Separating Fact From Fiction - Is the SaaS Industry Still Growing In 2023? | Career Nuggets

Let’s not sugarcoat things: this year has been a tough one for layoffs and cutbacks across industries and sectors–tech included. And it can feel unsettling and somewhat overwhelming, especially if you’re on the hunt for a job, or considering jumping into an industry that seems to be downsizing.  

It’s important to take stock of what’s happening now, but it’s equally crucial to keep our eyes on the horizon, especially when the seas are stormy. And one promising sign on that horizon: Software as a Service!

SaaS has been on a steady and silent rise despite headlines earlier this year counting mass layoffs from even the most stalwart tech giants. Amidst the uncertainty, this is one sector that provides light at the end of the tunnel, continuing to grow and potentially opening up exciting opportunities for career advancement. 

The predictions about this market are quite interesting, with growth estimates that would make anyone's ears perk up! We’ve grabbed some of the latest reports to share the latest numbers you can expect to see in SaaS - they all anticipate a significant boom! So let's dive into the details.

By The Numbers: 

• Statista anticipates a promising growth trajectory for the SaaS industry worldwide, projecting a near future value of around $197 billion in 2023. That number’s set to climb further to an estimated $232 billion by 2024.

• The Insight Partners paints a similarly upbeat picture for the SaaS market. They foresee a Compound Annual Growth Rate (CAGR) of 18.5% between 2022 to 2028, culminating in an impressive global market size of approximately $462.94 billion by 2028.

• Fortune Business Insights gives an optimistic forecast for the SaaS sector, expecting a strong CAGR of 18.7% between 2023 and 2030. They foresee a global market worth a whopping $908.21 billion by the close of 2030.

What We’re Hearing: 

Yes, layoffs have happened this year, but so have new sales. Even in a turbulent market when the waters around us might seem rougher than normal, companies are still attracting and winning over new customers. And a more important indicator, they’re still hiring (just look at our job board for proof of that)! With demand for sales talent still going strong in a market that’s set to grow, we expect to see competition rise as positions open up—meaning you’ll need a plan to stand out as a top candidate. 

SaaS solutions are going through a period where seat or feature reduction is a real thing. Organizations are working hard to retain and upsell existing customers, not just land new ones. That’s where Customer Success Managers and Account Managers excel. The demand for these customer-focused, relationship-building roles is already on the rise, and we won’t be surprised if they continue that trajectory as SaaS companies grow.