20 SaaS Startups Ideas to Build a Profitable Product in 2020
The entrepreneurship industry in today’s time is highly trending. More businesses are being established in the world that are helping people in making their lives better. Starting a new business is a fairly complex process.
It needs a huge amount of involvement, hard work, and, most importantly, investments. This is why cloud software businesses are topping the charts in the modern business world. They are practically more efficient at starting a business and have a better possibility of scaling themselves in a shorter time.
However, people have started coming up with all kinds of SaaS ideas without looking at their feasibility. To get profitable SaaS ideas, a person should first know what is SaaS all about.
Then to understand and implement an idea becomes easier. We did in-depth research on this subject and have come up with twenty best saas startup ideas that are profitable to do in 2020. So let us go ahead and explore them in detail.
Reasons to Start Own Software as a Company
There are a plethora of good reasons to start your business with SaaS ideas. Find some of the most significant reasons down below:
- Lower Entry Cost
The software as a service businesses are all about the software and don’t involve any hardware costs. This makes a huge difference in the initial development cost of the industry.
- Pre Calculated Costs
Unlike other industries, the costs for MVP development of SaaS product ideas is already precalculated. So each step can be more efficiently planned.
Upgrading your SaaS product is way simpler than upscaling any other kind of organization.
The biggest challenge for any industry is to keep the right maintenance system of its services. However, in software startups, your software maintenance is the responsibility of the software provider. You can relax and order them to do the needful.
- Worldwide Access
The demand for SaaS businesses is so high because of its great reach to the audience. Unlike traditional business, the software is placed on a cloud. This makes it accessible to any person from all across the globe.
SaaS Trends and Market Research
Software as a Service is currently one of the best industries to put your investments. The agility and cost-effectiveness it offers to a business are what makes it reliable among other business platforms. Looking at the trends from the last three years, SaaS businesses have taken over the cloud computing markets.
From a $58.8 billion industry in 2017, software as a service has grown its revenue to $85.1 billion in just two years. Thanks to multiple SaaS startup ideas. Also, the current growth parameters predict, software as a service will become a $143.7 billion industry by 2022.
Undoubtedly, investing in SaaS business ideas right now will be a great opportunity for entrepreneurs.
Coming Up with New SaaS Ideas
The foremost step in starting a startup is to have brilliant SaaS ideas that are practical and workable. The fundamental way to search for an idea is by identifying faulty systems and problems in your surroundings and the world. Wherever there is a problem, there is a possibility of new solutions.
Check out the given pointers that may help you to find out some profitable SaaS ideas.
- Evolving Markets
The trend of becoming online has become prevalent in almost all societies. But there are certain markets that are still left out due to their own challenges of money or limited knowledge. You can start your search with these outdated markets. You can find many suitable saas product ideas that can start your business by evolving their market.
- Find Your Expertise
Many times people start with ideas of SaaS startup with the field they are good at. For instance, Bill Gates was a technical guy and hence started implementing ideas in his own niche that made him so successful. If you are yourself good at something, it is always a potential prospect to turn it into a business.
Just like when you turn to your friends and family for personal problems., you can take a piece of their mind in this aspect. You never know, from where a good idea can drop.
- Researching Online
As the research is about ideas for SaaS, you will get plenty of good ideas on the internet. Like this article that you are reading is a product of the internet. It will further guide you with the best saas startup ideas you can go with.
20 Startup Ideas for Your Business Prospects
After a detailed research process, we have come up with the top twenty product ideas for SaaS startups. We will share the problem, solution, demands, competition, and investments for these saas business ideas. It will help you to make an efficient decision on the type of startups you want to begin.
1. Marketing Automation
In this current technological era, every company wants to be ahead of others. To do so, online marketing is the most efficient technique. A tool that can automatically analyze the statistics and make marketing strategies is the need for every organization.
|Problem||Most organizations do not thoroughly integrate marketing campaigns with sales.
This has a negative impact on investments.
|Solution||While developing your SaaS ideas of startup to software, consult experts of both departments.
It will help to get better integration in both processes.
|Competition||Marketing automation is a highly profitable SaaS idea.
There are over 250 tools available online on ideas for this SaaS.
In a list of best marketing automation softwares, the top competitors in the market are Hubspot, Marketo, Mailchimp, Klaviyo, and others.
|Demand||The demand, however, for such product based SaaS ideas is extremely high.
Every website is a business opportunity, and developing your cloud software can give fruitful results.
Hubspot is a popular marketing automation software that had a monthly revenue of $14.6 million in 2019. The company is crossing all the thresholds every passing month. This startup has become highly successful with its SaaS idea. There are no reports on any latest investments.
2. CRM SaaS for Freelancers
CRM is one of the SaaS ideas that are most profitable in today’s time. The online market is ever-expanding, and maintaining the needs of the customer is becoming challenging. By automating the process, results will become better.
|Problem||Freelancers need to maintain everything from marketing to execution by themselves.
Handling so much information is a big problem.
|Solution||Cloud software can organize the work for them and save them time.|
|Competition||Many SaaS ideas are built on this niche.
As per the research of best CRM softwares, the biggest competitors are Google spreadsheets and Zoho CRM.
The other softwares working on this software stratup business idea have widened the market.
Therefore, more investors are intere
|Demand||The demand for CRM software is extensively high and increasing.|
Zoho CRM is a product developed from such a SaaS idea and has monthly revenue of $41 million. They are currently making an investment of $50 million to improve their efficiency.
3. Video Rendering
One of the best SaaS business ideas right now is developing your own video rendering service. From designers to video editors, everyone struggles to render out their files with perfection. Developing software for them is one of the great SaaS startup ideas.
|Problem||It takes huge time and knowledge of different settings to get perfect renders.|
|Solution||Creating a product of this SaaS idea will save them time by making it online.
Pre default renders settings can be added to get suitable results.
|Competition||The market for such profitable SaaS ideas is still developing.
Apart from having over 100 efficient softwares in the field, the competition is relatively average.
Some of the best softwares are 3DS Max, V Ray, and Blender.
|Demand||There are over five hundred Google searches for ‘online rendering software’ in a week.
This implies that entrepreneurs and startup founders are searching for more saas business ideas to enter the market.
Keyshot is developed from one such profitable SaaS ideas and has monthly revenue of $500,000. The company is growing at a good scale. However, there aren’t any reports suggesting their latest investments.
4. KPI Tracker
The need for KPI SaaS product ideas is immense as it can highly impact the performance of an organization. Automated software will be a great help in increasing the organization’s productivity.
|Problem||There are a variety of different tools for serving different purposes.|
|Solution||The idea of building this SaaS is to integrate all these tools into one app for the users.|
|Competition||KPI is one of the most essential characteristics for the company’s growth.
Having an automated KPI can hugely enhance productivity.
Hence the competition in the field for making better softwares is large. This leads to generation of multiple profitable saas ideas.
Some good competitors like SiSense, Cyfe, and Grow are the best among 300 plus KPI tracker softwares available online.
|Demand||The demand for developing software from such SaaS startup ideas is extremely high.
The growth of SaaS ideas that are working on the KPI tracker niche is giant and ever-evolving.
Geckoboard is an organization that has a product of this business idea of SaaS. The company is growing at a very high rate and has monthly revenue of approximately $200,000.
Telehealth SaaS ideas are trending these days due to their high demand. This profitable idea for SaaS involves getting medical services over the phone using the software. MDLive, PlushCare, and LiveHealth are best telehealth apps generated based upon these SaaS product ideas.
|Problem||The biggest challenge in implementing SaaS startup ideas like these is making them compliant with government medical authorities.|
|Solution||The developers need to do thorough research on all the medical requirements.
It will help them to develop efficient software.
|Competition||With growing medical needs in the world, the competition in this niche is significantly rising.
This is an opportunity for low scale companies to implement their saas startup ideas.
Currently, there are close to 100 softwares of telemedicine working on the SaaS idea.
|Demand||Demand for making telemedicine software from such profitable SaaS ideas is ever-expanding.
The size of the global telemedicine market has reached $41.4 billion in 2019. Hence, identifying new ideas your own saas product is profitable at this stage.
This is because the same study forecasts a CAGR growth of 15% in this niche.
Teladoc is a telemedicine software that is built from such SaaS product ideas. The industry is highly profitable and generates a revenue of $45 million every month. The growth parameters of this app are exceptionally high. There are reports that suggest Teladoc is making an investment of $500 million for its growth.
6. Team Communication
One of the most demanded software in modern-day organizations is a single platform for team communications. You can create the software against team communication SaaS business ideas that consist of chatting and collaboration options for the team.
|Problem||The biggest challenge in such ideas of SaaS startup is its functionality.
From chatting to file sharing, different tools need to be integrated into one that takes more space.
|Solution||A cloud-based server approach can solve this challenge efficiently.|
|Competition||Team collaboration softwares have created a huge market for themselves, considering their practical usage.
Many new saas startup ideas are being generated for this market.
There are several good competitors like Slack, Sales Squared, and RingCentral.
You need to make your team communication software feature rich to sustain the competition market.
|Demand||There is a high demand for products with such SaaS ideas.
The profits by operationalizing these profitable saas ideas are higher and developing.
Slack is one of the biggest cloud software service in this area. They have had substantial growth from their very beginning since 2013. They generated a monthly revenue of $33 million in the last year and have made investments in 28 new organizations. This is surely a solid idea for building a SaaS product.
7. One-Click Credit
With the growth of internet businesses, the need for safe and secure payment platforms have also risen. One-click credit portals are wonderful SaaS ideas that can make your business boom in a short time. They offer an account for every user in which the ledger keeps maintaining. The user can pay the amount at the end of the month for his purchases.
|Problem||There can be many defaulters that can take the product and later don’t pay.|
|Solution||Initially, an identification with the user’s account can be made.
The limit for a particular user may also be set.
|Competition||The competition is relatively low in this niche.
These SaaS product ideas have not been implemented by many organizations.
Some of the best apps in the one-click Credit category are Anytime Pay, Simpl, Skrill, and LazyPay.
|Demand||Such platforms have high usability, and the requirement is sufficiently high. The market has a huge demand for such profitable SaaS ideas.|
Simpl is a startup built from such a SaaS idea and has extensively taken over the market with its usage. In a matter of 5 years, the company has become a million-dollar industry. The revenue for one month is over $150,000.
8. Social Media Posts
The reach of social media is enormous in today’s time. People have made good earnings through them. An automatic post scheduler is a fantastic SaaS idea that can be highly profitable for you.
|Problem||Scheduling in social apps is a challenge because API access to the app is always needed.|
|Solution||The availability of API graphs can help the builder to implement successful scheduling.|
|Competition||The idea behind this SaaS business is fairly new and has low competition.
Still, there are over 200 software for social media management that you may need to consider.
However, the majority of them lack the auto scheduling feature. This is one area where you can innovate and launch a new and better product in the market.
|Demand||As people aren’t aware of this concept, the demand is average.
However, once the market is established, the demand will enhance dramatically. So it is a wise step to work on SaaS product ideas in this field.
The growth of other social media management tools is high but they differ a bit from this SaaS idea concept.
Loomly is a startup that has worked on this SaaS idea. In just 3 years’ time, the company has grown up by 600% with monthly revenue of $170,000.
9. Health Check
A health check business app is amongst the best economical SaaS business ideas. It involves notifying the users about their scheduled appointments with the doctor. Also, it can feature automated suggestions for patients considering their health records. Check out some of the HIPAA compliant apps that are based on similar SaaS product ideas.
|Problem||Self integrations with the medical records to produce the right suggestions can be a challenge.|
|Solution||Fields can be set for the patients to enter their records themselves.|
|Competition||There are a few apps that are based on these SaaS ideas.
However, the idea is not completely the same and differs.
It is estimated that the competitive market for telehealth softwares is expected to grow up to $55.61 billion by 2025.
|Demand||The demand for health apps is always high, as health is a priority for everyone.
Developing SaaS business ideas in the telehealth niche is a smart decision to take.
Ada Care is a similar service that is attracting a large group of people through its SaaS product ideas. Their revenue has been estimated at $5.8 million a month.
10. Blockchain Invoicing
Blockchain systems are the latest trends that will soon be a part of every organization. Thanks to their fast and secure systems. A blockchain-based invoicing SaaS startup ideas have never been executed until now. This can be a game-changer for your business.
|Problem||The implementation of such a system has never been done and will be a challenge for the developer.|
|Solution||Developers who are working on cryptosystems will be able to work on such projects.|
|Competition||Right now, there is no big competition in this niche. Companies are still making blockchain technology more efficient.
But the competitive landscape of this industry surely looks quite progressive.
The SaaS ideas built in this category will surely be profitable in the upcoming years.
Apps like Factor, Azure, and BlockCypher have been made using blockchain technology, not necessarily in the same niche.
|Demand||The demand will extensively grow once such a system becomes a reality.
As an evidence to the above fact, you can also check out the blockchain market growth estimates report.
It estimates the growth of the blockchain market to $39.7 billion by 2025.
The application made under such SaaS ideas will be extremely profitable as it has never been done before.
11. Auto Parking
Finding a parking spot, especially in busy hours, can be a frustrating process. One of the profitable SaaS ideas is to make an app that will guide you with easy parking process.
|Problem||Parking spots of regular customers can be taken by others leading to confusion.|
|Solution||A dedicated place can be reserved through the app for regular people.|
|Competition||The market for such SaaS ideas have already been developed. However, the low competition in the field provides an opportunity to lead the market.
There are over 70 auto parking Softwares like OnCall Parking Manager, Partbot, and Parkit that are currently working.
|Demand||The demand remain significantly high for such apps and saas ideas regardless of multiple available platforms.|
Parkit, an app based on the idea of a similar SaaS startup, has a revenue of $55,000 per month. The organization has grown by more than 100% in the last two years.
12. Technology Skills
One of the biggest profitable SaaS ideas you can implement is developing an app that enhances the technical skills for job seekers. Organizations consistently need people that have good skills, and your app can fulfill that.
|Problem||Distinct technologies will have to be placed on a single platform.
It can make the app too heavy.
|Solution||A server-based approach can be a good solution to this problem.|
|Competition||There are a few apps that work on these SaaS product ideas.
However, the competition in core technical education is still less with only a handful of businesses leveraging from this business idea.
|Demand||The demand for technology SaaS ideas stay extremely high as it is a good source of learning for people.|
Sololearn, a 2013 startup company built from a similar SaaS idea has grown by 80% in the last few years. They have a per month revenue of $555,000. Currently, they are investing $2 million to make their platform more diversified.
13. Appointment Management
Meetings are a crucial aspect of any business. It can be hard to manage the timings for meetings for an established business. So an automated software that can manage meeting timings and follow up on requirements is a great idea for Saas business.
|Problem||The challenge that can be faced while implementing this idea of SaaS is time clashes. A given time slot may be scheduled twice.|
|Solution||Locking the allotted time intervals can be a fair solution to the problem.|
|Competition||The ease that these softwares provides to the customer makes the competition strong in this field.
There are over 300 profitable startups working on this idea.
Some of the best apps like Appointlet, Gigabook, ScheduleOnce, and Setmore are well established in the market.
|Demand||The demand for such SaaS business ideas that has multiple functionalities in appointment management is fairly high.|
Calendly is a popular appointment management cloud software. It has a revenue of over $2.5 million a month. The success graph of the company is upwardly uniform from the past 3 years. No new investments have been made by the company.
14. Content Planning
Content is the king in the game of digital marketing. Every successful business is relying on it. Keeping track of content and regularly updating it is a significant part of the game. Content planning software can be one of the highly successful SaaS startup ideas.
|Problem||Multiple teams regularly work in providing different content.
Often times, it leads to confusion.
|Solution||A single platform through which content can be planned is required.
It may also notify everyone when a change occurs.
|Competition||The competition in the content world is ever growing due to its high usage by all the businesses.
Many entrepreneurs are working on their SaaS product ideas to develop a highly efficient product for the industries.
The content management and planning system and its ways can highly impact the business growth.
|Demand||The demand for a good content planning product generated from a SaaS idea is big.|
Coschedule is a successful business generated from such SaaS ideas, has revenue of $45,000 per month. No future investments are predicted yet.
15. Cloud ERP System
Developing a single platform-based software for HR, finance, and planning departments is amongst trending profitable Saas ideas. It will help to efficiently handle the accounting tasks with an analytical perspective and better functionality.
|Problem||Privacy can be risked by integrating employee data, time tracking, financial accounting, expense management on a single platform.|
|Solution||Using the blockchain system can make the system fully secured.|
|Competition||The market and the competition is wide for this SaaS product idea.
ERP systems have brought down the highly reduced workload of people.
Over four hundred high end softwares working successfully in the market.
|Demand||There are over 5000 searches for ‘Cloud ERP apps’ on Google for this SaaS idea.
In monetary terms, the entire industry is set to generate $37.7 billion by the year 2024.
So, you can get a share of this profit, if you implement the right idea at the right time.
Workday is a top competitor in this niche, with a whopping revenue of $62.1 million in a month. Ever since its beginning, there has never been a downfall in its growth.
This is one of the most common yet profitable SaaS ideas that have the potential to derive plenty of business. It can have a target audience from a personal level to small enterprises. It can be used for managing your personal, business, and banking accounts with tax calculations to make them easier. It is a good business idea for developing a new SaaS.
|Problem||Different countries have different rules and regulations for tax laws, and all can not go under one platform.|
|Solution||The development of this idea of SaaS can be functional if initially app is designed for a specific country.
Later it can be upgraded to other regions.
|Competition||The competition of such SaaS product ideas is large.
A total of over three hundred online apps working under these saas ideas.
The top competitors in the game are Xero, Quickbooks, etc.
|Demand||The Asia-Pacific market leads in adapting to such SaaS ideas.
Apart from this, we can also observe a high demand for accounting saas ideas across the globe.
Xero is amongst the top SaaS of this industry that generates a revenue of $46 million per month. In the last two quarters, the company has grown by 36%. As per the reports, they have made investments of over $600 million in the last two years.
17. Pre Payment Auditing with AI
This is one of the SaaS startup ideas that is ideal for small and large enterprises. It involves the extraction of information on parameters like currency amounts, terms, rates, and other data from all your clients. It will validate the records and then further pass on to the payment process.
|Problem||The only challenge in making this software is to achieve complete accuracy without any faults.|
|Solution||Algorithms can be built by taking samples of pretested data to make it 100% error-free.|
|Competition||The competition in this arena is highly evolving.
Some of the best software services working on this saas startup ideas are Hubdoc, Appzen, AuditFile, and others.
|Demand||As per the latest Technavio report, the global demand for auditing software is on the high. Between 2019 and 2023, this market is said to generate $543.5 million.
So it will be a great time to build your product on this SaaS idea.
If added with features like cognitive technology, these SaaS platforms can bring a disruption in the market and observe an unprecedented growth.
Appzen has successfully brought these SaaS business ideas to life. It has monthly revenue of $8 million. The company made an investment of $35 million last year to improve its expense automation system.
18. Automatic Information Capturing
Auto capturing the required information with graphics from particular websites can save the work of a designer. Amongst many profitable SaaS ideas, if this idea becomes a reality, then it can start a market itself with you being the leaders.
|Problem||Picking required designs and images for a computer can be confusing for the machine.|
|Solution||Bookmarks and text suggestions can be given by the user to get the desired results.|
|Competition||Amongst many SaaS product ideas, this idea has not been implemented as such.
Klart is a software which is a little similar to this idea.
The market competition of the auto data capture softwares is still evolving. Several SaaS startup ideas are being validated for developing new products.
|Demand||Even though this is a new concept, adding it to the existing graphics software will bring in more growth and revenue.
In 2019, the same industry generated $32.68 billion in revenue. With the inclusion of an auto capturing SaaS, this revenue can increase manifold.
Klart, a software-based on similar ideas of SaaS, but the details of this organization remain unknown for now.
19. Detailed Pricing Plans
There are thousands of services that we can buy over the internet. However, finding all information on the pricing for different services is complex. SaaS business ideas that can make software to elaborate on the pricing plans of different services is a need for consumers.
|Problem||Many services keep updating their prices, and maintaining uniformity can be a challenge.|
|Solution||A server-based validation tool can check and update the information as required.|
|Competition||According to G2, there are about twenty competitors in the pricing software market.
The top competition softwares are Dell Boomi, Jitterbit, and SnapLogic that are working on similar saas product ideas.
|Demand||The demand for efficient and accurate software is high in the market.
According to marketwatch reports, a significant rise in the pricing software market is yet to happen.
Most probably the years between 2020 – 2025 are crucial for the growth of this industry.
Zapier was built from such SaaS startup ideas and has a revenue of $4 million per month. Started in 2011 as a weekend project, Zapier has now become a multi-million dollar company.
20. Capital Management
Amongst many good SaaS ideas, the idea of starting the software for capital management still stays significant. It can eliminate the frustration of maintaining employee records. Also, it will be helpful in managing the payroll system with all its complexities.
|Problem||There is always a struggle to stay accurate while making payrolls and managing the entire employee system.|
|Solution||This cloud software solution will first streamline all the departments and then conduct successful operations.|
|Competition||The competition in this niche is sufficiently high.
As the product is for use of already developed markets, therefore the competition and demand both are high.
Paycom is the biggest competitor in the market. The market currently has over 250 softwares working in this niche.
However, efficient software with good functionality has a good chance to enter the market effortlessly.
|Demand||The demand for such SaaS business ideas and software is extremely high in the market.
A globe newswire report states that by 2024, the Human capital management software industry will reach $26.5 billion.
Since, it is a major problem solver for the companies, implementing such a SaaS idea is good for business.
Paycom, a company based on such profitable SaaS ideas generates monthly revenue of $61 million. They have a growth rate of more than 287%. Currently, no latest investments have been made by the company.
Interested in How to Develop SaaS?
Reading the above ideas for starting your SaaS startup would surely have made you all excited. Starting your SaaS business from a single idea isn’t as simple as it sounds. It requires many levels of deep research and analysis in the process of SaaS platform development.
However, the start of a startup always comes from an idea. If you have found the right idea for you, then its time for idea validation for your software.
After the SaaS idea is validated and you are sure about bringing this idea to reality, you can further go to the development process of SaaS. For successful development of cloud software, you can outsource web development to the team. An idea that is useful in bringing convenience to the people will surely get success.
All the best!