8 Trends to Consider While Working on SaaS
Are you looking to build a SaaS product? Then you know that it can be difficult to know what trends will help your business grow.
In this article, we’ll explore 8 different trends that are important for building or market your SaaS product in the coming years. We’ll also look at how these trends might impact your business and provide some insight into what you can do today to prepare for the future of SaaS.
Let’s get started!
8 Hottest SaaS Trends For 2021
Here are 8 key trends that every startup should consider when working on your next software as a service (SaaS) project.
1.Introducing APIs and integrations
One of the biggest trends in SaaS today is APIs. If you’re not familiar with what an API does, it provides a way for other services to access your core product or service. You can think of it as opening up your software so others can interact and communicate with you without needing direct access to your servers or data.
Integrations can help you turn your SaaS solution into a powerful omnichannel business tool. For SaaS firms, having an integration infrastructure is a competitive advantage.
Developing an Application Programming Interface allows you to link your SaaS solution with other providers. As a result, your clients get more functionality and features while you gain a larger audience and potential customers.
2. Embracing AI and Machine Learning
Artificial Intelligence and Machine Learning (AI ML) are two technologies that have recently become essential marketable assets for SaaS and Cloud based businesses. With the help of AI and ML, companies can now generate more accurate predictions about their customers’ needs and create marketing strategies that focus on customer engagement.
SaaS providers today should keep an eye out for these technologies as they will play a significant role in shaping the way of doing business over the next few years.
AI provides marketing with the ability to learn about customers and adapt its approach to their needs. Adapting products, services, or experiences for a diverse customer base in order to appeal them all is now possible because of AI.
The goal of AI is to help human beings accomplish more. One way it may do so is by allowing businesses to take greater value from their data, automate and personalize services, improve security, and boost human capacity.
How Can AI/ML Help Improve Your SAAS Product Concept?
- Chatbots and virtual assistants. Instead of long sign-up processes and onboarding, it’s time to embrace AI-driven chatbots and assistants.
- Dynamic pricing. Artificial Intelligence real-time adjusts pricing based on customer behavior data, market conditions, demand, internal operations, and other factors. These changes have a significant positive impact on revenue growth for firms that frequently change their pricing in response to demand.
- Personalization: Google’s voice-first paradigm may be seen as a trend in the future. Natural language processing (NLP) is one such example, which automatically analyzes human speech patterns and voice control. Customer service features can be enhanced through this by allowing for more customization and better addressing of client demands.
- Speed: Reduce paperwork: Artificial intelligence-enabled SaaS tools automate internal procedures and operations, allowing organizations to get fast answers to inquiries, make rapid forecasts, and speed up their overall level of reactivity.
- Security: SaaS security is boosted by the fast identification and mitigation of potential dangers, thanks to artificial intelligence-enabled automation and machine learning’s capacity to spot patterns.
3) Rising Need in Remote Work and E-learning
Millions of people around the globe have been forced to work and study from home since the start of the epidemic. Start-up entrepreneurs are remote working because it is a need rather than a luxury.
Remote working also entails having access to the most talented individuals from across the world.
Micro-learning is an emerging trend that is opening new horizons for learning through short videos, articles or e-books that are easy to access on mobile devices.
With the rise of e-learning, there is a strong demand for online courses, language learning apps, virtual tutoring, and learning platforms. So, if you can discover SaaS ideas that fit this area, you’ll have a good chance of succeeding.
Investing in e-learning technology may help to minimize overall learning expenses while also improving return on investment (ROI). Long-term cost savings, reduced risk, enhanced out-of-the-box functionality, and a faster time to market are just a few of the advantages of investing in online or Software-as-a-Service (SaaS) learning technology.
4) Rise of Micro-SaaS
MicroSaaS is a tool that small businesses may use to enhance existing SaaS services’ fundamental functioning. MicroSaaS focuses on a target market and employs minimal resources to resolve the problem
This is a tool that small businesses may use to enhance existing SaaS services’ fundamental functioning.
It is operated by one person or a small team with little costs, a narrow focus, a modest but dedicated user base, and no external investment.
How Is It Different from SaaS?
Micro-SaaS differs from the common SaaS model in several ways:
- Appeals to a niche market
- Run by very few individuals
- Low costs
- Small user base
- May generate revenue without funding
- Lower profits
- Appeals more to individuals and freelancers
- Less bureaucracy, fast decision making
Micro-SaaS is a type of SaaS that focuses on addressing a certain issue in a specific niche market with minimal resources. You may end up with a micro-SaaS product by scaling down from one niche to one set of requirements.
Micro-SaaS firms provide advantages including location independence, reduced risks and expenses, and a higher margin.
5) Unbundling SaaS Apps
Unbundling enables much easier customization of an app because its various components are more adaptable and enable for more flexibility when switching between cloud services.
Unbundling is a popular marketing approach since it enables each product or service component to be marketed as a distinct offering with its own unique selling proposition, allowing companies to focus on one area of the total solution rather than attempting to handle all aspects in-house.
Apps that are unbundled allow marketing teams to promote a product more effectively by allowing them to target each component at different demographics.
Every software package included in a bundle is not required by all firms. Instead, organizations are searching for customized SaaS solutions that are specifically tailored to their demands. For this reason, unbundling has grown increasingly popular among SaaS providers as a means of offering a more individualized service to their clients.
6) White Label SaaS Solutions
A white label allows you to brand a product or service with your company’s name without having to create it yourself and sell items and services without having to spend the time and money on designing and developing them.
In simpler terms, SaaS white labeling is the act of a software-based business creating a fully developed, tested, and finalized platform and selling it to another firm so that they may customize and market it under their own brand.
An example of white-label SaaS software is a product that combines software and supporting services rebranded for different businesses. They accomplish this by either incorporating customer branding features into the product or providing an unbranded platform to clients.
7) Increased Focus on Mobile
Another key component of a successful SaaS business in 2021 and beyond is a good mobile experience. The majority of SaaS applications are built for desktop computers, but more and more consumers want to use a product from their phones.
Providing a mobile-friendly design is crucial, and marketing efforts should focus on these types of users. The world has truly become more mobile in the last decade, and software-as-a-service companies will place a higher priority on their mobile-first design and functionality in the long run if they want to stay competitive.
Here are the most significant areas of mobile optimization:
- better mobile app personalization through machine learning and AI
- high-level data security
- responsive mobile features like swipe-based actions, intuitive filtering, and task optimization
- More options for in-app or platform user feedback for more valuable improvements and updates.
Smartphones and displays present a unique set of requirements, and SaaS firms are likely to see a good return on investment next year and beyond if they focus on mobile-first design & development.
It’s without a doubt one of the most essential current SaaS trends for 2021 so take advantage of it!
8) Vertical Saas Is Becoming More Opportunistic
In general, the SaaS market is divided into two categories: vertical and horizontal.
Horizontal Saas Solutions
Horizontal SaaS solutions are designed to fulfill basic needs in a variety of industries such as sales, marketing, finance, accounting, and personnel management among other things.
Vertical SaaS Solutions
Vertical SaaS is completely customizable and tailored to the needs of supply chains and certain industries such as science, construction, healthcare, finance, and so on.
Healthcare analytics software, retail analytics, and modern logistics analytics are just a few examples.
Vertical SaaS is becoming increasingly popular among businesses that wish to specialize in order to improve the user experience of certain features.
What Are the Key Vertical SAAS Trends That Will Have Such an Impact in 2021?
Vertical SaaS companies can also adapt features to meet client demands and the needs of their industries, as well as effectively fulfill customer requirements within their sector.
Vertical SaaS providers also have the ability to adapt features according to client demand and industry, and effectively address customer needs within their niche.
This increases adaptability and upselling possibilities while lowering customer acquisition costs.
Advantages of Vertical SaaS:
- Customer intelligence: It allows companies to obtain industry-specific customer data and intelligence, which is critical for gaining consumer-focused insights.
- Pre-defined metrics and KPIs: Vertical SaaS is already integrated with pre-determined metrics, KPIs, and analytics that companies may use to evaluate and improve daily and long-term processes and performance.
- Business value: A software is built to satisfy industry norms, it delivers a greater level of business value for company activities and performance.
- Improved data governance: Vertical SaaS is designed to help organizations comply with data governance standards by providing specialized compliance capabilities, which has the additional benefit of increased transparency.
- A higher standard: Vertical SaaS providers will continue to offer higher-quality services, seeking to set themselves apart from the growing crowd.
Enhanced SaaS Solutions For 2021
These 8 key SaaS developments will shape the industry in 2021. Many of last year’s developments have carried over, and some have evolved, setting the door for entirely new ideas that will move the industry ahead. Artificial intelligence-powered SaaS, Vertical SaaS, white label saas solutions, the growing need and development of API connections, a plethora of micro-SaaS offerings, and unbundling saas apps are all here — and innovative SaaS solutions will only grow in the coming years.
The continuing future of the sector and our rising societal demand for robust software-centric solutions across the board are evident in these exciting SaaS trends.
The revolution has arrived, and it’s digital. As more businesses move to a cloud-based data-driven existence, the potential for delivering useful software innovations will expand dramatically.
In a world where data is the driving force behind smart business practices in a digitally connected world, SaaS alternatives will become more convenient and inexpensive across industries, both now and in the future. You’ll be flying down the road in 2021 with improved success, development, and access to critical business knowledge if you accept these key SaaS industry trends.