According to a Gartner report, revenues for the public cloud industry are projected to reach $278 billion by 2021. Much of this increase in revenue is owed to the growth of the Software as a Service (SaaS) industry, and SaaS startup companies make up an increasingly important part of the space.
In recent years, the SaaS industry has been growing exponentially, with such growth expected to continue for at least the next half-decade. Between 2019 and 2025, the global computing market is projected to experience a compound annual growth rate (CAGR) of 14.7%.
Though big players dominate the SaaS sector, its growth leaves a lot of room for startups to capitalize on. In this article, you will learn about some of the SaaS startups to watch out for.
1. Blue Hexagon
Cybercrime is one of the biggest threats that corporations face in the digital era of business. Attacks such as ransomware, malware, and data breaches can expose an organization to millions of dollars of non-compliance and compensation fines. What’s worse, when a company’s data is breached, customers can lose faith in the brand.
These are some of the challenges Blue Hexagon helps organizations mitigate. The company uses deep learning and Cyber Artificial Intelligence to detect and stop cyber threats before any breach occurs. The company was founded by Nayeem Islam in 2017, who is also the CEO.
Blue Hexagon’s deep learning platform delivers arguably the world’s fastest and most efficient cyber threat detection. More importantly, blocking controls to protect the cloud and a company’s network and email are executed in real-time. This efficacy has made Blue Hexagon a fast-growing SaaS startup and attracted investments from organizations such as Altimeter Capital and Benchmark.
Founded by Gustavo Sapoznik and Marcus Westin, ASAAP offers support to customer care and sales agents as they deal with clients. The platform helps them know the right things to say and take necessary steps in real-time.
As the agent interacts with customers ASAAP’s platform can predict the customer’s next steps and prepares the agent for the same. Also, with every customer interaction, the platform is continuously learning. This enables all agents to perform at high levels without the need for expensive training.
Their services are incredibly beneficial in industries with a lot of direct interactions with customers, such as the telecommunications sector.
3. Lightning AI
Marketing is an essential component of success in business. Today, if you’re not marketing on social media, it’s safe to say you are not marketing right. Lightning AI is a San Francisco based SaaS startup that helps organizations with social media marketing.
However, they’re not the ordinary social media marketing management service. They have software that enables organizations to achieve high-performance advertising by identifying suitable prospects and automating advertising tasks on Instagram, Facebook, and Google. With this, all the guesswork in social media advertising is removed, and companies can focus on core business functions.
With more and more organizations realizing the effectiveness of social media marketing, Lightning AI is poised to grow significantly in the coming years.
4. BackBone AI
In 2019, Rob Bailey founded BackBone AI, a company that offers solutions in managing and tracking inventory data for production businesses and eCommerce sites. The platform, which can also monitor products in real-time, can be easily integrated with a company’s data applications.
With eCommerce projected to command a greater share of retail sales in the coming years, the demand for BackBone AI solutions is set to increase. This is why the startup has been able to raise $4.7 billion in funding.
Most of the functions in digital devices, from calendars, calculators, games, etc., are run by software. As such, there is a high demand for applications, and as a result, the number of app developers and available apps on app stores has risen significantly.
Though app development has immense growth opportunities, developers can only capitalize on them by releasing top-notch apps. This is where StackHawk, a Denver-based company, comes in. They offer tools that developers can use to scan their apps for security bugs.
With this, the chances of issues arising during app development are reduced if not eliminated entirely. Also, StackHawck’s interface helps developers improve the quality of their apps and ensure they are secure. Due to the company’s immense potential, it has benefited from $4.6 million in funding thus far.
In a consumer-driven market, quality products and services must be accompanied by excellent customer service. Based in Las Vegas, Messagely is a company that helps organizations deliver on their customer satisfaction promise. As their name suggests, they have a messaging platform that helps businesses interact and address customer concerns as well as acquire new customers.
Messagely relies on knowledge base documents, targeted messaging, and the use of chatbots to deliver unparalleled customer support. By bridging the gap between corporations and consumers, Messagely shows significant promise.
Documents play an integral role in the corporate setup. As a company grows, the number of documents it deals with will increase. Such documents help track processes, obligations, and other important aspects of business. Therefore they must be ideally stored and easy to retrieve when needed.
Archbee is a company that was founded by Dragos Bulugean to help organizations with document management and record-keeping of the same. Another exciting feature of Archbee is that it enables companies to create documents such as changelogs, tables, etc.
Funnelll is another SaaS startup in the digital advertising space that’s causing ripples. Using the Funnelll platform, businesses can track and optimize their ad campaigns. By linking the ads and analytics accounts, you can access performance data, which allows you to adjust your ad campaign accordingly.
Due to its simplicity and effectiveness, Funnelll has benefited from $75,000 in seed investment to fund its growth.
Capitalizing on the Opportunities in the SaaS Startup Space
As organizations continue to embrace these technology and service innovations, the opportunities in SaaS will only grow. That being said, the most successful SaaS startup companies are those that are quick to spot changes within the industry and respond with innovative solutions.
Are you looking to grow your SaaS startup? There’s no better way to do this than by networking with SaaS leaders that have been there and done it. Ascent organizes events and conferences where executives from the best-performing SaaS companies share their knowledge and tips. Sign up for our next conference on Sept 30th to Oct 1st to learn from and network with industry leaders.