Software as a Service (SaaS) has become a popular business model for software companies in recent years. SaaS companies offer their software applications through the internet, allowing customers to access them from anywhere with an internet connection. This model has several advantages over traditional software licensing, including lower upfront costs, easier scalability, and automatic updates.
According to a recent report from SaaStr, a community of SaaS founders and executives, the majority of SaaS public companies are offering new versions of pre-existing software categories. This means that rather than creating entirely new software applications, these companies are updating and improving upon existing ones.
The report analyzed the product offerings of 50 publicly traded SaaS companies and found that 80% of them offered new versions of pre-existing software categories. The most common categories were customer relationship management (CRM), human resources (HR), and project management.
One reason for this trend is that these categories are already well-established and have a proven market demand. By offering updated versions of these applications, SaaS companies can tap into an existing customer base and potentially attract new customers who are looking for more modern and feature-rich solutions.
Another reason for this trend is that SaaS companies are constantly looking for ways to differentiate themselves from their competitors. By offering updated versions of pre-existing software categories, they can add unique features and functionality that set them apart from other companies in the same space.
For example, Salesforce, one of the largest CRM providers in the world, has been offering updated versions of its core CRM application for years. These updates have included new features like artificial intelligence-powered sales forecasting and advanced analytics capabilities.
Similarly, HR software provider Workday has been updating its core HR application with new features like machine learning-powered talent management and advanced reporting capabilities.
Overall, the trend of offering updated versions of pre-existing software categories is a positive one for both SaaS companies and their customers. Customers benefit from access to more modern and feature-rich applications, while SaaS companies can tap into existing market demand and differentiate themselves from their competitors. As the SaaS industry continues to grow and evolve, we can expect to see more of these updated versions of pre-existing software categories in the future.
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- Source: Plato Data Intelligence.
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