Startups help India’s cloud software space to grow faster than global; SaaS market may scale 6X by 2025

India’s cloud-based software or software-as-a-service (SaaS) market, which also included big and emerging startups including InMobi, Freshworks, Zoho, Capillary Technologies, LogiNext, FarEye, etc., has grown at 30 per cent CAGR to become a $3.5 billion revenue market as of FY20. The growth is around 1.5 times faster than the global SaaS market, a Nasscom report said on Thursday. The global market, which stood at $100-billion size in 2019, is growing at 22.6 per cent CAGR. Moreover, the Indian market is further likely to expand 6x to $13-15 billion by 2025 from the current $2.5 billion revenue by “pure-play Indian SaaS companies”. The domestic growth has come on the back of “India’s burgeoning start-up landscape and its rapid strides in digital adoption” as one of the key factors towards SaaS adoption.