Summary:

The Indian SaaS sector is expected to reach $50 billion by 2030, driven by advancements in AI and increased cloud usage. Bessemer Venture Partners' research, "The Rise of SaaS in India 2024," highlights this shift, fueled by growing AI adoption and a focus on cybersecurity. The startup ecosystem is anticipated to attract $1 billion in new funding by 2024, with 60% of SaaS businesses transitioning to AI-enabled providers.

In 2023, Indian SaaS unicorns and centaurs generated $5.9 billion in revenue. Wealth-tech and industrial-tech are key growth areas, supported by increased equity and sustainability efforts. The report notes a strong interest in cybersecurity, with 99% of enterprises planning budget increases, and half expecting 6-15% hikes. The cyber insurance market is projected to reach $800 million by 2030. Anant Vidur Puri of Bessemer Venture Partners highlights AI, cybersecurity, and wealth-tech as critical to India's future success, supported by a growing pool of skilled talent.

Source: IBEF 

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the material supplied, including its accuracy, completeness, and usefulness.