The software-as-a-service (SaaS) industry is booming. In 2028, the global SaaS market is expected to reach $700.8 billion, up from $143.7 billion in 2019, according to Gartner.
So which SaaS companies are leading the pack? Here are the 10 fastest growing SaaS companies to watch in 2023, according to data from Owler.
Founded in 2011, Zoom is a cloud-based video conferencing platform that offers HD video and audio, and collaboration features like chat and screen sharing. Zoom is one of the hottest SaaS companies on the market, with a reported $1 billion annual run rate and a valuation of $15 billion.
Slack is a cloud-based team collaboration tool founded in 2013. Slack offers real-time messaging, file sharing, and searchable history for team collaboration. Slack has over 10 million daily active users and a valuation of $7.1 billion.
Workday is a cloud-based enterprise resource planning (ERP) software vendor founded in 2005. Workday offers financial management, human capital management, and analytics applications. Workday has over 60,000 customers and a valuation of $28.7 billion.
ServiceNow is a cloud-based IT service management (ITSM) platform founded in 2004. ServiceNow offers a suite of cloud-based IT applications, including incident management, problem management, change management, and asset management. ServiceNow has over 6,000 customers and a valuation of $33.8 billion.
HubSpot is a cloud-based inbound marketing and sales platform founded in 2006. HubSpot offers a suite of marketing, sales, and customer service applications. HubSpot has over 70,000 customers and a valuation of $7.5 billion.
Salesforce is a cloud-based CRM platform founded in 1999. Salesforce offers a suite of CRM applications, including sales force automation, customer service and support, marketing automation, and analytics. Salesforce has over 150,000 customers and a valuation of $120 billion.
Adobe is a cloud-based software company founded in 1982. Adobe offers a suite of creative applications, including Photoshop, Illustrator, and InDesign. Adobe has over 13,000 employees and a valuation of $120 billion.
Oracle is a cloud-based enterprise software company founded in 1977. Oracle offers a suite of enterprise applications, including financial management, human capital management, customer relationship management, and supply chain management. Oracle has over 430,000 customers and a valuation of $182.4 billion.
Microsoft is a cloud-based software company founded in 1975. Microsoft offers a suite of productivity applications, including Microsoft Office, Exchange, and SharePoint. Microsoft has over 1.2 billion Office 365 users and a valuation of $1.6 trillion.
Amazon is a cloud-based e-commerce company founded in 1994. Amazon offers a suite of cloud-based services, including Amazon Web Services, Amazon Elastic Compute Cloud, and Amazon Simple Storage Service. Amazon has over 150 million active customers and a valuation of $1.7 trillion.
What does the future hold for the 10 fastest growing SaaS companies?
The future looks bright for these companies. They are expected to continue to grow at a rapid pace and expand their offerings. They will likely continue to be acquired by larger companies, but this is not the only option for them. They could also go public or continue to grow organically.