The garden city of Singapore has seen remarkable progress in the last couple of decades and transformed into a technology hub in Southeast Asia. The country's robust infrastructure, flourishing businesses, government policies, and the demand for cutting-edge SaaS solutions provide a favorable atmosphere for technology companies to do business there.
According to Statista, the revenue in the SaaS market is projected to reach $0.87 billion in 2024 and is expected to grow at a CAGR of 7.22% between 2024 and 2028. This provides exciting opportunities for SaaS companies to venture into the Singapore market. But how are the top SaaS companies in Singapore doing now?
In this blog, we will learn about the country's top 11 SaaS providers, their journey, their solutions, and current revenue, to help you get an idea about this dynamic field and make informed decisions before venturing into the SaaS business in Singapore.
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What is the SaaS model?
Software as a service or SaaS is a cloud-based model of subscribing a software for your business operation instead of buying it. SaaS users can access the application from a compatible device over the Internet from anywhere.
This is a cost-effective method of accessing applications as it does not require companies to invest in servers and other hardware. The SaaS providers maintain the software so the renting companies do not have to bear the maintenance cost.
SaaS Companies in Singapore
There are about 217 SaaS companies in Singapore and some of them have made a significant impact on businesses in the region. Here is a list of the top 11 SaaS companies Singapore in terms of their recent revenue, business model, and impact on businesses.
1. Acronis
Founded in 2003, Acronis has grown to become one of the top SaaS companies in Singapore within just two decades. The company provides comprehensive cybersecurity solutions, including data protection, and natively integrated cybersecurity for small and medium businesses, managed service providers, and enterprise IT departments.
Acronis solutions can identify, prevent, and respond to modern cyber threats efficiently ensuring minimal downtime, data security, and business continuity.
Year Founded: 2003
CEO: Ezequiel Steiner
Company Size: 1,001-5,000 employees
Headquarter: Schaffhausen, Switzerland
Solutions: Cyber security, data protection, virtualization, backup, disaster recovery, personal backup, etc.
Revenue: $678.2 Million
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Achievements:
Acronis was named in the 2024 CRN Security 100 list for the third consecutive year.
2. Insider
Insider provides AI-powered customized omnichannel marketing solutions for businesses. They gather user data, track on-site activity, and leverage AI to help businesses understand customer behavior, and predict their future actions to deliver targeted campaigns that drive results.
The company's result-driven solutions helped it earn the trust of over 1,200 enterprises, including top brands like Samsung, Toyota, Avon, and many others. Inside also unlocked unicorn status within a decade and was named #1 in 'The Forrester Wave' for Cross-Channel Campaign Management.
Year Founded: 2012
Co-founder and CEO: Hande Cilingir
Company Size: 1,001-5,000 employees
Headquarter: New York
Solutions: E-commerce, Mobile Platforms, Omnichannel marketing, Online Marketing, Predictive Analytics, Web Personalization, etc.
Revenue: $243.8 Million
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Achievements:
Ranks at the Top in the G2’s Best Software Awards in 2023.
3. Trax
Trax is one of the top SaaS companies in Singapore that offers software solutions specifically designed for the retail industry. Powered with image recognition technology, their platform enables retailers with efficient shelf monitoring, merchandising, shopper engagement, and in-store execution to offer an enjoyable shopping experience and unlock revenue opportunities. Besides, the platform also offers valuable analytics and market measurement solutions facilitating data-driven decision-making.
Year Founded: 2010
Founders: Joel Bar-El and Dror Feldheim
CEO: Gary Laben
Headquarter: Singapore
Company Size: 501-1,000 employees
Solutions: Image recognition, computer vision, shelf monitoring, shopper engagement, market measurement, and analytics, etc.
Revenue: $178.2 Million
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Achievements:
Trax won Deloitte 2016 Technology Fast 50 award.
Trax won Artificial Intelligence Excellence Award, 2019 for Innovative Retail Tech Solution.
4. PatSnap
Patsnap is a leading SaaS company in Singapore that specializes in intellectual property (IP) analytics and management. The company offers a cloud-based platform that empowers businesses to redefine their strategies based on insights from data analytics.
The AI-powered innovation intelligence platform utilizes machine learning and Big data to transform how businesses approach intellectual property management. PatSnap's SaaS solutions are used by more than 12,000 customers including the world's top brands like PayPal, Dow, Huawei, Bose, and many others.
Year Founded: 2007
Founder and CEO: Jeff Tiong
Headquarter: Singapore
Company Size: 501-1,000 employees
Solutions: Intellectual Property Management, Intellectual Asset Management, Data analysis, IP Portfolio Management, IP renewals, IP consulting, Business intelligence, etc.
Revenue: $90 Million
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Achievements:
Finalist in the category of Best Saas Product for Business Intelligence or Analytics in SaaS Award, 2020.
5. Skuad
Founded in 2019, Skuad has grown exponentially to become one of the top SaaS companies in Singapore within a few years. The company provides a digital payroll platform that helps companies hire, pay, and manage employee benefits. It automates payroll, taxation, and legal compliance, and streamlines digital onboarding, making it easier for employers to recruit and manage global talent.
Year Founded: 2019
Co-founder and CEO: Sundeep Sahi
Headquarter: Singapore
Company Size: 51-200 employees
Solutions: Hiring, Staffing, Recruitment, Remote Hiring, Human Resource Management, Payroll Management, etc.
Revenue: $40.2 Million
6. Anacle System
Anacle System is a leading technology company and one of the top SaaS companies in Singapore. One of their flagship offerings is 'Simplicity' which is a suite of business software applications designed to meet the complex requirements of large enterprises. It integrates various functionalities such as asset management, facility maintenance, and energy management, helping businesses improve operational efficiency, reduce cost, and make informed decisions through advanced analytics.
Year Founded: 2006
Founder and CEO: Alex Lau
Headquarter: Singapore
Company Size: 51-200 employees
Solutions: Smart Energy Solutions, Smart Water Solutions, Smart Asset Management, Commercial Real Estate Management Software, Smart City Solutions, etc.
Revenue: $29.3 Million
7. Parcel Perform
Parcel Perform is a Singapore-based SaaS company that is on a mission to transform e-commerce businesses globally. Its platform empowers businesses to deliver exceptional customer experiences by optimizing logistic operations. By harnessing the power of data and integrations Parcel Perform helps businesses lower logistics costs, improve customer lifetime value to accelerate growth, and stay ahead of the curve.
Year Founded: 2016
Founder and CEO: Dr. Arne Jeroschewski
Headquarter: Singapore
Company Size: 51-200 employees
Solutions: eCommerce, SaaS, Logistics, Tracking, Analytics, Carrier Management, Supply Chain, Customer Experience etc.
Revenue: $8.4 Million
8. Supabase
Starting its journey in 2020, Supabase has grown faster to become one of the top SaaS companies in Singapore in less than five years. The company offers an open-source solution for backend development solutions. It provides a platform that assists developers in building the backend of applications with a Postgres database instant APIs and real-time subscriptions.
Year Founded: 2020
CEO: Paul Copplestone
Headquarter: Singapore
Company Size: 51-200 employees
Solutions: Database, User management, Storage etc.
Revenue: $8.2 Million
9. Ahrefs
Ahrefs is a multinational SaaS company headquartered in Singapore. The company offers all-in-one SEO tools for growing organic traffic and optimizing websites. Besides, they offer free educational materials for marketing professionals.
The company's first tool 'Site Explorer' disrupted the stagnant backlink analysis field and became one of the world’s best backlink analysis tools in a short span. It soon grew into a complete solution provider with a bunch of tools for keyword research, content analysis, and monitoring keyword rankings.
Year Founded: 2010
Founder and CEO: Dmytro Gerasymenko
Headquarter: Singapore
Company Size: 51-200 employees
Solutions: Search Engine Optimization, Keyword Analytics, Deep Link Analysis, Online Reputation Management, Site Audit, Internet Marketing, Backlink Analysis, Content Analysis, etc.
Revenue: $7.2 Million
10. In Mind Cloud
In Mind Cloud is another top SaaS company in the South Asian technology hub of Singapore. The cloud-based digital sales platform offers end-to-end sales solutions for manufacturers by integrating CRM, CPQ, and Commerce functionalities into a single platform and eliminating the need for multiple software solutions.
This helps businesses streamline the entire sales process from lead generation to after-sales support, boosting conversion.
Year Founded: 2012
Founder and CEO: Dr. Christian Cuske
Headquarters: Munich, Bayern, Germany
Company Size: 51-200 employees
Solutions: Industrial Sales Software, Price Quote Solution, CPQ, Manufacturing CPQ, CPQ for SAP, Manufacturing Sales Software, etc.
Revenue: $6.8 Million
11. Ivacy VPN
Ivacy offers a Virtual Private Network (VPN) service that provides businesses and individual internet users with tools to enhance their online security and privacy while bypassing geo-restrictions. The company's platform encrypts internet traffic, making it difficult for third parties to track users’ online activity and access their data.
Ivacy's reliable and impenetrable security solutions have helped the company win the trust of the world's top brands like Facebook, Nvidia, MI, Universals, and many others.
Year Founded: 2007
Headquarter: Singapore
Company Size: 501-1,000 employees
Solutions: Internet privacy, Online security, Anonymous Browsing, Secure network gateway, Dedicated Server, Dedicated IP, Private network, etc.
Revenue: $870K
| S.No | Company name | Year Founded | Revenue |
|---|---|---|---|
| 1. | Acronis | 2003 | $678.2 Million |
| 2. | Insider | 2012 | $243.8 Million |
| 3. | Trax | 2010 | $178.2 Million |
| 4. | PatSnap | 2007 | $90 Million |
| 5. | Skuad | 2019 | $40.2 Million |
| 6. | Anacle System | 2006 | $29.3 Million |
| 7. | Parcel Perform | 2016 | $8.4 Million |
| 8. | Supabase | 2020 | $8.2 Million |
| 9. | Ahrefs | 2010 | $7.2 Million |
| 10. | In Mind Cloud | 2012 | $6.8 Million |
| 11. | Ivacy VPN | 2017 | $870K |
Advantages of SaaS Business
SaaS business offers many advantages including regular and predictable revenue, global expansion, and many others. Let’s look at the top benefits of the SaaS model.
1. Regular Revenue
One of the advantages of venturing into the SaaS business is a regular revenue stream. SaaS operates on a monthly or yearly subscription model, helping you generate predictable and recurring revenue.
2. Scalability
You can scale up your SaaS business faster because the SaaS products are scalable. As you acquire more customers, you can earn higher returns on your investments.
3. Global market reach
SaaS products are accessible from any location over the Internet. This enables businesses to expand their footprint globally without being physically present there.
4. Easier for customers to adopt
SaaS products require minimal upfront costs compared to traditional software. Moreover, customers can scale up or down according to their requirements. This flexibility makes it easier for customers to adopt this model.
5. High lifetime value
SaaS companies can build strong relationships with customers and retain them for a long time due to a subscription-based model and by providing them with superior customer service.
5 Factors Driving Growth for Singapore SaaS Companies
Despite being a tiny country, Singapore’s growth as a major technology and especially Software-as-a-service hub has been remarkable. Many factors are accelerating the growth of SaaS Singapore. Here are the top factors to know when building your SaaS product.
1. Pro-business government policies
The government of Singapore has always been business-friendly and encourages innovation and entrepreneurship. They offer many benefits to technology sectors, such as reduced taxes, incentives, grants, and various funding schemes. According to the World Bank, Singapore provides one of the world's most business-friendly regulatory environments for local entrepreneurs. These policies make it easier for Singapore SaaS companies to establish their business, attract investments, and grow their business.
2. Growth of E-commerce
It is another top reason why Singapore is becoming a hub for SaaS companies. The rapid growth in e-commerce has significantly increased demand for SaaS companies providing software services like CRM, inventory management, order management, and logistics management for e-commerce and retail businesses.
3. Strong digital infrastructure
Singapore boasts a world-class digital infrastructure that provides a strong foundation for SaaS businesses. This includes high-speed internet connectivity, advanced data centers, and iron-clad cyber security systems, helping SaaS providers to operate their business smoothly and provide the best services to their clients.
4. Thriving startup ecosystem
Singapore's vibrant startup ecosystem offers many opportunities for SaaS companies to access various resources to establish their business. Be it the talent pool and collaboration to mentorship and networking opportunities with industry experts, being part of this environment helps you expand your company’s footprints.
5. Regional customer base
Singapore's strategic location makes it an ideal base to reach customers across Southeast Asia. The rapid growth of high-speed internet and a large pool of potential customers for SaaS solutions can help you leverage this regional advantage and establish your business in this fast-expanding market.
Conclusion
The SaaS ecosystem of Singapore offers exciting opportunities for entrepreneurs looking to enter this field. With a supportive government, robust tech infrastructure, and a vibrant startup ecosystem, Singapore provides the perfect foundation to start your SaaS venture. The top 11 SaaS companies in Singapore exemplify growth trends in Singapore's tech ecosystem.
Are you ready to turn your SaaS vision into a reality? At Mayura Consultancy Services, we craft customized SaaS solutions tailored to your unique objectives. Partner with us to build the next big success story in Singapore's flourishing SaaS landscape.
If you want to feature your SaaS agency in this list, email us with your request. After a quick review, we’ll decide whether it’s a valuable addition.
Frequently Asked Questions
1. What are the advantages of building a SaaS product in Singapore?
There are many advantages of building a SaaS product in Singapore. This includes:
High demand for SaaS solutions.
Thriving startup ecosystem.
Regional customer base.
Supportive policies, tax incentives, and grants.
2. What are the biggest challenges SaaS companies face in Singapore and how do they overcome them?
Some of the top challenges SaaS companies face in Singapore include high competition, customer acquisition, data security, and talent shortage. However, you can solve them efficiently by focusing on a particular niche that addresses the specific pain of businesses creating a tailored solution, and adopting a strong marketing strategy to make your product available to your target audience.
3. What types of SaaS products are in demand in Singapore?
Singapore's booming e-commerce, fintech, customer relationship management, healthcare, human resource management, etc. drives demand for SaaS solutions. Besides, there is a demand for vertical SaaS solutions for various industries.
4. How do I choose the right SaaS development company?
Choosing the right SaaS development company requires you to consider various factors such as your business goals, the target industry, the company's experience in the domain, their knowledge of the essential technology stacks, and their past projects.
5. How important is data security for a SaaS business?
Data security is crucial for a SaaS business due to increasing cyber threats, protection of critical data, and compliance with data protection regulations and industry standards, such as HIPAA, GDPR, CCPA, etc.
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