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India Software as a Service (SaaS) Market to Grow at a CAGR of 27% During 2021-2026, Aided by the Technological Advancements in the Healthcare Sector

According to a new report by EMR titled, ‘India Software as a Service (SaaS) Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 3.5 billion in 2020. The software as a service industry is further expected to grow at a CAGR of 27% between 2021 and 2026 to reach USD 15 billion by 2026.

The India software as a service industry is anticipated to be driven by the technological innovations in the healthcare industry. With the growing cases of chronic illness, increasing number of heart patients, and the global outbreak of the COVID-19 pandemic, among others, the integration of SaaS applications with internal applications in the healthcare industry has become essential to enhance the quality of care and ameliorate the overall status of health in India. For instance, the pattern recognition feature provided by SaaS analyses the signs and symptoms of a specific disease and accurately gives the report to the admin. Further, the market is likely to be aided by the increasing adoption of artificial intelligence in the healthcare facilities to provide efficient and improved diagnostic solutions to patients in the forecast period.

Some of the leading players in the industry are Infosys Limited (NSE: INFY), Microsoft Corp. (NASDAQ: MSFT), and Cisco Systems, Inc. (NASDAQ: CSCO). Software as a service has witnessed a rise in demand in small, medium, and large enterprises, owing to its multitenant architecture, the increasing  usage of web-based user interfaces by applications, and the introduction lightweight integration protocols such as SOAP. The customer and wealth management becomes more efficient with the deployment of SaaS solutions in SMEs and large enterprises. In May 2020, Infosys partnered with Avaloq, a Switzerland based wealth management software and digital technology provider, to provide end-to-end wealth management capabilities through digital platforms. This will help their clients to modernise and transform their legacy systems.

The rising investments and innovative steps taken towards the development of India IT and telecom industry are likely to bolster the demand for SaaS. This, coupled with the increasing usage of smartphones, growing internet penetration, and growing subscriber base in the telecommunications market, is expected to provide a further impetus to the SaaS market in India.

Market Breakup by Deployment, Application, Organisation Size, and End Use Sector:

  • The market is segmented based on deployment into public cloud, private cloud, and hybrid.
  • The major applications of the product include customer relationship management (CRM), operations and manufacturing, enterprise resource planning (ERP), content management systems, human capital management (HCM), and supply chain management, among others.
  • On the basis of organisation size, the market can be segmented into SMEs and medium and large enterprises.
  • Based on end use sectors, the market is divided into IT and telecom, manufacturing, BFSI, healthcare, retail, education, and government, among others.

Key Findings of the Report:

  • The Indian software as a service market is being driven by the technological advancements and significant innovations in the field of healthcare and IT and telecom.
  • The increasing penetration of SaaS in small, medium, and large enterprises is likely to bolster the market growth in the forecast period. 
  • The growing collaborations by key market players to enhance the end-to-end wealth management capabilities through digital platforms will augment the market growth. 
  • The market will further be propelled by the rising disposable income, increasing digitalisation, increasing number of mobile phone users and growing telecom industry in the region.

Key Offerings of the Report:

  • The EMR report gives an overview of the software as a service market in India for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the deployments, applications, organisation sizes, and end use sectors of software as a service. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the India software as a service (SaaS) market are Infosys Limited, Microsoft Corp., Cisco Systems, Inc., Zoho Corporation, and Wingify Software Pvt. Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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