prospered. Even after the epidemic has passed, many of these groups are expected to maintain their current pace as companies and consumers alike turn to the internet world for assistance and entertainment.
SaaS will continue to play an important role even after the pandemic. People and companies have seen what SaaS can offer, and it can make life and business more accessible, so SaaS is here to stay.
Some of the SaaS business models that’ll continue even after the pandemic are,
- Online Collaboration Platforms
B2B (Business to Business) software is perhaps the most significant winner from the pandemic, and this trend is expected to continue when the globe returns to some routine. As previously stated, COVID-19 pushed many businesses to transition from a typical office to a wholly dispersed, remote workforce almost overnight. The majority lacked the in-house infrastructure required to enable this shift. They resorted to digital collaboration tools as a result. According to JP Morgan analyst Sterling Auty, usage of oom increased by 300 percent in the early days of quarantine. On the other hand, Microsoft reported a 775 percent rise in calls and meetings on Microsoft Teams, its business communication platform, in a March blog post. While subscriptions and use are likely to drop slightly when workers return to the office, remote work is here to stay.
Telemedicine isn’t exactly a new field, nor are the underlying technologies particularly revolutionary. It has, for years, allowed individuals living in remote regions to gain access to medical advice and diagnoses which they might otherwise be unable to receive. With the fears surrounding the spread of COVID-19, however, telemedicine has seen an even sharper upturn in usage than collaboration software. According to McKinsey & Company, 57 percent of healthcare practitioners now prefer telemedicine more than they did before the epidemic, and 64 percent say they would be more comfortable adopting it in their practice. As a result, even though the barrier to entry into the SaaS telemedicine market is relatively high and burdened with a slew of regulatory regulations, it offers enormous development potential.
- Gaming and media
Gaming and media were among those sectors that grew dramatically throughout the pandemic and are still growing. With people being shut indoors, there was no other way to spend time playing games and stream movies and shows. Early in the epidemic, analysts and consultancy company Deloitte anticipated that media streaming services would gain substantially from it, citing numerous significant increases in viewing and usage. In May, J.P. Morgan, a global financial services business, observed the growing development of the streaming environment. In the firm’s study, video games were included, increasing usage and viewership on streaming sites like Twitch. Even though not all game companies are SaaS, there are strong SaaS connections in the gaming sector, such as online games like World of Warcraft and League of Legends to digital distribution platforms like Steam. And, because the vast majority of gaming is moving from single-player to multiplayer online, the future of gaming and SaaS are inexorably intertwined — and gaming is, by extension, a fast-growing SaaS industry with a lot of income potential. Again, once the worst of the epidemic is gone, we could witness a modest drop in gaming and streaming media consumption. Simultaneously, with such significant increases in users and viewership, the prognosis for these two entertainment industries is quite bright.
Moving forward, SaaS firms of all types are expected to have a favorable outlook. Any company that can efficiently use SaaS has a competitive advantage. After all, this software is one of the driving forces behind digitalization, and it will continue to assist our journey toward a virtual future long after the epidemic has passed.