Software-as-a-service (SaaS) companies are clearly on the rise, fueled by rapid growth in the larger cloud computing market. Years ago, the focus of the tech industry was primarily on packaged software. Today, it's nearly impossible to start a business solely on packaged software. All the interest and energy, not to mention venture capital, is going to on-demand SaaS companies and their products because they promise to ease the hassle of client installation and updates.
The result is a flood of activity among SaaS companies that shows no signs of slowing down. New SaaS companies are being formed, and most impressively, established software companies are undergoing impressive SaaS company makeovers.
While some companies are experiencing significant loss of SaaS business, and some companies on this list have been recently acquired or absorbed by other companies, many companies are adapting their products to meet new customer needs. Below you'll find a list of 75 notable SaaS companies that encompasses everything - the SaaS market now encompasses entire industries and verticals.
What is Software as a Service?
Software as a Service (SaaS) is a software licensing and delivery model in which software is licensed on a subscription basis and hosted centrally. This allows the provider to deliver the application over the internet, usually through a web browser using HTML5 or Flash.
Top SaaS Companies
Please note: While this list of leading SaaS companies has big names at the top, it's not actually a ranking—the SaaS companies at the top of the list are no "better" than those at the bottom.
1. Salesforce
As number one on the list, Salesforce is a top SaaS company that launched based on the concept of customer relationship management (CRM). It has since expanded into platform development, marketing, machine learning (ML), analytics, and social networking. The company is considered one of the most innovative cloud software solutions providers in the market, with most of its annual recurring revenue derived from its cloud SaaS toolset. As of March 2022, Salesforce has a market cap of $208.91 billion.
2. Microsoft
One of the innovators in business technology, the company has become one of the largest SaaS companies in the world after migrating the desktop office suite Office to the cloud. It now outsells packaged client editions. It also offers Dynamics CRM, SharePoint collaboration, and even SQL Server databases on demand. Microsoft Teams is also investing heavily in customer acquisition, customer onboarding, customer success, and customer retention, making it a strong contender for enterprise customers with a wide range of customers.
3. Adobe Creative Cloud
San Jose-based Adobe, the king of desktop creative software, has shifted to offering Photoshop and other audio and video editing tools through an annual cloud SaaS business subscription. Creative Suite offers graphic design, video editing, web development, and photo editing.
4. FreshBooks
FreshBooks is a cloud-based accounting SaaS product designed for sole proprietors and small business owners to bill clients for their time and services and track time spent with clients.
5. Paychex
Paychex was founded in 1971. Although Paychex has been on this list for a long time, it has successfully avoided a large number of customer losses by relying on its SaaS business model. Paychex, along with its subsidiaries, is a finance and payroll vertical SaaS company that provides payroll, HR, and benefits outsourcing solutions to small and medium-sized businesses. In 2013, the company launched SaaS services for payroll, time and attendance, training, human resources, and benefits.
6. Google Workspace
Google Workspace, formerly known as G Suite, is primarily a collection of services that Google already offers, such as Gmail, storage, and calendaring, but adds features like custom email and 24/7 support. The solution's subscription price is higher than the free base service offered, but it also brings the benefits of Google Cloud and its vast array of enterprise solutions.
7. Xero
Xero provides cloud accounting software for accounting professionals and small businesses. Its main features are automated bank and credit card account feeds, invoicing, accounts payable, expense reimbursement, fixed asset depreciation, purchase orders, and standard business and management reporting.
8. Zendesk
Zendesk provides cloud-based customer service and customer support solutions with features such as support tracking, purchase tracking, billing, shipping, and other customer data. As of March 2022, Zendesk has a market cap of $14.68 billion.
9. RingCentral
Ringcentral provides business communication solutions to a variety of organizations. Its product portfolio includes messaging and video options that allow for internal communication within organizations. Its premium product, RingCentral Office, offers several utilities, including conferencing and messaging. As of March 2022, RingCentral has a market cap of $11.57 billion.
10. GoToConnect
GoToConnect, formerly LogMeln, allows all kinds of individuals to connect and develop business relationships. It provides cloud-based communication services, including conferencing. It also provides options for customer engagement and support. The platform is widely used by enterprises for remote management and support.
11. Intuit
Intuit, another software company that has successfully moved to the cloud, has switched to on-demand, cloud-based versions of its flagship financial and tax preparation software, Quicken, QuickBooks, TurboTax, and Mint, which now account for three-quarters of the company's total revenue, Is a huge factor in planning revenue growth.
12. Cisco
Cisco offers a portfolio of SaaS solutions that put cybersecurity and business needs first. The company's offerings include WebEx, a professional videoconferencing service, and Spark, a collaboration service that lets teams work together on projects. These two kinds of music usually go hand in hand.
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