The leading companies in the software as a service (SaaS) business for companies (B2B) in Europe grew at a rate of 187% in 2023, despite finding themselves in a complex scenario where their financing has decreased and with a sector that is growing at a global level of 19%, according to data from the report ‘Winning Strategies for B2B SaaS Companies’, prepared by BCG X.
This study, supported by surveys of more than 100 B2B SaaS providers in Europe to understand their current growth prospects, their fundamental challenges and their marketing and sales priorities, reveals a “remarkable strength” of the key players in this sector , despite the complex scenario in which they find themselves, and It predicts growth “even faster in 2024”: 235%.
“In a market as dynamic and competitive as that of SaaS companies, those that invest in innovative, adaptable and customer-focused technological solutions are more likely to ensure sustained growth“explains Amaryllis Liampoti, Managing Director and Partner at BCG X, co-author of the report.
In this context, BCG has identified four key priorities for SaaS companies to thrive in an increasingly competitive environment, starting from a “business model optimization”. Likewise, the strategic consulting firm urges Focus on the customer experience, improving customer engagement and retention.
Lastly, he advocates for a “continuous product innovation“, integrating technologies such as artificial intelligence and machine learning into SaaS solutions to offer more value and diversify revenue channels.
The report also warns about a gender imbalance in the sector. In the vast majority of the companies in the study sample, Women occupy less than 30% of technical positions and approximately half of the companies surveyed say that Women occupy less than 20% of management positions.
As a counterpoint, the document also highlights as good news that “the proportion of women increases roughly in line with income.” Thus, companies with more than 50 million euros have a higher proportion of women on their staff.
“Beyond the basic issues of equality, “There are business reasons to hire more women: according to our data, a company’s workforce made up of more than 30% women correlates with much higher customer retention.”concludes Amaryllis Liampoti.
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