India, May 23 -- India is rapidly emerging as a global leader in the SaaS (software as a service) market, second only to the US in scale and maturity. According to a report by Bessemer Venture Partners, the Indian SaaS market is projected to reach $50 Bn of annual recurring revenue by 2030. However, the market may get bigger and better as tech enhancements and multiple integrations, including large-scale cloud adoption, GenAI incorporation and cybersecurity features, will propel the next phase of SaaS growth.

A March 2024 report by McKinsey and SaaSBoomi estimates that the industry landscape will quickly evolve from SaaS as we know it to AI.SaaS, is a transformational shift that will simplify workflows and help develop a wide range of in...