What is SaaS?
SaaS stands for Software as a Service, referring to cloud-based software services. Instead of purchasing and installing software directly, SaaS users access it over the internet. One of the main features of SaaS is its subscription model, where users pay a monthly or annual fee to use the service.
What is B2B SaaS?
B2B SaaS refers to SaaS models targeted at businesses (Business-to-Business). It is often compared to B2C (Business-to-Consumer) models. While B2C SaaS caters to end consumers and their daily needs, B2B SaaS solutions are designed to meet specific business requirements.
B2B SaaS solutions often offer customization, complex integration features, advanced security, and large-scale data processing to optimize business operations. Examples include CRM systems, ERP solutions, and business intelligence platforms.
Why the SaaS Industry is Gaining Attention
The SaaS industry is rapidly growing globally due to continuous technological advancements and the widespread adoption of cloud computing. The demand for SaaS solutions has surged, especially after the COVID-19 pandemic, which increased the need for remote work and digital transformation.
The SaaS market is undoubtedly booming. The global SaaS market was valued at $273.55 billion in 2023 and is expected to grow at an annual rate of 18% until 2032 (Source: Fortune).
Many companies are pursuing digital transformation using SaaS. Traditional software companies are converting their products to SaaS, while software-using companies are transitioning from existing software to SaaS products, driving digital innovation.
In Korea, many companies are adopting SaaS to improve operational efficiency and competitiveness. This shift positively impacts various sectors, including education, healthcare, and finance.
The number of SaaS companies in Korea has significantly increased, from 570 in 2018 to 1,102 in 2021. The Korea Consumer Agency predicts that the domestic SaaS market will grow from KRW 578 billion in 2020 to KRW 1.143 trillion in 2025, with an annual growth rate of 14.9%.
Why Use SaaS?
SaaS supports efficient business operations and is particularly vital in today's rapidly changing business environment.
1. Cost Efficiency
The SaaS model significantly reduces initial installation and maintenance costs. Traditional on-premises software requires high license fees and investments in server setup and operation.
In contrast, SaaS operates on a subscription basis, allowing companies to use and pay for the service only when needed. This enables businesses to use IT solutions without initial capital investment. Additionally, since the SaaS provider handles server maintenance, data backups, and upgrades, there is no need to hire additional IT staff, making it a very economical solution (Source: beamo).
2. Flexibility and Accessibility
SaaS solutions provide flexibility and accessibility from anywhere. As long as there is an internet connection, services can be accessed from various devices, including desktops, laptops, tablets, and smartphones.
This is particularly advantageous for companies with remote work or frequent travel, allowing for continuous work without time or location constraints. By simply logging into the system, users can immediately access the latest data and applications, maximizing work efficiency.
3. Automatic Updates
SaaS updates and maintenance are managed centrally by the provider. Users do not need to upgrade the system separately, as the latest features and security updates are applied automatically, ensuring that they always use the most current version of the service.
Users can work in a stable and optimized environment without worrying about complex update processes or patch applications. This is a significant advantage, especially in business environments where security is crucial, minimizing system vulnerabilities.
4. Scalability
SaaS offers scalability to easily expand or reduce services according to the company's growth stages and changing requirements. Adjusting the number of users or subscribing to additional features is simple, allowing businesses to quickly adapt to volatile market conditions.
For example, user numbers can be temporarily increased during peak seasons, or specific features can be added as needed. This flexibility enables companies to manage costs effectively and respond swiftly to market changes.
Top 10 B2B SaaS Companies in 2024
Which B2B SaaS companies are leading the world in 2024? Based on G2's annual "Best Software for Enterprise Business for 2024" awards, here are the top 10 B2B SaaS companies: (source: G2)
1. Confluence
Confluence is a tool for knowledge management and collaboration.
Confluence is a wiki-style documentation tool that provides a flexible workspace for creating documents, planning projects, gathering ideas, recording meeting minutes, and more. You can create and edit rich content on Confluence pages, and it supports project organization, integration capabilities, customization, and robust security. This makes it an ideal collaboration tool for managing everything from product launch plans to marketing campaigns.
2. Smartsheet
Smartsheet is a SaaS platform for project management.
It helps streamline and optimize business processes, supporting task automation and workflow expansion. Smartsheet allows for more effective data management and serves as a collaboration tool for teams and team members.
Based on a spreadsheet format, Smartsheet supports various views to effectively manage projects and resources. Its real-time collaboration capabilities make team communication and cooperation easier.
3. Hootsuite
Hootsuite는 기업의 소셜 미디어 관리를 위한 플랫폼입니다.
다양한 소셜 미디어 네트워크를 하나의 대시보드에서 관리할 수 있게 해주며, 기업이 소셜 미디어 전략을 더 효율적으로 실행하도록 지원합니다. 훗스위트는 콘텐츠를 자동으로 스케줄링하고 소셜 미디어 성과를 측정할 수 있으며, 여러 팀원이 계정에 액세스하고 협업할 수 있도록 지원합니다. 또한 소셜 미디어 상의 반응을 모니터링하고 관리할 수 있어, 브랜드에 대한 부정적인 반응이나 위기 상황을 신속하게 해결할 수 있습니다.
4. ZoomInfo Sales OS
ZoomInfo Sales OS is a sales intelligence platform for B2B sales teams.
Sales teams can use ZoomInfo to access potential customer data, generate high-quality leads, and leverage various tools to increase revenue. The primary feature of ZoomInfo is its data-driven approach. ZoomInfo offers an advanced lead scoring system that evaluates and prioritizes leads based on company criteria, providing deep insights into potential customers, industry trends, and competitive analysis.
5. Sprout Social
Sprout Social is a social media management tool for businesses.
Companies can use Sprout Social to manage and optimize their social media channels, effectively improving strategies, communication, and customer relationship management. Similar to Hootsuite, it supports integrated social media management, content scheduling, and publishing. Additionally, its social listening features allow businesses to understand market trends, public perception of their brand, and competitor activities.
6. Salesforce
Salesforce is a customer relationship management (CRM) solution.
Salesforce is a cloud-based platform that helps businesses centralize and manage customer information, enabling a deeper understanding of customers and the provision of personalized services through data analysis. It also allows for the automation of sales and marketing processes, optimizing sales performance and designing and executing customized marketing campaigns. Additionally, Salesforce provides customer service and analytics features, helping businesses enhance their operational efficiency.
7. Insider
Insider is an integrated growth management platform for digital marketing.
Digital marketers can manage all stages of marketing through Insider. It allows for the integrated operation of websites, mobile apps, social media, and email campaigns. By leveraging data, marketers can maximize customer engagement and increase ROI. Insider also implements a personalized recommendation system to tailor content and campaigns for businesses and users, enhancing business performance.
8. SAP
SAP is a master data management solution.
The SAP ERP software system is SAP's core product, supporting efficient planning and management of enterprise resources. It integrates various business processes such as finance, HR, manufacturing, supply chain, services, and procurement into a single software system, and is currently used by numerous countries and companies.
With SAP ERP, different departments within a company can smoothly exchange information and collaborate, enabling the organization to enhance its global competitiveness and achieve sustainable growth.
9. LinkedIn Sales Navigator
LinkedIn Sales Navigator is an advanced sales tool provided by LinkedIn.
It is designed to help sales professionals find potential customers, build relationships, and improve sales performance. Leveraging LinkedIn's extensive data, Sales Navigator offers personalized lead recommendations, advanced search capabilities, and lead and account tracking features. It can also integrate with many CRM software systems, making it easy to synchronize and manage leads and customer data.
10. Jira
Jira는 프로젝트 관리 및 이슈 추적 소프트웨어 플랫폼입니다.
한국 스타트업들이 많이 사용하는 협업툴이기도 한 지라는 주로 소프트웨어 개발 프로젝트의 관리에 사용됩니다. 프로젝트 계획부터 다양한 이슈 추적, 업무 할당 및 우선 순위 지정 등 다양한 기능을 제공하며, 스프린트 계획과 작업 분류 및 진행 상황의 시각화를 관리할 수 있습니다.
프로젝트의 성과를 측정하고 팀의 생산성을 분석해 보고할 수 있으며, 다른 제품과의 통합, 플러그인을 통한 확장, 다른 개발 도구와의 연동 등 다양한 통합 기능도 제공합니다.
Conclusion
The 10 companies introduced above each have unique features and areas of application, but they all share a common goal: solving customer needs through automation and process integration. In Korea, various B2B SaaS solutions are being developed and used, and today, we want to introduce one more - StepHow, an automated manual generation solution.
StepHow is a solution that automatically creates and manages work manuals by recognizing clicks during tasks, capturing screens automatically, and generating manuals. It reduces the time-consuming manual creation process, which typically takes a long time, to about a minute. Managed within a team workspace, StepHow also promotes collaboration by allowing shared editing.
By streamlining the creation and management of work manuals, StepHow not only saves time but also enhances team efficiency and cooperation, making it a valuable tool for businesses looking to optimize their operations.
SaaS is bringing revolutionary changes to the business environment, offering numerous advantages that surpass traditional software approaches in many ways. Through SaaS products driving innovation in various industries, companies can enhance data utilization efficiency, strengthen customer relationships, and optimize business processes. For businesses aiming to maintain their competitiveness in the global market, it's essential to pay attention to the SaaS market.
The domestic SaaS market, in particular, has boundless potential for growth. Many SaaS products available internationally have yet to be introduced in Korea, making the future of the SaaS market here even more promising. It will be exciting to see how far and in what ways the SaaS market will develop moving forward.
▶ Try StepHow for Free
▶ Create How-to Guides in Seconds
What is SaaS?
SaaS stands for Software as a Service, referring to cloud-based software services. Instead of purchasing and installing software directly, SaaS users access it over the internet. One of the main features of SaaS is its subscription model, where users pay a monthly or annual fee to use the service.
What is B2B SaaS?
B2B SaaS refers to SaaS models targeted at businesses (Business-to-Business). It is often compared to B2C (Business-to-Consumer) models. While B2C SaaS caters to end consumers and their daily needs, B2B SaaS solutions are designed to meet specific business requirements.
B2B SaaS solutions often offer customization, complex integration features, advanced security, and large-scale data processing to optimize business operations. Examples include CRM systems, ERP solutions, and business intelligence platforms.
Why the SaaS Industry is Gaining Attention
The SaaS industry is rapidly growing globally due to continuous technological advancements and the widespread adoption of cloud computing. The demand for SaaS solutions has surged, especially after the COVID-19 pandemic, which increased the need for remote work and digital transformation.
The SaaS market is undoubtedly booming. The global SaaS market was valued at $273.55 billion in 2023 and is expected to grow at an annual rate of 18% until 2032 (Source: Fortune).
Many companies are pursuing digital transformation using SaaS. Traditional software companies are converting their products to SaaS, while software-using companies are transitioning from existing software to SaaS products, driving digital innovation.
In Korea, many companies are adopting SaaS to improve operational efficiency and competitiveness. This shift positively impacts various sectors, including education, healthcare, and finance.
The number of SaaS companies in Korea has significantly increased, from 570 in 2018 to 1,102 in 2021. The Korea Consumer Agency predicts that the domestic SaaS market will grow from KRW 578 billion in 2020 to KRW 1.143 trillion in 2025, with an annual growth rate of 14.9%.
Why Use SaaS?
SaaS supports efficient business operations and is particularly vital in today's rapidly changing business environment.
1. Cost Efficiency
The SaaS model significantly reduces initial installation and maintenance costs. Traditional on-premises software requires high license fees and investments in server setup and operation.
In contrast, SaaS operates on a subscription basis, allowing companies to use and pay for the service only when needed. This enables businesses to use IT solutions without initial capital investment. Additionally, since the SaaS provider handles server maintenance, data backups, and upgrades, there is no need to hire additional IT staff, making it a very economical solution (Source: beamo).
2. Flexibility and Accessibility
SaaS solutions provide flexibility and accessibility from anywhere. As long as there is an internet connection, services can be accessed from various devices, including desktops, laptops, tablets, and smartphones.
This is particularly advantageous for companies with remote work or frequent travel, allowing for continuous work without time or location constraints. By simply logging into the system, users can immediately access the latest data and applications, maximizing work efficiency.
3. Automatic Updates
SaaS updates and maintenance are managed centrally by the provider. Users do not need to upgrade the system separately, as the latest features and security updates are applied automatically, ensuring that they always use the most current version of the service.
Users can work in a stable and optimized environment without worrying about complex update processes or patch applications. This is a significant advantage, especially in business environments where security is crucial, minimizing system vulnerabilities.
4. Scalability
SaaS offers scalability to easily expand or reduce services according to the company's growth stages and changing requirements. Adjusting the number of users or subscribing to additional features is simple, allowing businesses to quickly adapt to volatile market conditions.
For example, user numbers can be temporarily increased during peak seasons, or specific features can be added as needed. This flexibility enables companies to manage costs effectively and respond swiftly to market changes.
Top 10 B2B SaaS Companies in 2024
Which B2B SaaS companies are leading the world in 2024? Based on G2's annual "Best Software for Enterprise Business for 2024" awards, here are the top 10 B2B SaaS companies: (source: G2)
1. Confluence
Confluence is a tool for knowledge management and collaboration.
Confluence is a wiki-style documentation tool that provides a flexible workspace for creating documents, planning projects, gathering ideas, recording meeting minutes, and more. You can create and edit rich content on Confluence pages, and it supports project organization, integration capabilities, customization, and robust security. This makes it an ideal collaboration tool for managing everything from product launch plans to marketing campaigns.
2. Smartsheet
It helps streamline and optimize business processes, supporting task automation and workflow expansion. Smartsheet allows for more effective data management and serves as a collaboration tool for teams and team members.
Based on a spreadsheet format, Smartsheet supports various views to effectively manage projects and resources. Its real-time collaboration capabilities make team communication and cooperation easier.
3. Hootsuite
Hootsuite는 기업의 소셜 미디어 관리를 위한 플랫폼입니다.
다양한 소셜 미디어 네트워크를 하나의 대시보드에서 관리할 수 있게 해주며, 기업이 소셜 미디어 전략을 더 효율적으로 실행하도록 지원합니다. 훗스위트는 콘텐츠를 자동으로 스케줄링하고 소셜 미디어 성과를 측정할 수 있으며, 여러 팀원이 계정에 액세스하고 협업할 수 있도록 지원합니다. 또한 소셜 미디어 상의 반응을 모니터링하고 관리할 수 있어, 브랜드에 대한 부정적인 반응이나 위기 상황을 신속하게 해결할 수 있습니다.
4. ZoomInfo Sales OS
ZoomInfo Sales OS is a sales intelligence platform for B2B sales teams.
Sales teams can use ZoomInfo to access potential customer data, generate high-quality leads, and leverage various tools to increase revenue. The primary feature of ZoomInfo is its data-driven approach. ZoomInfo offers an advanced lead scoring system that evaluates and prioritizes leads based on company criteria, providing deep insights into potential customers, industry trends, and competitive analysis.
5. Sprout Social
Sprout Social is a social media management tool for businesses.
Companies can use Sprout Social to manage and optimize their social media channels, effectively improving strategies, communication, and customer relationship management. Similar to Hootsuite, it supports integrated social media management, content scheduling, and publishing. Additionally, its social listening features allow businesses to understand market trends, public perception of their brand, and competitor activities.
6. Salesforce
Salesforce is a customer relationship management (CRM) solution.
Salesforce is a cloud-based platform that helps businesses centralize and manage customer information, enabling a deeper understanding of customers and the provision of personalized services through data analysis. It also allows for the automation of sales and marketing processes, optimizing sales performance and designing and executing customized marketing campaigns. Additionally, Salesforce provides customer service and analytics features, helping businesses enhance their operational efficiency.
7. Insider
Insider is an integrated growth management platform for digital marketing.
Digital marketers can manage all stages of marketing through Insider. It allows for the integrated operation of websites, mobile apps, social media, and email campaigns. By leveraging data, marketers can maximize customer engagement and increase ROI. Insider also implements a personalized recommendation system to tailor content and campaigns for businesses and users, enhancing business performance.
8. SAP
SAP is a master data management solution.
The SAP ERP software system is SAP's core product, supporting efficient planning and management of enterprise resources. It integrates various business processes such as finance, HR, manufacturing, supply chain, services, and procurement into a single software system, and is currently used by numerous countries and companies.
With SAP ERP, different departments within a company can smoothly exchange information and collaborate, enabling the organization to enhance its global competitiveness and achieve sustainable growth.
9. LinkedIn Sales Navigator
LinkedIn Sales Navigator is an advanced sales tool provided by LinkedIn.
It is designed to help sales professionals find potential customers, build relationships, and improve sales performance. Leveraging LinkedIn's extensive data, Sales Navigator offers personalized lead recommendations, advanced search capabilities, and lead and account tracking features. It can also integrate with many CRM software systems, making it easy to synchronize and manage leads and customer data.
10. Jira
Jira는 프로젝트 관리 및 이슈 추적 소프트웨어 플랫폼입니다.
한국 스타트업들이 많이 사용하는 협업툴이기도 한 지라는 주로 소프트웨어 개발 프로젝트의 관리에 사용됩니다. 프로젝트 계획부터 다양한 이슈 추적, 업무 할당 및 우선 순위 지정 등 다양한 기능을 제공하며, 스프린트 계획과 작업 분류 및 진행 상황의 시각화를 관리할 수 있습니다.
프로젝트의 성과를 측정하고 팀의 생산성을 분석해 보고할 수 있으며, 다른 제품과의 통합, 플러그인을 통한 확장, 다른 개발 도구와의 연동 등 다양한 통합 기능도 제공합니다.
Conclusion
The 10 companies introduced above each have unique features and areas of application, but they all share a common goal: solving customer needs through automation and process integration. In Korea, various B2B SaaS solutions are being developed and used, and today, we want to introduce one more - StepHow, an automated manual generation solution.
StepHow is a solution that automatically creates and manages work manuals by recognizing clicks during tasks, capturing screens automatically, and generating manuals. It reduces the time-consuming manual creation process, which typically takes a long time, to about a minute. Managed within a team workspace, StepHow also promotes collaboration by allowing shared editing.
By streamlining the creation and management of work manuals, StepHow not only saves time but also enhances team efficiency and cooperation, making it a valuable tool for businesses looking to optimize their operations.
SaaS is bringing revolutionary changes to the business environment, offering numerous advantages that surpass traditional software approaches in many ways. Through SaaS products driving innovation in various industries, companies can enhance data utilization efficiency, strengthen customer relationships, and optimize business processes. For businesses aiming to maintain their competitiveness in the global market, it's essential to pay attention to the SaaS market.
The domestic SaaS market, in particular, has boundless potential for growth. Many SaaS products available internationally have yet to be introduced in Korea, making the future of the SaaS market here even more promising. It will be exciting to see how far and in what ways the SaaS market will develop moving forward.
▶ Try StepHow for Free
▶ Create How-to Guides in Seconds