Tech Trend: SaaS growth and IT
Software-as-a-service (SaaS) has multiplied in importance as an area of investment for the corporate world. What we are seeing includes:
- IT professionals looking to embrace this area to better manage the IT operations
- Security with SaaS implementations is formidable
- Scalability, accessibility, and insights tend to come from SaaS
According to Technavio, SaaS will grow at a 9% compound annual growth rate (CAGR) between 2020 and 2023.
SaaS providers are increasingly turning to AI to gain market acceptance and growth traction. In the cloud category, SaaS adoption for IT departments for business functions of all types is expected to follow with double-digit growth.
In Flyover Country, key venture firms, such as SaaS Factory, High Alpha Capital, Hyde Park Venture Partners, and Elevate Ventures are calling out SaaS as an area of investment. Refinery Ventures just announced the close of its second fund of $36 million with an emphasis on SaaS companies.
Examples of SaaS high-growth emerging companies in the Ohio region include: Launchrock, Prevedere, MoveEasy, STACK Construction Technologies, and Loop Returns.