The Software-as-a-Service (SaaS) industry has seen an immense upsurge in the previous decade. There have been sweeping changes in every aspect of organizations, from on-premise to cloud solutions. Consequently, businesses are beginning to get acquainted with the advantages that the cloud offers through SaaS product ideas. The cloud is secure, flexible, has low maintenance, and provides dynamic solutions to organizations. Moreover, SaaS is changing the software industry landscape with its Cloud-first approach.
In this article, we have compiled a list of SaaS product ideas that have been proven to work. Before that, let's understand what SaaS is?
SaaS - Businesses Hosted in the Cloud
The secret to success with a SaaS start-up is to find a niche where you can offer a product that solves a problem. SaaS allows companies to stay flexible and update their software as needed without upgrading the hardware. SaaS product ideas are different because users don't need to install anything to access a product's features. Furthermore, it always has a definite customer base to boost revenues and churn rates.
Table of Contents
- SaaS Business Models
- Top 8 SaaS Product Ideas to Boom in Coming Years
- Why Build a SaaS Product with Third Rock Techkno
SaaS Business Models
With the significant recent shift of businesses towards SaaS, various types of services and products came into being:
SaaS Start-ups
These are the firms offering process automation like documentation, managing existing data, and team collaborations. In other words, they focus on providing a service instead of infrastructure. For example, Salesforce, Financial Services Cloud.
Platform as a Service (PaaS)
Under this model, the company takes responsibility to provide servers, networks, security, and infrastructure. It allows quick website, app, and online store development, testing different OSs with different programming languages. Examples include Amazon Web Services, Google Cloud.
SaaS CRM Start-ups
These firms provide subscription-based platforms with easy access. Quick deployment, availability, and mobility services attract customers as the cloud stores all sales and marketing data. For example, include Hubspot, Zoho.
Micro SaaS Start-up
These companies usually have 1-3 team members and focus on an extremely narrow niche. More importantly, these tasks range from email marketing optimization, SEO, etc., and are available on the website or as add-ons. For instance, include Grammarly, Mailtrack.
AI-based Services
With Artificial Intelligence and Machine Learning, the SaaS industry got extremely popular. After that, it gave birth to Machine Learning as a Service (MLaaS). MLaaS can easily integrate into different tools and marketing platforms. It assists in processing massive amounts of data and analyzing human behavior, which is helpful in marketing. For example, IBM Watson, Microsoft Azure.
Blockchain as a Service
Blockchain works as a decentralized technology. It stores data across thousands of server blocks. BaaS enables business owners to utilize computing power for storing data, create smart contracts and crypto transactions. For instance, Amazon, Microsoft.
Top 8 SaaS Product Ideas to Boom in Coming Years
CBI insights show that around 42% of start-ups face failure because they could not ignite the interests of their target customers. We have done our own homework to help you stay ahead of the rising competition with some start-up ideas with great potential.
Social Media Management (SMM)
Today, an average user spends almost 2 and a half hours on social media each day. Therefore, SMM is an excellent way for direct customer interaction.
Why is it Profitable?
An automatic social media post scheduler is a highly profitable SaaS product idea because it allows you to manage multiple accounts. However, scheduling is often a challenge because apps need API access. API graphs can help solve this challenge and result in the successful implementation of scheduling. Currently, the industry has almost 200 social media management software.
Which software is already in the industry?
ContentCal is a SaaS platform for building an online presence for brands through content marketing. It is software for scheduling posts, automation, and analytics. The idea brought $6.4 million through investment and now earns over $1 million monthly revenue.
(Image Source by: https://www.contentcal.com/)
Tele Healthcare
Tele-healthcare is already a large market. It saw even greater demand due to the COVID-19 pandemic. As a result, online consultation became extremely convenient and necessary. Eventually, it provided accessibility and ease to both the doctors and patients. The market is now set to reach around $186 billion by 2026.
Why is it profitable?
Compliance with the govt medical authorities is a challenge that such SaaS product ideas often face. However, the rise in global medical needs provides excellent opportunity for low-scale firms. As a result, 100 telemedicine software are looking to invest in this industry today. A recent study also forecasts that the industry will grow with a CAGR of 15%.
Which software is already in the industry?
BetterHelp is one of the largest e-counseling platforms for connecting patients with therapists. It's 100% online, and one of the key features is the highest quality of security standards for its patients. Teladoc Health took over the acquisition of BetterHelp for $30 million. Consequently, it increased even more with growth investment of another $500 million.
(Image Source by: https://www.betterhelp.com/)
Marketing Automation
Online marketing is the most significant method of promoting your business today. Every company has a website and wants to expand its global footprint. Automatic analysis, scheduled SMSs, emails, payments, social media tools – everything is part of marketing automation. Subsequently, a SaaS product idea for marketing automation software can provide a variety of solutions. These can be helpful for streamlining marketing strategies, sales funnel, and analyze essential metrics to measure campaigns.
Why is it profitable?
Poor marketing is one of the most frustrating concerns for organizations and marketers, resulting in failures. This provides an immense opportunity to bank in on marketing technology solutions. Many firms don't integrate their marketing campaigns thoroughly with sales. Hence, it's essential to focus on both departments for a better investment. The industry today has over 250 software available, making the demand even higher.
Which software is already in the industry?
Top competitors in the market include Marketo, Hubspot, and Mailchimp. Hubspot is a top-rated marketing automation software, crossing many milestones each month. Furthermore, the Hubspot CRM became an industry standard. The company even have its own app store.
A cloud-based server is highly beneficial for sharing files and chatting. As a result, it created huge market and demand due to its practical usage.
(Image Source by: https://www.hubspot.com/)
Team Communication
A single platform for all communication between multiple teams is perhaps the most in-demand software today. This SaaS business idea is highly fruitful, with options to chat, collaborate on different projects, and track tasks and timelines. Moreover, visual data exchange and online meetings are set to grow in the future.
Why is it profitable?
Functionality is the biggest problem that this SaaS product idea can solve by integrating different tools in one place. Which software is already in the industry?
The market has many competitors like Trello, Slack, Sales Squared, and others. Slack has maintained its popularity as one of the most extensive cloud software services since 2013. In 2020, their monthly revenue came at $33 million with investments in 28 new areas.
(Image Source by: https://slack.com/intl/en-in/)
CRM for Freelancers
Freelancer CRMs have many things in common with the usual CRMs. However, freelancers have to handle all the work from marketing to providing services. The increased demand gave birth to many mobile apps in this field. Consequently, it makes the idea highly feasible. Freelancer CRMs offer easy customer interaction, easily accessible analytics, and email marketing.
Why is it profitable?
The CRM for freelancers has an on-demand nature that makes them a perfect fit for a SaaS product idea. It solves the major challenge of helping freelancers in handling all the information on their own. With cloud software, it's easier to organize, save, and track everything.
Which software is already in the industry?
The most significant competitors in this market are Zoho CRM and Google spreadsheets. Zoho CRM today generates $41 million in revenue per month and is now investing $50 million to enhance the efficiency of the product. With extensive demand, many others have started investing in the industry, eventually widening the scope.
(Image Source by: https://www.zoho.com/in/crm/)
Content Planning and Scheduling
Delivering relatable, relevant, and valuable content is the key for business owners. Above all, successful businesses rely on content planning and scheduling software for many things. Content planning and scheduling helps to track published content, updates, and analytics. With almost 70% of firms investing in content marketing, content strategy is a thoughtful and significant part of the organizations.
Why is it profitable?
Content planning, scheduling, and monitoring solutions offer a rich platform for content creation, production, and analysis. It also includes tools for optimization, researching, and distributing content effectively across different channels. Further, multiple teams deploy to generate various types of content, which can often lead to confusion. Such a platform assists in providing a solution for proper planning and notifying everyone about the changes.
Which software is already in the industry?
Software like Dropbox, Groove, and CoSchedule are some of the biggest names in the industry. CoSchedule was one of the top 10 leading marketing software providers on the Inc. 5000 list in 2020. It currently generates around $45000 monthly revenue.
(Image Source by: https://coschedule.com/)
Video Editing and Rendering
The current market is heavily dominated by giants like Adobe, video editing, conferencing, and rendering. The real-time nature of such products and services proves extremely rewarding and valuable for businesses to boost their online existence. Consequently, the traditional software market saw a significant boom recently and due to lockdown.
Why is it profitable?
The Work from Home scenarios increased the demand for real-time video calling and rendering and made it highly accessible. As a result, this SaaS product ideas made it possible to connect online with the team across different regions.
Which software is already in the industry?
Some of the biggest competitors in the market are Autodesk, Nvidia, Adobe, VEED, Keyshot, and others. Such an idea can solve the problem of understanding and knowledge of different settings to get accurate renders. Making it online with default rendering settings will be beneficial to get desired results. With over 100 software in the market, "online rendering" has almost 500 weekly Google search queries. Keyshot today generates $500,000 revenue each month.
(Image Source by: https://www.veed.io/)
KPI and OKR Trackers
KPIs (Key Performance Indicators) and OKRs (Objectives and Key results) tracking software are essential tools for companies to align their goals and engagement. Firms can efficiently focus on their goals through trackers, dashboards, and visualization charts. Eventually, it enhances the productivity and empowers teams with real-time insights.
Why is it profitable?
A single platform for integrating different tools that serve different purposes can be profitable for the users. KPIs are one of the most significant characteristics that empower the growth of a company. An automated KPI and OKR tracking software can lead to enhanced productivity.
Which software is already in the industry?
The most significant competitors in this field are Cyfe, SiSense, and Grow. Around 300 KPI software exist in the market today, leading to a substantial and evolving niche. ‘Timely’ is another AI-built software that records the time spent on different apps. It was able to raise $1.1 million through investment.
(Image Source by: https://memory.ai/timely)
Why Build a SaaS Product with Third Rock Techkno
As a leading IT services company, Third Rock Techkno possesses experience of 10 years of expertise in mobile app development, web development, and voice-enabled apps. We have developed numerous scalable and smart cloud solutions across various industries with Angular, React, Flutter, Android, and Apple technology stack.
Partnering with us for your new SaaS product idea can empower your small business with a broader scope and growth. If you want expert consultation, you can always talk to a consultant for a detailed roadmap.
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Krunal Shah is the CTO and Co-founder at Third Rock Techkno. With extensive experience gained over a decade, Krunal helps his clients build software solutions that stand out in the industry and are lighter on the pocket.
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