Software as a Service, or SaaS, has been a significant digital development in recent years. It has let companies deliver software products more flexibly. Thus, everyone is looking forward to what’s next for the field. So, let’s look at the SaaS trends that await you in 2024 and find out how to get more from them for your products.
2024 SaaS Trend No. 1: The Growth Of Platform As A Service (PaaS)
For the most part, SaaS products are singular tools. With that, customers will often need to use them with other tools to get the most out of them. Platform as a Service products provide everything you need to use it in one place. PaaS offers several benefits over the traditional SaaS model, including greater efficiency and more streamlined software development.
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In 2024, the PaaS scene will continue to grow. According to estimates, it will become a $300 billion industry by 2039. With that, more companies are looking for ways to penetrate the field and make a lasting impression.
But you should be ready, as the scene will also be exciting. One of the significant developments here is the increasing use of cloud computing in tandem with the model. This technology lets software platforms boost their capabilities and deliver all the services users need.
Riding The Trend Right
The main challenge with jumping into a platform as a service model is that it will require more resources than your usual SaaS product. After all, you will provide all the capabilities users need to get the most out of the product. As such, you want to ensure you are capable of delivering everything.
For that, you will need additional support from the relevant expert fields. Virtua Solutions can help you assemble everything faster and more effectively. With our outsourcing service, you can get the right talents without going through complex hiring processes. We can also help you build additional processes that your platform might require.
2024 SaaS Trends No. 2: RevOps
One of the biggest challenges for SaaS is generating sustainable profits as they expand their business. They might find themselves struggling to attract new users and boost revenues. On the other hand, the stiff competition in the field might also exhaust the market, leaving little room for growth.
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This is where RevOps comes in. Short for revenue operations tools, these are the tools and strategies that will help boost earnings. These tools can help SaaS companies better gauge the profitability of markets through predictive and analytic tools. But there is more to it than just that. These tools can also help companies:
- Gather insights to enhance conversion rates
- Develop integrated solutions for revenue generation
- Develop and implement a data-driven customer success program.
- Improve operational automation
All of these elements can help you increase the success and sustainability of a revenue generation effort. With that, you would want to explore how to use these tools better for your SaaS business.
Riding The Trend
The great thing about the growth of RevOps is that there are now many solutions available for you. However, be careful when choosing the one model to implement. Conduct a thorough audit of your revenue funnel to see where your business might have a hard time.
Once you have completed the audit, you can determine which revOps solutions would best address the pain points. Virtua can help you set up and implement the tool faster. Our team can bring in experts who will be able to effectively manage the use of these tools and ensure that you get the revenue boost you want to have.
2024 SaaS Trends No. 3: Generative AI
In the last few months, it seems that artificial intelligence is everywhere. So, it is no surprise that you will see it in SaaS applications in the coming year. In particular, generative AI is set to become a major fixture in the field.
Image from LEK.
You might wonder what role generative AI will play in the field. One would be content creation. SaaS requires that you can serve every user with the right content they need. With that, the creation process is faster and you can create more varied content.
Another great use of generative AI is providing personalized support for your SaaS users. Using customer data, you can create a unique experience for them. Generative AI can even help you tailor that experience for each moment they engage with your SaaS product.
Riding The Trend Right
To get the most out of generative AI, you need the right infrastructure for it. This isn’t just about the tech. You should also have experts who can manage it. In particular, you want a team that will ensure the integrity of the data fed to the tool. That is essential, as it guarantees that the content created is not just relevant, but also appropriate for users.
Additionally, you want to ensure that the AI is integrated well into the SaaS service. Think about where in the usage process the AI would be most handy for customers. You can then add access points in these sections for their convenience.
Virtua Solutions can help you here by providing comprehensive AI management support. We can provide you with an expert data-gathering and review team to ensure that every piece of information the tool uses is sound. At the other end of the service spectrum, our customer success experts can guide users to utilize the available AI tools better.
Bring Your SaaS Business To The Next Level By Riding These Trends
With the above trends, 20224 is certainly going to be an exciting year for SaaS companies. And you should be ready to ride these trends to make it big this year. Virtua Solutions is always here to provide you with all the support you need. Contact us today to discover more.