That’s according to software vendor Vena, which published “51 SaaS Statistics, Trends, and Benchmarks for 2023“ last week. Some key findings from the guide:

• Large enterprises that employ more than 1,000 people accounted for over 60 percent of global Saas revenue in 2022.
• Private cloud companies accounted for 43 percent of global SaaS revenue in 2022, the largest market share among SaaS market segments.
• End-user SaaS spending is projected to hit $208.08 billion in 2023, adding up to 35 percent of all end-user public cloud spending.
• There are 175 SaaS companies with valuations greater than $1 billion and a collective value of almost $622 billion.

“The FED is predicting a slowdown in growth in the second half of 2023 and the first half of 2024,” said Felipe Cepero, Vena’s customer success manager. “Most would think that the SaaS market would be negatively impacted by this potential recession, but if it leads to a decrease in interest rates it may spark a much-needed boom in the industry with an increase in funding, hiring, and overall growth. The SaaS market is resilient and will continue to grow—even in the toughest markets.”

The publication explores the state of SaaS and how the market is changing by looking at key statistics and benchmarks. It also lists top challenges facing SaaS businesses and makes recommendations for overcoming them. 

Read the entire guide here.

SaaS provider GoTo conducted a report on the impact of AI in the workplace and society that included a survey sent to U.S. industry professionals to shed light on how businesses and employees are being impacted by the introduction of AI.

Results showed that 56 percent of respondents expressed trust in AI technology but stated they would manually fact-check the information provided for safety. Only 10 percent indicated distrust in the information generated by AI systems.

While AI is currently not being regulated in the U.S., 70 percent of workers believe the software and technology should be regulated. The survey also found that 57 percent believe they have a basic knowledge of privacy and copyright laws around AI.

Other Key Findings

Here are some of the report’s key findings:

• 42 percent of U.S. workers believe AI will be a good time management tool. A significant majority of respondents are enthusiastic about the positive changes AI will bring to their daily work tasks.
• 47 percent expressed excitement that AI can effectively solve smaller tasks, freeing up time to concentrate on more complex tasks. Additionally, 45 percent believe AI can enhance their job efficiency.
• Among industry professionals, 71 percent believe AI can improve productivity. The same percentage are confident that AI could be incorporated into their jobs.

The full findings can be found below:

Find the full report here.

New and exciting data-intensive technologies and applications like generative AI are spurring a goldrush to greater insights, automation, and predictability, but these technologies are simultaneously exacerbating the already-strained infrastructure and hybrid cloud environments on which they run.

Key Findings

Hitachi Vantara conducted a global survey of 1,288 C-level executives and IT decision makers, including 308 in the United States, to quantify the extent to which organizations are struggling to manage their data infrastructure in a secure and sustainable way. Its newly published Modern Data Infrastructure Dynamics Report reveals that most companies expect their data needs to nearly double in the next two years, and that both protecting and managing that rapid growth of data in an actionable and sustainable way are further complicating efforts.

Key U.S. findings include:

• Respondents say that data is their most valuable asset but are concerned about the security and resilience of their data infrastructure; 71 percent are concerned they cannot detect a data breach in time to protect data.
• 65 percent of respondents are concerned over whether their organization’s data infrastructure is resilient enough to recover data from ransomware attacks.
• 27 percent of respondents admitted that important data was not backed up and 35 percent had experienced data inaccessibility due to storage outages.
• 66 percent of IT leaders currently measure their data center’s energy consumption; however, 32 percent acknowledged that their data infrastructure uses too much energy and nearly half admitted their sustainability policies don’t address the impact of storing unused data.

The study also shed light on the future of data storage, with data spread across the hybrid cloud model leveraging a mix of public/private cloud, co-location and on premises expected to persist. For U.S. business leaders, the study found data stored in an already established hybrid cloud with percentages of data center workloads located almost evenly between the public cloud (24 percent), private cloud (25 percent), on premises (25 percent), and co-located/managed services (22 percent). Notably, the percentages were expected to largely stay the same in the coming two years. Download the full report here. 

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