2024 SaaS Trends Revisited
Late last year, we shared our predictions for the 2024 SaaS trends. As we approach the halfway point of the year, let’s revisit those projections:
Market expansion
Usage-based revenue models
Doubling down on product-led growth
Integrating AI
The race to $200M in ARR
Cautious optimism around SaaS VC funding
Sustainability efforts with a focus on efficiency
Recently, RIB Software released an updated list on their website. Now, let’s compare our list to theirs, focusing on the top five trends they highlighted.
AI – Still a Hot Topic! AI continues to be a dominant trend in 2024. With advancements from companies like ChatGPT, Canva, and Salesforce Inc., the growth in AI shows no signs of slowing down. The release of ChatGPT version 4, with its game-changing features, underscores AI's ongoing relevance and potential for further development.
Construction Industry Moves to SaaS This trend caught us by surprise! The construction industry is increasingly adopting digital software, allowing project managers to access real-time data and brief stakeholders on and off-site about project status. Automation tools also help adjust budgets, prevent delays, and boost productivity.
SaaS Security as a Priority We missed this one! The rise in data breaches and cyber-attacks in 2023, coupled with the shift to cloud computing, has made SaaS security a top priority. Many companies are now implementing automated security measures to protect cloud servers, but this trend is still emerging. Only 26% of organizations using cloud computing have adopted automated security to prevent cyber-attacks.
Vertical SaaS – Product-Led Growth We got this one right! Vertical SaaS providers offer tailored solutions that meet specific industry needs. These customized versions are cost-effective and provide industry-specific options. Benefits include metrics and KPI tracking, business value, and streamlined reporting for greater insights.
Data-as-a-Service – Efficiency Trend Cloud computing's growth continues to drive the demand for Data-as-a-Service (DaaS). Offering on-demand access to files anywhere in the world, DaaS has become essential for remote work environments, which remain prevalent post-COVID. Cloud storage not only benefits remote workers but also provides convenient file solutions for business travelers, reducing the need to carry physical storage devices.
As we continue through 2024, it will be interesting to see how these trends evolve and what new developments will emerge in the SaaS landscape.
Connect with us on social
