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India is among the fastest-growing Software as a Service (SaaS) markets in the world with an impressive growth rate of 55%. After every single year by 2022, it is expected that this market will be worth $6.5 billion in the coming year alone.
India is also home to some of the world’s leading SaaS startups. Technology has been the strength of Indian entrepreneurs and they have leveraged it to make India the hub of innovative SaaS startups.
The Global SaaS market will be worth $130 billion and the global market creates 70% of the total revenue from Indian SaaS companies, This Chiratae-Zinnov report is predicted that by 2026 India will be exporting SaaS products worth $100 billion.
The Chiratae-Zinnov report observed that there has been tremendous growth in the sector in India and that the country has “created ~90 percent of all SaaS unicorns in the last four years alone, with the potential for many more in the offing”.
The growth rate is so high because creating SaaS products in India is very cost-effective and by leveraging technologies like Machine Learning, Artificial- Intelligence, and data-analyst Indian SaaS startups have been able to create high-quality customized solutions for their customers at a very competitive price.