99% of Indian B2B SaaS firms embrace DeepTech innovations: Report
Around 99 per cent of Indian B2B software-as-a-service (SaaS) companies have embraced DeepTech innovations as a strategic approach to address their clients' needs and challenges, a report showed on Tuesday.
IANS
Aug 22, 2023 06:09
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New Delhi, Aug 22 (IANS) Around 99 per cent of Indian B2B software-as-a-service (SaaS) companies have embraced DeepTech innovations as a strategic approach to address their clients' needs and challenges, a report showed on Tuesday.
Artificial intelligence/machine learning (AI/ML) is the most leveraged DeepTech (54 per cent of use cases), followed by big data/descriptive analytics (39 per cent) and intelligent automation (7 per cent), according to the report by Nasscom in collaboration with EY India.
The scale of inventive DeepTech in Indian B2B SaaS can be accelerated even further with a nurturing ecosystem, said the report.
Availability of DeepTech talent (80 per cent), patient capital (40 per cent) and DeepTech infra (27 per cent) are the top three challenges highlighted by Indian B2B SaaS companies, it noted.
“As Indian companies transform to challenge global SaaS leaders and gain market share, inventive DeepTech and intellectual property advantages can enable premium positioning and competitive advantage,” said Nitin Bhatt, Technology Sector Leader, EY India.
Breakthrough Indian B2B SaaS companies, who are inventive DeepTech focused, can potentially unlock ARR (annual recurring revenue) CAGR of 30-50 per cent on a sustained basis.
“Indian B2B SaaS enterprises are poised to seize a prominent role in the global B2B tech landscape,” said Sangeeta Gupta, SVP and and Chief Strategy Officer, Nasscom.
Various ecosystem stakeholders are already at play to nurture the country’s DeepTech ecosystem.
“Strategic partnerships with the government and academia, developing inventive DeepTech talent at scale, democratizing research, design and training modules in AI/ML, patient seed capital, and improving infrastructure that encourages a seamless exchange of ideas, expertise and resources will further enable a nurturing environment for transformative DeepTech advancements in the country,” the report mentioned.
