SaaS (software as a service) is not a new term and has shown continued adoption and growth year on year since the term first appeared fifteen years ago, with its commonality and mass adoption only growing over time. With its innate scalability and flexibility, SaaS took advantage of the new public cloud market. Today we find ourselves at a time where SaaS is taking over the cloud computing market and according to Bloomberg, public cloud platforms, business services, and applications (SaaS) will all grow at a 9% CAGR (compound annual growth rate) between 2020 and 2023.
COVID has accelerated this mindset: we witnessed an enforced change when remote flexibility and agility moved to the top of the urgency list. Look at the lightning speed of adoption of Zoom, MS Teams and Google Hangouts; the traditional barriers of time, procurement and lengthy evaluations went out of the window.