According to a new report by Bain & Company, India is fast emerging as a software as a service (SaaS) powerhouse, driven by a massive shift from on-premise to the cloud and growing investor appetite.
As per the report, Indian-heritage SaaS companies are poised to collectively reach $18-20 billion in revenue by 2022. Further, their collective share in the global SaaS market is expected to increase from the current 3-4 per cent to 7-9 per cent by 2022.
The report also highlighted that the early SaaS companies such as Zoho, Freshworks, Druva and Icertis have already surpassed the $100 million annual recurring revenue (ARR) mark, with several other firms seen to be well placed to follow suit over the next 12 to 18 months.
Further, over 50 companies have surpassed the $10 million ARR milestone. As per Bain estimates, there are over 7,000-8,000 SaaS companies in India.
