Most Popular Characteristics of Software-as-a-Service (SaaS)

Software-as-a-service (SaaS) offers web-based software applications across domains. Users can remotely access business applications related to accounting, customer relationship management (CRM), enterprise resource planning (ERP), human resource management (HRM), finance, etc.

Table of Contents

1. 10 popular features/characteristics of software as a service (SaaS) in 2024 
2. Scalability
3. Low-code & no-code integration
4. Billing modes
5. Unified security
6. SaaS deployment
7. Integration with third-party connectors & tools
8. Accelerated feature delivery
9. Security & compliance audit
10. AI-powered SaaS
11. Customisation & personalisation
12. Discover the power of Digital Samba's API and SDK

Numerous SaaS solutions in the market are available via cloud providers like AWS, Azure, and GCP, each offering unique and distinct features. When choosing a cloud service provider, businesses must consider factors like scalability, security, and cost-effectiveness to meet their specific needs. Making the right choice can impact the performance and reliability of their SaaS applications.

Here are some key stats related to the SaaS industry: 

• The worldwide SaaS market is expected to experience a significant compound annual growth rate (CAGR) of approximately 25.89% between 2022 and 2028, ultimately reaching a market value of about USD 720.44 billion.
• It is anticipated that by 2025, 85% of the software businesses use will be SaaS.
• According to Harvey Nash's Technology and Talent study 2021, 73% of corporate executives use SaaS solutions to achieve their business goals.

With many SaaS solutions available, enterprises need to understand their most popular characteristics. When choosing SaaS solutions that are transforming industries and driving innovation, it's important to make the right decision with the help of advanced technologies like the AI image generator for enhanced visual content.  

10 Most Popular Features of Software as a Service (SaaS) in 2024 

SaaS is a market that has the potential to bring in between $5 million and $100 million in annual recurring revenue, which makes it more attractive for companies.

In 2024, several key features of SaaS will tend  to dominate the industry:

• Scalability 

Scalability, a key component of SaaS, enables your software solution to expand along with your company. Whether you're a budding startup on the fast track to expansion or a well-established company venturing into new territory, scalability ensures your software stays snappy, cost-effective, and ready to tackle whatever your users throw at it.

For instance, a streaming platform like Netflix can dynamically scale its servers to handle the increased demand for content streaming during peak hours.

• Low-code & no-code integration

Gone are the days of complex coding and development bottlenecks. The rise of low-code and no-code SaaS tools empowers non-technical users to create applications and automate workflows. 

For instance, platforms like Microsoft Power Apps and Salesforce Lightning empower users to build custom applications without coding expertise. Cross-platform tools and SaaS APIs enhance integration possibilities, enabling seamless connections with other software.

• Billing modes

SaaS providers diversify their billing options to cater to a broader range of customers. In addition to per-user, per-month pricing, businesses can now opt for pay-as-you-go, quarterly or yearly billing plans. 

Some SaaS providers even offer permanent licenses for long-term stability. This flexibility in billing options caters to different customer preferences and often makes SaaS more affordable than traditional on-premises software. 

It also allows businesses to adapt payment structures to match their budgetary constraints.

• Unified security

With cyber threats on the rise, SaaS solutions are doubling down on security. This includes the security of applications, with increasingly common features like encryption, two-factor authentication (2FA), and biometric authentication. 

Digital Samba Introduces End-to-End Encryption (E2EE) for Private and Group Video Calls

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Digital Samba Introduces End-to-End Encryption (E2EE) for Private and Group Video Calls

Moreover, data security is crucial, particularly when working with sensitive user data. Also, compliance with data protection laws like GDPR and CCPA and achieving certifications like SOC 2 are prerequisites for SaaS providers.

• SaaS deployment

SaaS platforms are designed for multi-tenancy, meaning multiple users or organisations can share a common infrastructure and codebase while maintaining data isolation. In this evolving SaaS landscape, the demand for custom ERP software is increasing, as businesses seek tailored solutions that fit their unique operational needs and enhance their efficiency.

SaaS providers automatically provision resources, reducing the burden on IT teams. Automatic provisioning of resources ensures that businesses can scale up or down effortlessly, optimising resource allocation for maximum efficiency.

• Integration with third-party connectors & tools

Another amazing feature of SaaS is its ability to integrate seamlessly with other tools and services. Through open integration protocols like RESTful APIs, businesses can easily connect with third-party connectors and proprietary tools. That provides them with the capability to automate their workflow processes.

For example, SaaS can connect with databases like Google BigQuery or Snowflake, helping businesses make smarter decisions by getting important information.

• Accelerated feature delivery

SaaS providers use Agile development methodologies more frequently to deliver additions and upgrades based on real-time client feedback. 

Furthermore, Proactive application monitoring helps identify issues and provides product updates to streamline the user experience continually. 

This iterative approach ensures that SaaS solutions remain constantly adjusted to match the shifting needs of businesses.

• Security & compliance audit

SaaS products are like digital fortresses; they're getting even better at keeping your data safe. Integration of regular security and compliance checks and audits that show their dedication to keeping your data secure and following regulations is becoming popular with vendors. 

These audits help to build customer trust and reassure them that their data is protected and the service adheres to industry best practices.

• AI-powered SaaS

Artificial intelligence (AI) is incorporated into SaaS products to improve functionality. AI analytics don't just show your business data but also tell you what to do with it. As such, machine learning (ML) algorithms automate tasks and improve predictive maintenance.

The AI-powered SaaS product is automating industries from healthcare to finance by offering smarter solutions. For example, Customer Relationship Management (CRM) SaaS platforms employ AI for sales forecasting, lead scoring, and personalised recommendations. The integration of an all-in-one CRM further enhances these capabilities, providing businesses with a comprehensive solution that streamlines not only customer interactions but also the management and analysis of valuable data, ultimately contributing to more informed decision-making.

As artificial intelligence continues to shape the landscape of SaaS, understanding and implementing robust AI security measures becomes paramount. A comprehensive guide on AI security not only elucidates the complexity of securing AI-driven platforms but also provides actionable insights for fortifying them against evolving threats. It's an essential read for developers and security personnel alike.

• Customisation & personalisation

White-label SaaS solutions enable businesses to customise and rebrand the software to suit their unique requirements. This promotes a positive brand identity while also enhancing the user's experience. 

Furthermore, companies can integrate white-label SaaS into their existing workflows, maintaining a consistent look and feel while benefiting from the flexibility of customisation.

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