Software as a Service (SaaS) has fundamentally reshaped the tech industry over the years, offering scalable software solutions accessible via the cloud.
In fact, a study by Harvey Nash Group revealed that it's thought to be the most important tech in the success of businesses, with 73% of technology experts believing so. Its market also continues to head in an upward trajectory, with its worth expected to grow to $197 billion this year and $232 billion by 2024, as per Statista.
However, as generative artificial intelligence (AI) gains rapid adoption, a pressing question emerges: will the ascent of generative AI signal the end of traditional SaaS, or will the technology play a role in its growth?
SaaS Marketing Expert Weighs In
Ilia Markov, the Marketing Director for the productivity software company Toggl, belives that AI has an "enormous potential to disrupt the SaaS industry" and will play a significant role in making user experience and data generation even more seamless for SaaS.
"We're already investing in AI, adopting an iterative approach to make incremental improvements that will eventually lead to a fully automated experience," he shared an exclusive interview with DesignRush.
However, the seasoned marketer believes there are two sides of the coin when it comes to AI adoption, as data privacy concerns "will likely" intensify with the rise of the tech.
"People are already uneasy about AI, and there's a lot of discussion about its risks," he added.
True enough, several tech giants have decided against the use of the technology in their workplaces. Last May, Samsung temporarily banned the use of AI chatbots like ChatGPT over fears that inputting sensitive information into those types of software poses a security risk for the company. Due to the data privacy concerns posed by AI, Markov stressed the importance of strengthening cybersecurity when implementing the technology.
"Maintaining control over your data and ensuring it's used ethically will become even more critical in the age of AI," Markov concluded.