A recent survey revealed on Tuesday that Indian AI software-as-a-service (SaaS) firms are ready for the next wave of innovation, contributing to the creation of 100 new AI unicorns.
SaaS, AI, and India are coming together to create a huge opportunity.
But it’s important to understand that developing platforms and models costs a lot of money. Consequently, the study by investment firm WestBridge Capital alongside Upekkha, a top SaaS fund and accelerator, indicates that the most attractive possibilities are found in “white spaces” – specialized industries that are presently disregarded by established companies.
GenAI is expected to fundamentally alter India’s trillion-dollar SaaS sector, which is already seeing rapid growth. According to Prasanna Krishnamoorthy, Managing Partner at Upekkha, “this technology has the potential to propel India to a leadership position in the global AI landscape.”
Generative artificial intelligence (GenAI) is driving a fundamental transformation in the software environment. This has the potential to completely change how software is developed and utilized.
According to the report, the traditional IT services sector will join with the SaaS model to deliver a combined “Software and Services” strategy for the upcoming generation of solutions.
“The UI/UX (user interface/user experience) landscape for enterprises is rapidly changing thanks to generative AI. According to WestBridge Capital partner Rishit Desai, “it marks a rapid advancement, with UI serving as a key factor for differentiation in enterprise applications.”
According to Upekkha’s managing partner Thiyagarajan Maruthavanan, GenAI represents a platform transition.
Software has to be rewritten for the new stack when platform shifts occur, just as how the mobile OS evolved with Android and iOS or from on-prem to cloud. Categories will undoubtedly change because this platform transition impacts every level of the IT stack, Maruthavanan continued.
