The expansion of the software-as-a-service (SaaS) business is possibly one of the most powerful examples of software “eating the environment,” as one notable VC once put it.
Statista estimates that the market for SaaS apps and providers will be valued $145.5 billion in 2021, up from $120.7 billion in 2020. According to one source, SaaS instruments currently account for 15% of suppliers’ budgets.
However, as the SaaS model gains traction, particularly in the business world, companies are having trouble managing their spreading subscriptions.
Nearly half of business IT departments said they spent too much time deploying and administering SaaS apps, according to a poll commissioned by Productiv (which, obviously, has a horse in the race, since it offers tools to regulate SaaS companies).
SaaS apps may become more than just time suckers; they can also be a security risk. According to a 2021 Adaptive Shield survey, 85 percent of companies believe SaaS misconfiguration is a major threat to their business.
Beamy is one of a number of firms attempting to solve the SaaS management problem with a system that claims to make setting up, upgrading, and maintaining SaaS applications easier.
Beamy claims its products can detect and manage SaaS applications in a “decentralised” manner, using algorithms that follow the lifecycle of each individual application and highlight potential security and compliance risks, according to the company, which recently announced a $9 million funding round ($6 million in equity and $3 million in debt) led by the Aglaé Ventures and ISAI funds.
“Now that SaaS applications are everywhere, it’s time for big businesses to respond, but there’s a significant underestimating of the diversity of SaaS apps available in major businesses.”
According to creator and CEO Andréa Jacquemin, “SaaS payments are expected to grow ninefold over the next ten years, and 80 percent of enterprise apps are expected to be offered by SaaS designs by 2031.” “SaaS isn’t only an IT issue; it’s also an organisational difficulty that impacts all C-suite executives,” says the author.
To read our blog on “Rocketlane, a SaaS firm, is betting on the client onboarding market”, click here.