As companies worldwide struggle to create safe remote offices, Indian businesses took the opportunity to rise to the occasion. It is estimated that India’s SaaS industry could reach $1 trillion by 2030.
Based on a survey conducted by KPMG, companies spent around $15 billion more a week during 2020 on virtual offices. The need for reliable SaaS created today’s giants like Zoom and Salesforce (Slack messaging app).
India’s SaaS industry consists of almost 1000 SaaS companies, and 10 are classified as unicorns (startups valued at over $1 billion). Although this may seem a low percentage, it is actually a huge success in the tech world.
In 2020, investors entered the Indian SaaS market with $1.5 billion worth of investments. The number of investments, as well as their worth, was four times bigger than investments made during 2019.
Although India is currently not among leaders in the industry, analysts predict that it could climb up the ladder in the upcoming period. The main reason for this is a large number of English-speaking developers and engineers who work for relatively low salaries by international standards.
Low operating costs are one of the main reasons companies choose India as their home. Data shows that Indian developers earn up to 85% less than American developers, but this may change as the industry grows.
