Even as the economy continues down an uncertain path, Software-as-a-Service (SaaS) tools are as crucial as ever. There are an estimated 25,000 SaaS companies worldwide, and over 99% of businesses use at least one SaaS tool.
With these impressive figures in mind, Sastrify is excited to share our first ever SaaS Procurement Market Trends Report to help SaaS buyers navigate the world of SaaS procurement and to plan ahead for where the trends of SaaS industry are heading.
Overview Sastrify’s 2023 SaaS Procurement Market Trends Report
Reading the report will offer an overview of B2B SaaS procurement trends in 2023, 10 trends highlighted by our experts, and our predictions for what comes next. Here is a sneak peek at three of the trends we highlight in the report on where the future of SaaS is going:
1. SaaS companies are increasing prices
One of the top areas of discussion in SaaS this year has been the increase in subscription prices. We’re seeing many providers increase prices and change contract terms to adjust to the market conditions we’re currently facing – recession, inflation, rising labor costs, sinking valuations, and more.
Our experts say it’s important for SaaS buyers to be aware of the changes taking place, but also to know how to get the best deals on their software even as prices rise. Sastrify’s co-founder and CEO Sven Lackinger offered this tip on the SaaS opportunities available even with price increases:
“Take a moment to think before agreeing to a ‘discount’ or change to your billing. I'd probably recommend Sastrify customers – or any SaaS buyer – to only commit to a longer contract if they actually get better prices than their current ones, not simply to prevent a price increase.”
2. The fast-paced world of SaaS is becoming more sophisticated and specialized
In this report, we discuss how the rapid pace of change in the SaaS market makes it difficult for the procurement function to keep up. With 25,000+ SaaS companies already competing and new players entering the market daily, being the person or team in charge of procuring the right tools is a never-ending challenge.
Leading up to a contract negotiation or renewal, the procurement team may lack things specific to each software like:
- Context – What has been updated in this tool? What’s happening in the market?
- Knowledge – How does this vendor usually negotiate? How can I get the best deal?
- Data – What price is being paid by other buyers (i.e. benchmarking)? What discounts could I qualify to achieve?
Having a SaaS procurement partner like Sastrify can fill all three of these gaps and ensure teams are winning the best possible contract terms for each SaaS tool.
Plus, look for companies to begin offering vertical SaaS. Horizontal SaaS made these products agnostic to industry, but vertical SaaS will allow these tools much more integration with companies workflows. The Vertical SaaS trend will help differentiate the power users from the causal users.
3. Buyers are saving big on top tools
Sastrify has helped customers save over $10 million on software. Our visibility into the tool stack of each customer and the savings achieved with our platform allows us to spotlight which tools companies are saving the most on.
The report highlights the 11 top tools our customers are achieving savings on in the SaaS Industry, including AWS, Google Workspace, Slack, Zoom, and Segment. To get the full list and understand how buyers attained those savings, be sure to read to the end of the report.
Download Sastrify’s 2023 SaaS Procurement Market Trends Report Today!
Sastrify’s SaaS Procurement Market Trends Report offers an expert view into the trends driving buying in the SaaS market as we head into 2023. Any buyer of SaaS or procurement leader will discover actionable insights for better SaaS buying in the new year.