In charts: SaaS industry might be on way to recovery
SummaryDemand is back in the global SaaS market. It should lift Indian boats also, but they still have to overcome the challenge of cracking foreign markets.
A year ago, US-based SaaS (software as a service) companies such as Salesforce, ServiceNow and Atlassian were concerned about the continuing impact of the global economic slowdown. Revenues dropped and the flow of deals slowed, as clients were reluctant to spend amid economic uncertainty. More than two-thirds of SaaS companies surveyed by Everstage, also a SaaS company, did not meet their targets in the first half of 2022. Many listed SaaS companies, including Salesforce, revised their guidance downwards a year ago.