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SaaS earnings rise as Covid-19 pandemic pushes companies to the cloud

SaaS - Appy Pie

As the Covid-19 pandemic is growing and companies are moving from offices to working from the home policy the need for tools to ensure the continuity of their business operations is increasing. SaaS (Software as a Service) companies have always been focusing on allowing work from anywhere there’s access to a computer and internet connection.  This all is leading to modern software companies flourishing as the economy was suffering and stood impaired during COVID-19 fallout.

Virtual work, on-demand delivery, and telephonic medical consultations have been on the rise due to this tragedy and global lockdowns. As the pandemic forced companies to search tools what got them to work much faster were SaaS companies like Zoom, Box, Slack, Okta, and Salesforce.

The SaaS companies came as a helping hand for the crippled industry.  SaaS off late has become a common delivery model for many business applications. During this chaos, it is very clear for companies that the employees can work from anywhere and the employer can still get work done.

The pandemic is forcing a big change for the industry even faster than anyone ever imagined. The situation reveals a clear change in the domestic economy’s rapid transition from infrastructure to software and services.  During this unwelcome and unprecedented phase, SaaS companies are becoming popular for the industry and becoming a support for the falling economy.

Thought it very soon to figure out the facts that how the pandemic will affect work long term and when it will be safe for all employees to return to the office a big question comes into the picture for SaaS companies that what changes will be needed for the software.

The fact that every CEO and CFO right now is looking to cut existing costs most SaaS businesses have adopted the product model of the future (cloud).

As per market reports, recent earnings of SaaS companies have done very well. Zoom and Crowdstrike are two companies that hope to grow faster due to the recent pandemic and the digital transformation of work. Their earnings reported this week show solid expectations for SaaS to become the way of working. Both the companies, Zoom and Crowdstrike, have beaten all previous records and posted impressive revenue generation and profitability results.

 Zoom is showing to be the most successful example with inflated revenue which was up 169 percent year-over-year as the world shifted to online and virtual meetings from manual ones.

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