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How to convert your internal tool into a profitable SaaS app – episode 1

How to convert your internal tool into a profitable SaaS app – episode 1
SaaS
Product Discovery

SaaS growth to $1,229 billion by 2032

SaaS (Software as a Service) solutions have become indispensable for operational optimization, productivity enhancement, and maintaining competitiveness. As of 2023, the global SaaS market was valued at an impressive $274 billion. What's even more exciting is that market experts predicted a compound annual growth rate (CAGR) of 18.4% from 2024 to 2032. By 2032, the SaaS market will reach a staggering $1,229 billion.

These numbers highlight why SaaS is more than just a technology trend. It's a transformative force that unlocks the immense potential of businesses, enabling them to thrive, grow, and achieve their goals. As the SaaS market continues to evolve, it presents exciting opportunities for startups, established enterprises, and forward-thinking entrepreneurs. It's a journey towards leveraging technology for success and realizing your business's full potential.

Source: 9 Saas Trends And Predictions For 2024

SaaS: Transforming industries

SaaS solutions are akin to versatile tools in a craftsman's workshop, adaptable and finely suited for a multitude of trades and industries across the global market. They illuminate the path to success in diverse sectors, acting as trusted companions on a grand business expedition.

Doxy.me: SaaS healthcare revolution

In the bustling corridors of healthcare, electronic health records and telemedicine platforms keep pace with modern medicine's ever-evolving demands.  Epic Systems offers a comprehensive EHR management system, streamlining care coordination. Doxy.me enhances telemedicine with user-friendly virtual patient visits, playing vital roles in modern healthcare.

QuickBooks: Finance simplified with SaaS

In the realm of finance and accounting, QuickBooks and Xero are essential tools. They simplify financial management, enabling users to maintain precise records, automate accounting tasks, and access real-time financial insights efficiently. QuickBooks and Xero make the journey towards financial clarity and success not just attainable but also efficient and data-driven.

Shopify: SaaS-driven e-commerce success

These narratives exemplify how SaaS solutions serve as versatile allies, transcending industry boundaries and fortifying businesses with the innovative tools needed to excel in the modern market landscape. Whether in healthcare, finance, e-commerce, or beyond, SaaS solutions adapt, empower, and drive success across diverse sectors.

Internal tools to SaaS success stories

Recently, transforming internal tools into SaaS solutions has become increasingly popular, unlocking new opportunities and untapped potential. This shift enables companies to enhance their processes, share innovations globally, and maximize technology investments, offering scalability, security, and accessibility, demonstrating significant industry impact and growth.

Slack’s rise: game tool to workplace

Consider Slack, initially conceived as an internal communication tool during the development of the online game "Glitch" by Tiny Speck. This transformational story showcases the untapped potential of internal tools.

Slack's impressive growth is evident, boasting from more than 15,000 users by 2nd week the app had in 2014 to more than 20 million daily active users in 2023. In 2022, its revenue experienced a substantial 36% year-over-year increase, solidifying its status as a cornerstone in the modern workplace, driving productivity and collaboration.

Slack

Asana’s evolution: From Facebook to global

Asana, an internal task tool at Facebook, later emerged as an independent SaaS product by creators Dustin Moskovitz and Justin Rosenstein. With 126,000+ paying customers worldwide and millions of free organizations in 190 countries, it streamlines project management.

Asana's growth has been remarkable, with a 68% YoY revenue increase in 2021, followed by a stunning 42% YoY growth in 2022.

Good to know:

The Global Workforce Management Software Market was valued at USD 7.03 billion in 2020 and is expected to reach USD 9.93 billion by 2026. This represents a CAGR of 6.38% from 2021 to 2026, [...]

ResearchAndMarkets.com
Asana

Basecamp: Project management made simple

Basecamp, once an internal project management tool, evolved into a global SaaS platform serving 75,000 paying businesses in 166 countries. Known for its simplicity in project management, it showcases the journey from internal tools to successful SaaS solutions.

Basecamp's growth, though not as rapid as Slack and Asana, has been steady.There were 1.8 million registered users at Basecamp in 2015, of which 130,000 are paying users, so that would be around 7.2% of the total population in that year. From that, we can come up with an estimation that there were around 252,000 paying users in Basecamp in 2021.

Basecamp

SaaS innovations: Key takeaways

SaaS solutions remarkably impact growth in today's business landscape. Beyond growth, they exemplify added values of innovation, adaptability, and the ability to address broader market needs, making them strategic assets for companies aiming to stay competitive and thrive in an ever-evolving environment.

  1. The global SaaS market, valued at $274 billion in 2023, is projected to surge to $1,229B billion by 2032.
  2. Regardless of your industry, there are likely SaaS solutions available that can positively impact productivity and growth.
  3. Top SaaS products such as Slack, Asana, and Basecamp have evolved from MVPs that were originally developed as internal tools.

In our work at Widelab, we've successfully enhanced the design and user experience of many SaaS products. We're available to share our knowledge and skills to help elevate your product. Contact us to find out more.

Authors:

Magdalena Hendzelek
Magdalena Hendzelek
Senior UX Designer

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