85 Important SaaS Software Statistics 2024: Market Share & Data Analysis

Despite the pandemic, which affected many industries, the growth of cloud technology has continued at a rapid pace. Due to the new demand for cloud services, it is only logical that the software-as-a-service (SaaS) sector will grow as well. Examining SaaS software statistics in recent years shows its continuous evolution, as businesses move to off-premise solutions.

SaaS software such as CRM, accounting tools, marketing platforms, and more are allowing companies of all sizes to provide better products and services to their customers. Additionally, SaaS solutions help organizations maximize their revenue potential while minimizing their overhead costs. This article examines SaaS software statistics for 2022 to uncover the trends and innovations in the coming years.

Many businesses are now implementing various modern technologies, ranging from artificial intelligence to low-code development and beyond, to gain a competitive advantage. As the level of competition among SaaS companies and products continues to rise, so do customers’ expectations.

In 2022, the SaaS industry will undoubtedly be a very exciting place to be. As the industry adopts a broad spectrum of modern technologies, we will undoubtedly witness a paradigm shift in how businesses and customers interact with services and engage with one another.

SaaS Market Statistics

The SaaS market size has been steadily expanding in the last decade or so and the pandemic is further accelerating its growth as businesses move to the cloud. Due to SaaS’ affordability, flexibility, and scalability, companies are moving practically their entire operations to cloud solutions.

Due to the increasing demand for off-premise solutions, the SaaS market is expanding into many, if not all, industries. Additionally, these SaaS industries are expected to swell in terms of revenue within the next few years. Below are key SaaS growth statistics that show its promising future.

• In 2021, the SaaS market was thought to be worth approximately $145.5 billion. It is expected to reach close to $172 billion in 2022. (Statista, 2021)
• The global cloud computing marketing, which is the umbrella industry of SaaS, is enjoying a CAGR of 16.3%. Experts are expecting the industry to be worth up to $947.3 billion by 2026. (Markets and Markets, 2021)
• As of January 2022, Adobe Inc. is the largest SaaS company in terms of market cap at $243 billion. It is followed by Salesforce ($224 billion), Intuit ($160.7 billion), and Shopify ($143.2 billion). (Mike Sonders, 2022)
• Dropbox has expanded its services by buying DocSend Inc. for $165 million. (Deutscher, 2021)
• ZoomInfo also acquired Chorus.ai, a leader in conversation intelligence, for $575 million. (Deppen, 2021)
• The United States remains the leading country with the most SaaS companies at 16,000, with total revenue of $389.3 billion. Canada and the United Kingdom follow with 2,000 companies. (Latka, 2022)

2021 is a Successful Year for Many SaaS Companies

• HashipCorp, a leading automation tools company, raised $1.2 billion in IPO, giving the company a $15 billion valuation. (Raynovich, 2021)
• Braze, a customer engagement platform, sold eight million shares between $55 to $60. It gives the company a market value of $8.4 billion. (Roof, 2021)
• Backblaze, a popular cloud data and backup company, raised $100 million during its IPO debut. (Shaikh, 2021)
• Expensify, another leading expense management software organization, debuted on the Nasdaq, listing its shares at $27, raising its value to $2.2 billion. (Woelfel, 2021)
• Informatica went public the second time—its first was in 1999 — raising $840 million in NYSE IPO. (Woodie, 2021)
• GitLab’s shares increased 35% on its first day of trading, raising around $650 million in its IPO. (Levy, 2021)

The Cloud 100: Top Private SaaS Companies

• The top ten private SaaS companies are worth about $190 billion altogether. (Salesforce, 2021)
• Currently, the private SaaS organization is Stripe which is worth $95 billion. Databricks follows at $28 billion. (Salesforce, 2021)
• The top newcomer in the Cloud 100 is Attentive, an SMS marketing solution valued at $866 million. (Salesforce, 2021)

Data on SaaS Adoption and Usage

The numerous benefits of SaaS over traditional on-premise solutions make it a viable option for many organizations. Cloud technology is becoming the holy grail of revenue for many companies due to its low overhead costs and flexibility. Also, SaaS tools do not require installation, updates, and maintenance, freeing companies to focus on what they do best.

On top of that, as work shifts to remote and hybrid models, organizations are becoming more distributed. This means SaaS is now becoming essential to ensure accessibility and productivity. The figures below show what percentage of companies use SaaS, how SaaS solutions are being utilized, and more.

• Companies typically use an average of 110 SaaS solutions in 2021, a 38% increase over the past year and a 1,275% increase since 2015. (BetterCloud, 2021)
• Similarly, large organizations (10,000 and more employees) use about 447 SaaS software. This is a 35% increase since 2020. (BetterCloud, 2021)
• A majority of tech leaders (79%) report that over one-quarter of their business systems are SaaS. (Productiv, 2021)

Meanwhile, in terms of SaaS adoption, three segments are apparent:

• SaaS-powered organizations use around 212 apps, with 93% of their work software in the cloud. (BetterCloud, 2021)
• Those in transition, which is about 70% of companies, use around 79% of SaaS applications. Also, 55% of software they use in the workplace is SaaS-powered. (BetterCloud, 2021)
• More traditional enterprises have about 8% SaaS-based solutions in their workplace systems. On average, they use 39 SaaS software. (BetterCloud, 2021)

Business Operations in SaaS-Powered Workplaces

• Up to 41% of SaaS-driven companies trust their employees to responsibly handle, share, and store organization data. On the other hand, only 36% among transitioning companies and 32% among traditional companies share the same sentiments. (BetterCloud, 2021)
• Only 36% of traditional companies allocate budget to SaaS solutions and operations. Meanwhile, 44% of transitioning orgs are setting aside a budget for SaaS. More than half (59%) of SaaS-powered companies allot their funds to SaaS operations. (BetterCloud, 2021)
• Unsurprisingly, 81% of organizations using SaaS aim to create a modern digital workplace in order to enhance their employees’ productivity. Other companies are following suit even if they are not purely SaaS-driven, with 66% of traditional companies and 76% of transitioning companies embracing cloud solutions. (BetterCloud, 2021)

Managing SaaS Solutions

• One-fourth of IT teams say that they spend the majority of their time managing third-party vendors and business solutions. And 31% involves maintaining compliance and security. (Productiv, 2021)
• However, 59% of tech leaders say that the lack of visibility is a significant pain point in managing SaaS. Other top concerns are security and compliance (57%), managing and provisioning software (48%), and tracking solutions due to the sheer number of apps being used by their company (45%). (Productiv, 2021)
• Additionally, 62% of companies say that these pain points affect their daily operations. However, only 6% say that they are significantly impacted. (Productiv, 2021)
• Some companies also suffer from over-licensing or underutilizing SaaS apps. Among these, the most over-licensed and/or underused are business suites like Google Workspace and Office 365. On top of that, collaboration apps (40%), customer support tools (38%), and marketing and sales platforms (37%) suffer from the same conditions. (Productiv, 2021)
• Over 50% of tech leaders say they rely on reports given by SaaS vendors to determine employee engagement within each software. Others used manual checks in each app (20%). (Productiv, 2021)
• A majority (76%) of leading tech experts want to ensure compliance and secure data within the next year. Also, around 70% are aiming to drive digital transformation. (Productiv, 2021)

SaaS Adoption Among Small and Medium-Sized Businesses

• Around 45% of small and medium-sized businesses have most, or all of their business applications in the cloud. (AppDirect, 2021)
• However, 84% of SMBs experienced at least some difficulty using new SaaS solutions. (AppDirect, 2021)
• About 28% of SMBs buy their software from technology advisors, which is 7% more than in 2017. (AppDirect, 2021)

SaaS Business Statistics

As demand for cloud applications rapidly grows, so do SaaS businesses. Customers are not the only ones benefiting from the technology. The SaaS business model allows developers and business owners to release products and services at a much faster rate, increasing their revenue potential. Unlike traditional software, SaaS is easier to maintain, much faster to update, and more efficient to deliver to customers.

As a result, even a small group of developers can launch a SaaS app in a matter of months. These days, the SaaS business model is quite ubiquitous, with no sign of stopping at all. The SaaS software statistics below capture the current state of the businesses in the industry.

• Of all 100 public SaaS enterprises with revenues of more than $100 million, the median revenue growth rate is around 22%. (Roche and Tandon, 2021)
• Only 1.6% of 200 SaaS companies were able to maintain sizable revenue growth of 30% (or higher) from 2011 to 2021. (Roche and Tandon, 2021)
• SaaS organizations that focus on net retention enjoyed average net retention of 120% or higher, resulting in 20% growth. (Roche and Tandon, 2021)
• Marketing and sales remain the highest expenses of SaaS companies, amounting to 50% or more of their revenues. (Roche and Tandon, 2021)
• Among Cloud 100 companies, only 12 are led by women, with Canva leading the pack, helmed by Melanie Perkins. (Salesforce, 2021)

SaaS Pricing Trends

• 39% of SaaS companies adopt a value-based approach when it comes to pricing. This means pricing is directly related to the value of the product to the customers. However, up to 27% still rely on their judgment when it comes to pricing their SaaS products. Another 24% say they based their pricing on competitors. (Poyar, 2021)
• The majority of SaaS companies (43%) also revisit their pricing model more than once a year. A good number of organizations (34%) change their pricing once a year. (Poyar, 2021)
• However, only 6% of the said companies conduct proper pricing research based on their customers. Many (45%) only do cursory market research. Up to 48% do not do any pricing research at all. (Poyar, 2021)
• Speaking of market research, more than 50% are not testing their pricing with their customers. Only 17% of enterprises conduct multiple rounds of price testing to determine the true value of their SaaS platform. (Poyar, 2021)
• SaaS businesses are also moving away from discount models, with 29% offering very little. But, 39% offer occasional discounts, which are typically less than a quarter of their deals. (Poyar, 2021)
• Companies are somehow split when it comes to publishing their prices. Fifty-five percent usually do not post their exact pricing, while 45% do the opposite. (Poyar, 2021)

SaaS Development and Technologies

• Many SaaS developers are from the United States (18.33%), India (12.62%), Germany (6.75%), and the United Kingdom (5.37%). (Stackoverflow, 2021)
• Close to 30% of SaaS coders have five to nine years of experience. On top of that, 18.9% have 10 to 14 years of experience in the industry. (Stackoverflow, 2021)
• Javascript (64.96%) along with HTML/CSS (56.07%) remain the most popular languages for developing SaaS. Many developers are also using Python (48.24%), SQL (47.08%), Java (35.35%), and Node.js (22.91%). (Stackoverflow, 2021)
• React.js is the most popular web framework used to develop SaaS products at 40.14%. Developers also use jQuery (34.42%), Express (23.82%), Angular (22.96%), and Vue.js (18.97%). (Stackoverflow, 2021)
• Most companies deploy their products through AWS (54.22%), Google Cloud Platform (31.05%), and Microsoft Azure (30.77%). (Stackoverflow, 2021)
• A majority of developers (64.31%) work full-time. Surprisingly, 14.14% of full-time developers are students. (Stackoverflow, 2021)
• 21.3% of SaaS companies are growing organizations composed of 20 to 99 employees. Additionally, 17.52% of companies are well on their way to becoming established companies with 100 to 599 staff members. A good number of SaaS enterprises are composed of small teams (two to nine employees) at 11.06% while 6.5% are working solo as freelancers. (Stackoverflow, 2021)
• Engineering managers are the highest-paid employees earning a median annual salary of almost $96,000. This is slightly higher than the average salary of senior executives at about $95,000. (Stackoverflow, 2021)

Most Popular Cloud Management Software

1. IBM Cloud Orchestrator. A widely-used, easy-to-use cloud management system that’s customizable and secure. It also helps businesses provide faster delivery of their services.
2. Apache CloudStack. A leading open-source cloud management tool that businesses turn to because of its broad integration and scalability.
3. Wrike. A cloud management platform powered by an Adobe Creative Cloud extension for better management of in-house and dispersed work teams.
4. Symantec Web & Cloud Security. A cloud management solution that uses top-tier security protocols to provide business users with robust protection in their cloud usage.
5. AppFormix. A cloud management tool that offers robust end-to-end visibility for all apps that businesses use over the cloud.

Challenges in SaaS Statistics

SaaS software does not come without any caveats. Just like any solution, it requires extensive planning and budgeting, especially with the subscription payment models of most SaaS platforms. Similarly, while some companies may enjoy having another team maintain their systems, others may struggle with the lack of visibility.

Furthermore, developing an IT stack is not exactly a simple task, especially with non-integrated applications. On top of that, organizations need to worry about security risks and compliance when launching SaaS tools to their team. These two aspects alone take up a majority of IT teams’ time.

• 55% of companies say that a lack of visibility in user data and activities is a crucial problem. Another 48% say it is difficult to consistently manage app configurations, especially with multiple SaaS. (BetterCloud, 2021)
• More than 41% of organizations say that up to 19% of their total SaaS spend is unused or underutilized licenses. Up to 9% say that they’re wasting 40% of their SaaS budget. (BetterCloud, 2021)
• To save on costs, 62% of SaaS-powered enterprises consolidate redundant applications while 48% of transitioning companies and 20% of traditional organizations do the same thing. (BetterCloud, 2021)
• Other organizations remove sanctioned SaaS platforms outright. Twelve percent of traditional companies, 23% of transitioning orgs, and 33% of fully-digital workplaces are actively removing apps. (BetterCloud, 2021)

SaaS Risks

• One in four identities in SaaS platforms are non-human, such as serverless applications, APIs, virtual machines, or similar technologies. Just like humans, they pose a risk, especially when left unchecked. (Varonis, 2021)
• Three out of four identities in cloud applications belong to external contractors and remain active even after they leave the company. (Varonis, 2021)
• Close to half (43%) of cloud identities are abandoned or unused, which leaves them exposed to risks. (Varonis, 2021)
• As many as 60% of SaaS users are shadow admins. (Varonis, 2021)
• 44% of SaaS software user privileges are misconfigured. (Varonis, 2021)
• 85% of enterprises say that misconfigurations pose a considerable risk to their organizations. (Adaptive Shield, 2021)
• Over half of companies (60%) report that they have configuration concerns about more than a quarter of their SaaS software. (Adaptive Shield, 2021)
• As high as 20% of users can access sensitive corporate data, with another 16% performing risky privileged actions. (Varonis, 2021)
• 15% of employees transfer business-critical information to their personal cloud accounts from their work software. (Varonis, 2021)

SaaS Security

• Up to 73% of security experts say that they only conduct checks once every year, quarter, or month. Only about 24% perform security checks every week. (Adaptive Shield, 2021)
• Around 48% of security settings in SaaS software are handled by IT or security experts. On the other hand, 52% are managed by the SaaS owners themselves. (Adaptive Shield, 2021)
• 24% of non-IT departments have access to SaaS security settings. (Adaptive Shield, 2021)
• Close to half (45%) of organizations say they experienced security policy violations within the last year or so. (BetterCloud, 2021)
• The biggest security challenge of SaaSOps is now knowing where confidential data exists within their systems (55%). Others say it’s excessive admin privileges (52%), insider threats (52%), and publicly sharing private company files (46%). (BetterCloud, 2021)
• Security experts managing SaaS software are worried about security risks due to unsanctioned apps (69%). About 46% are having difficulties securing and managing user activities within SaaS tools. (BetterCloud, 2021)
• Professionals say that the greatest risk to losing data are negligent employees. Well-meaning but careless employees are 72% of actors posing the greatest threat to data loss. It is even higher in SaaS-powered companies, with negligent employees comprising 83% of the threat. (BetterCloud, 2021)

SaaS Industry During COVID-19 Statistics

Even though the shift to remote work was already underway long before COVID-19 hit, the pandemic accelerated it to a point where many businesses were caught off guard and unprepared. As expected, many of them have had a difficult time adjusting to the new environment. Fortunately, SaaS solutions allowed them to bring their operations to the cloud.

As the shift is looking to become permanent within the next few years, enterprises will be looking at SaaS platforms to run their entire organization. This is evident in SaaS growth statistics showing an upward trend.

• 440% of companies say that they have increased their use of public cloud services due to the pandemic. Around 30.2% say they have increased spending on SaaS solutions. (Haider, 2021)
• Another 85% report that they expect the changes to be permanent. (Haider, 2021)

SaaS and Remote Work

• Experts are expecting remote work, or a hybrid model, to be permanent, with 20% to 25% of workforces in advanced economies having to do so without losing productivity. This is four to five times more than the number of remote workers before the pandemic. (McKinsey Global Institute, 2021)
• Organizations are already making active decisions to adapt to the new normal. Leaders are expecting that 20% of business travel may not return. Moreover, 30% are planning to reduce office spaces. (McKinsey Global Institute, 2021)
• 68% of workers in the United States prefer remote work over in-office work. Also, 61% are willing to take a pay cut, and 45% are ready to leave their job if forced to work in the office again. (Korolevich, 2021)
• Software developers see positive impacts on their productivity due to remote work. They noted improvements in project management (54.61%), operations (49.82%), and product management (46.86%). (Techstrong Research, 2021)
• A quarter of software developers say that there’s no change in the way they work as they have been working remotely already. (SlashData, 2021)
• 42.7% of software developers also said that they are seeing some increase in their productivity because of remote work. Almost 17% say that they were experiencing a significant increase in productivity. (Techstrong Research, 2021)
• Zoom, and videoconferencing, is the app that best represents the changes that came with the pandemic. It is one of the most downloaded applications since 2020, with as many as 301.4 million mobile app downloads during the second quarter of 2020. (Chan, 2021)
• The collaboration software market is also experiencing a significant rise. It was valued at around $11.91 billion in 2021, with experts expecting growth of up to $22.95 billion in 2026. (ReportLinker, 2021)

In addition to the abovementioned, other communication platforms are also seeing an increase in demand:

• Skype reported around 40 million daily users back in March 2020. (Sherr, 2020)
• Google meet also increased daily usage by 25%. (Kurian, 2020)
• Slack is also a popular communication app, with 750,000 companies using it to connect to their teams. (Slack, 2020)

AI and SaaS Solutions

Artificial Intelligence (AI) is transforming Software as a Service (SaaS) solutions by enhancing automation, improving customer experiences, and providing businesses with valuable insights. Here’s how AI is being integrated into SaaS:

• Automation of Repetitive Tasks: AI helps automate routine and time-consuming tasks, such as data entry, email marketing, and customer support. With AI-powered tools, SaaS platforms can handle these tasks more efficiently, freeing employees to focus on higher-value activities. For example, AI chatbots in customer service platforms can respond to inquiries and solve problems without human intervention.
• Predictive Analytics: AI enhances SaaS tools by providing predictive analytics that helps businesses make data-driven decisions. By analyzing past data, AI models can forecast future trends and customer behaviors, allowing companies to adjust their strategies proactively. This is particularly useful in SaaS platforms related to marketing, sales, and finance.
• Personalized User Experience: AI-powered recommendation engines in SaaS solutions can provide personalized user experiences. For instance, in eCommerce platforms, AI can suggest products based on user browsing history and preferences, improving customer satisfaction and increasing conversions.
• Improved Security: AI is key in identifying and preventing security threats. Many SaaS solutions integrate AI to monitor unusual patterns, detect fraud, and automatically respond to potential breaches, enhancing the platform’s overall security.
• Natural Language Processing (NLP): AI’s NLP capabilities enable SaaS platforms to understand and process human language. This is particularly valuable in CRM systems. AI can analyze customer sentiment in emails or social media posts to improve customer relationships.

The Future of SaaS Is Now

With several companies taking their businesses to the cloud and realizing the benefits, SaaS is now a crucial part of work. And with the changes brought by the pandemic, work is changed forever. Tools, such as SaaS software, are at the center of this transition, ensuring that organizations are productive and even competitive.

The statistics and trends above show that the future of SaaS looks bright but is not without bumps along the way. As enterprises enjoy rapid growth through smart tools, such as marketing automation software or task management platforms, they are also facing security and privacy challenges. The next few months will see defining moments in SaaS and businesses as well as the future of work.

Key Insights

• Continued Growth of SaaS Market: Despite the pandemic, the SaaS market has seen substantial growth, with the market expected to reach nearly $172 billion in 2022, driven by the demand for off-premise solutions.
• Adoption Across Industries: SaaS solutions are expanding into various industries due to their affordability, flexibility, and scalability, making them a preferred choice for many organizations.
• Increased SaaS Adoption: Companies use an average of 110 SaaS solutions, with large organizations employing up to 447 different SaaS tools, highlighting the widespread adoption and reliance on cloud-based software.
• SaaS-Driven Business Models: SaaS companies are focusing on net retention and customer value, with marketing and sales expenditures comprising a significant portion of their budgets.
• Challenges in SaaS Management: Lack of visibility, security, and compliance issues are major pain points in managing SaaS solutions, along with the over-licensing and underutilization of SaaS applications.
• Impact of COVID-19: The pandemic has accelerated the shift to remote work and increased the reliance on SaaS solutions, with many organizations planning to maintain these changes permanently.
• Security Concerns: Misconfigurations and negligent employees pose significant security risks in SaaS environments, making it crucial for companies to regularly review and manage their SaaS security settings.

FAQ

1. How has the pandemic affected the growth of the SaaS market?The pandemic has accelerated the growth of the SaaS market as businesses move their operations to the cloud. The market is expected to reach close to $172 billion in 2022 due to the increased demand for remote work and off-premise solutions.
2. What are the key benefits of adopting SaaS solutions?SaaS solutions offer affordability, flexibility, and scalability. They do not require installation, updates, or maintenance, allowing companies to focus on their core activities while maximizing revenue and minimizing overhead costs.
3. How prevalent is SaaS adoption among businesses?SaaS adoption is widespread, with companies using an average of 110 SaaS solutions. Large organizations can use up to 447 different SaaS tools, reflecting the extensive reliance on cloud-based software.
4. What are the primary challenges in managing SaaS solutions?The main challenges include lack of visibility into user data and activities, difficulty in managing app configurations, security and compliance issues, and over-licensing or underutilization of SaaS applications.
5. How has the pandemic influenced the future of remote work?The pandemic has made remote work more permanent, with expectations that 20% to 25% of the workforce in advanced economies will continue working remotely. Organizations are adapting by increasing their use of SaaS solutions to support remote and hybrid work models.
6. What security risks are associated with SaaS software?Security risks include misconfigured user privileges, abandoned or unused identities, excessive admin privileges, and shadow IT. Regular security checks and proper configuration management are essential to mitigate these risks.
7. What is the impact of SaaS on business operations?SaaS-driven companies report increased productivity and efficiency. They allocate significant budgets to SaaS operations and aim to create modern digital workplaces to enhance employee productivity.
8. What trends are emerging in SaaS pricing models?Many SaaS companies adopt value-based pricing, with frequent reviews and adjustments. There is a shift away from discount models, with companies focusing on the value provided to customers rather than undercutting competitors’ prices.
9. How are SaaS businesses performing financially?SaaS businesses are experiencing rapid growth, with successful IPOs and increasing valuations. Marketing and sales remain the highest expenses, but companies focusing on net retention enjoy significant revenue growth.
10. What is the role of SaaS in the future of work?
    SaaS is central to the future of work, enabling remote and hybrid work models, improving productivity, and facilitating digital transformation. The continued adoption of SaaS solutions will shape the future of business operations and employee engagement.

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By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.