What is SaaS?
Software as a Service referred to as SaaS is a cloud-based solution accessible via a smartphone or a web interface. It provides end-users access to its functionality, technical support, and additional services on a monthly or yearly subscription basis. They are popular among customers because they are easy to use and do not require installation. The investors like it because the revenues from SaaS companies are regular to predict and easy to manage.
SaaS industry market capitalization is to reach $143.7 billion in 2022. It is exponentially growing and capturing the interest of users and investors. It offers unique benefits which have attracted a large audience. These benefits are listed below.
- Low Cost of Entry
The premise of SaaS is software development which minimizes the cost of setting up expensive hardware. As a result, the initial cost of setting it up is low.
- Global Access
The cloud-based data storage solution offered by SaaS allows users to access their data from across the globe. One does not need to worry about data loss and losing access to their accounts or device.
- Recurring Revenue
Recurring revenue is a profitable business. SaaS offers regular and stable revenues to its solutions providers. Estimally, companies with recurring revenue are worth 16 times more than those with a one-time revenue model.
The key benefit of SaaS is its in-built ability to comply with changes. It is highly beneficial for start-ups as business agility allows them to update and change systems, compete with new products, and remain relevant.
- Easy To Upscale
Scalability is a huge attraction for start-ups. The easy-to-upscale feature of SaaS provides a platform for growth and upgradation more simply.
As the industry is expanding, there is, now more than ever, a need for more SaaS products. However, in deciding what you want to work on, businesses need to assess their ideas analytically and critically. In such a market, your business idea should be unique and competitive to break into this saturated market.
Convinced that you want to invest in SaaS but don’t know where to start? Here is a precise list of ideas you can work with and get inspired.
Finding Profitable Software as a Sales (SaaS) Ideas
- Social Media Analytics Platform
Social Media consumption has increased tremendously over the past few years. COVID-19 further exacerbated the number of consumers on these platforms. With this magnitude of the user base, content creators are constantly struggling with figuring out what works best. A social media analytics platform can provide trends, insights, and consumption patterns to inform content creators in a simple and comprehensive way.
- Content Planning Platform
With the surge in social media users, the pressure to create and upload content regularly has increased. A content planning platform will be a great tool to create, plan, manage, analyze and automate content. It has immense potential for growth.
- Marketing Automation
Every business uses social media platforms to market their products for maximum outreach. Automated marketing plans that include daily or weekly posts can be made through a marketing automation platform. It is a guaranteed success.
With the emergence of COVID-19 and the subsequent lockdowns, people have now moved towards accessing services online. Telehealthcare adds convenience and accessibility to both patients and doctors. A telehealthcare platform enables professionals to consult with patients online. It is a big market and is predicted to grow bigger.
Every operational business is mandated to keep financial records and invoices of procurement. Often, creative business owners feel stuck and are bogged down by these requirements. It takes additional money and human resource to maintain these records. An e-invoicing platform can be a great solution to their problem. Provided the growth of consumers, more and more business platforms will appreciate and utilize this support.
- Property Management
Real estate is a booming industry. The agents are dealing with multiple properties, and the investors are constantly looking at new opportunities for investment. A property management platform will address the needs of both parties and will be twice as beneficial to the developer. It is a win-win situation.
- CRM for Freelancers
CRM is one of the SaaS most profitable ideas. Conventionally, the freelancers maintain everything from marketing to executing, multiple assignments at once. CRM for freelancers is a smart solution for freelancers to organize their work. Added features like accessibility from mobile, a pipeline, task lists, and a filterable contact list with names, emails, notes, and other significant information would also be a great addition The idea of remote work and freelancing is at its peak and will grow. The market trends look positive for this business.
- Workplace Productivity Platform
More people are moving towards remote working, and businesses prefer a hybrid model to save operational costs. A workplace productivity platform has a niche market. It effectively assesses the progress against deliverables, will help businesses and employees to keep track of the task lists, set realistic expectations, and productive use of time.
- Project Management Tool
Project managers deal with multiple things at the same time. A project management tool will enable managers to keep track of activities, individual work plans of team members, and productivity against the targets. Added features may include objectives and results tracker. This SaaS idea has immense scope for profits.
- Interview Tracking System for Candidates
Nowadays, interviews are conducted remotely, and a plethora of candidates apply for a single position. Finding the ideal candidate can be an arduous process, and you want to be certain that you are making the best possible decision. An interview tracking system can help businesses automate the hiring process by scheduling interviews, sending emails, and coordinating with potential candidates.
Based on the consumption trends, this is a list of the most promising ideas for developers so far. Get inspired and kick-start your career in building your SaaS app. It is predicted to be the most profitable business if executed well.