India’s software-as-a-service (SaaS) market is projected to reach $50 billion in annual recurring revenue by 2030, featuring domestic and global players like Perfios, Zoho, Freshworks, and iCertis. The country’s SaaS market has seen an investment of nearly $6 billion in 2022, growing by 3.5x since 2020. The efficiency of Indian SaaS businesses due to cultural values and a multi-product strategy is expected to aid their global expansion in the high-interest rate environment. The rise of digital payments, the transformation of the pharmaceutical industry, and the adoption of AI are contributing to the growth of India’s SaaS market.
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