Overview

Software as a service (SaaS) solutions make software easily accessible over the internet and are among the fastest-growing segments in the IT industry. SaaS allows for frequent upgrades and support without the need to install specific software. “On-demand software” and “Web-based/Web-hosted software” are other terms for SaaS. 

Technological innovation, customer behavior, and demand are the driven force behind marketing growth. In the aftermath of the pandemic outbreak, spending on cloud infrastructure and software is only expected to rise. Companies have been forced to focus on protecting cash flow, optimizing IT expenses, supporting and securing a remote workforce, and ensuring resiliency.

Organizations are advancing their timelines on digital business initiatives and moving rapidly to the cloud in an effort to modernize environments, improve system reliability, support hybrid work models and address other new realities compelled by the pandemic.

Brandon Medford, senior principal analyst at Gartner

The global software as a service (SaaS) market size was USD 314.54 billion in 2023, accounted for USD 358.33 billion in 2024, and is expected to reach around USD 1,251.35 billion by 2034, expanding at a CAGR of 13.3% from 2024 to 2034.

SaaS Statistics, Trends and Benchmarks

The U.S. software as a service (SaaS) market growth

• The U.S. software as a service (SaaS) market size was estimated at USD 101.47 billion in 2023 and is predicted to be worth around USD 412.14 billion by 2034, at a CAGR of 13.5% from 2024 to 2034.

92% of Business Leaders Eyeing AI-Powered Software in 2024

• A striking 92% of business leaders are planning or likely to purchase AI-powered software in 2024, emphasising the surge in artificial intelligence integration.

SaaS Market Growth of 349% This Decade

• The SaaS industry is projected to experience a staggering 349% growth through the decade, highlighting its expanding influence in the tech world.

Companies Now Use an Average of 371 SaaS Apps

• In 2023, organizations used an average of 371 SaaS applications, marking a 32% increase from 2021 and illustrating the growing reliance on SaaS solutions.

Venture Capital Funding Drops 37% for Tech Startups

• Venture capital funding for tech startups decreased by 37% from 2022 to 2023, indicating a significant shift in investment trends.

SaaS Misconfigurations Cause 63% of Security Issues

• Misconfigurations in SaaS applications account for up to 63% of organizational security problems, underscoring the need for better configuration management.

73% of SaaS Providers Raised Prices by 12%

• Between August 2022 and August 2023, 73% of SaaS providers increased their prices by an average of 12%, reflecting adjustments to market dynamics.¹⁸

Asia Pacific SaaS Market Growing at 22% CAGR

• The Asia Pacific region is the fastest-growing in the SaaS market, with an expected 22% compound annual growth rate (CAGR) over the next decade.

31% of Companies Face Insider Threats from Former Employees

• Former employees at 31% of organizations have accessed company assets via SaaS applications after leaving, highlighting a significant security concern.

Microsoft’s Market Cap Reached $2.3 Trillion in 2023

• As one of the world’s largest SaaS companies, Microsoft achieved a market capitalization of $2.3 trillion in 2023, showcasing its industry dominance.

Domain Names and Naming Highlights

Based on our analysis of the 550 SaaS companies, we have identified the following key naming and domain name usage highlights.

Domain Names

The SaaS industry is booming and startups entering the market are faced with pretty high competition. To avoid struggles in growing, companies should take all necessary steps to build strong, memorable brands and picking the right domain name plays an important role in that process. 

Interesting to note is that many companies have opted for multiple domains. There are many benefits of owning multiple domain names apart from improving SEO. This is often due to domain name upgrades – when startups launch on an extension they manage to secure and later on invest in their exact brand match .com. Brands that are serious about their consistent and strong presence also have domain strategies in place and so register domains to protect their brand (so others don’t), to make their clients’ and investors life easier by making sure they’ll get to the right address even if they mistype the brand name, or for creative reasons – for marketing campaigns, products and sub-brands.

Our research based on 550 SaaS companies shows that the .com extension is still the preferred option, used by 522 companies (95%) in the list . A .com domain communicates authority, professionalism, and stability – all essential values for SaaS companies in a highly competitive market. 

Beyond just the benefits of properly aligning our brand with the .com name, we knew that owning this domain would illustrate to future customers that we’re here to stay for the long haul.

Steli Efti, CEO of Close.com

A minority of 28 companies (5%) have opted for other domain extensions such as .io, .ai, .net, etc. Alternative domain extensions are sometimes chosen due to unavailability of the desired .com domain or to align with tech-savvy branding (e.g., .io is popular among tech startups).

498 companies have secured domains that are an exact match to their brand names, indicating a high priority on brand consistency. Exact Brand Match (EBM) domains enhance brand recognition, trust, and ease of access. 

One company uses a dash in its domain. One of the downsides of using a hyphen in a domain name is that adding it to your domain name makes it harder to reach when typing.

Naming 

Use of Compound Words and Portmanteaus

Combining two words to create a new, unique brand name is a common trend among SaaS companies. This approach helps convey the company’s services or values directly within the name, making it descriptive and memorable. It enhances brand recognition by directly relating the name to the service provided.

Examples: MailChimp, SalesLoft, BigCommerce, Cloudflare, Eventdex

Adoption of ‘ly’ and ‘ify’ Suffixes

Adding suffixes like ‘ly’ and ‘ify’ to root words gives the company name an active or dynamic feel. It implies that the company is enabling something or adding functionality, which appeals to users seeking solutions.

Examples: Expensify, Calendly, Recurly, Densify, Contently, Frontify, Bonusly, Namely

Preference for Simple, One-Word Names

Many SaaS companies opt for short, single-word names that are easy to remember and pronounce. These names often become synonymous with the service they provide.

Examples: Asana, Zoom, Notion, Figma, Drip, Domo, Close

Incorporation of Animal Names or References

Animal names are engaging and can make a brand seem more friendly and relatable. They help in creating a strong brand mascot or imagery that can be leveraged in marketing efforts. It can symbolise certain traits like agility, strength, or intelligence, aligning the company’s identity with these qualities.

Examples: MailChimp, PandaDoc, Badger Maps, Jellyfish, Survey Monkey, Datadog

Emphasis on Tech Terminology and ‘Cloud’ References

Including tech jargon or cloud references immediately communicates the industry and technological focus of the company, attracting a tech-savvy audience and establishing credibility in the tech space.

Examples: DataRobot, Cloudflare, Databricks, GitHub, Datadog, Cloudera

Namepicks

Salesforce

Salesforce is a global SaaS company that develops CRM solutions and provides business software on a subscription basis. The company is one of the major players in the SaaS industry, with a market cap of $262.03 Billion. According to Crunchbase data, Salesforce has made 69 investments and has acquired 78 organizations. Their most recent acquisition was Zoomin on Sep 24, 2024. 

Salesforce operates on the EBM domain name Salesforce.com. The company owns over 22,600 domain names, including some of the most valuable ones like Force.com, Data.com, Work.com, Desk.com, Site.com, Code.com, Social.com, Einstein.com, Jigsaw.com, Sequence.com, and Database.com. In an interview with SmartBranding, VP president of Salesforce, Peter Coffee, shared more about Salesforce’s strategic research, domain strategy, and the IoT.

Box

Founded in 2005 by Aaron Levie and Dylan Smith, Box, Inc. (previously Box.net) develops and sells cloud-based content management, collaboration, and file-sharing software for businesses.

In 2011, Box dropped the .net extension and acquired the three-letter domain Box.com for six figures. Many brands start with compromise names and later upgrade to an EBM .com domain.

We started Box in 2005 to make it easy to access information from anywhere and collaborate with anyone. While that vision still lies at the core of our business, it has transformed into our mission to power how the world works together. Today, we’re proud to call 97,000 companies and 68% of the Fortune 500 our customers — but we’re just getting started. As work continues to evolve, we stay focused on delivering innovation to organizations across the globe and blowing our customers’ minds every day.

Box.com

Three-letter .com domains are highly sought after for their brevity and flexibility. With just 17,576 possible combinations, all three-letter .com domains have already been registered and are now available only on the resale market. With over 150 million .com domains registered, owning a three-letter .com is seen as a prestigious asset and a smart investment in building long-term brand identity and recognition.

Slack

Slack Technologies, Inc. is known for its platform Slack, allowing users and businesses to communicate effectively. Slack has a market cap of $26.51 Billion. According to data from Crunchbase, Slack has raised a total of $1.4B in funding over 13 rounds.

On July 21, 2021, Salesforce announced it had completed its acquisition of Slack Technologies, Inc. in a $27.7 billion deal.

We couldn’t be more excited to have Slack as part of the Salesforce family, combining the #1 CRM and the trailblazing digital platform for the work anywhere world. Together we’ll define the future of enterprise software, creating the digital HQ that enables every organization to deliver customer and employee success from anywhere.

Marc Benioff, Chair and CEO of Salesforce

Slack also emphasises the importance of a strong online presence. The company owns 1,000 domain names, including the EBM Slack.com.

Zendesk

Zendesk provides software-as-a-service products related to customer support, sales, and other customer communications. In 2022, Zendesk announced its acquisition by a group of investors led by global investment firms Permira and Hellman & Friedman LLC in a deal valued at approximately $10.2 billion.

At Zendesk we’re on a mission to simplify the complexity of business and make it easy for companies and customers to create connections. We show companies how to unlock the power of everyday customer interactions so they can make those experiences extraordinary.

Zendesk

The company owns the EBM domain Zendesk.com, along with more than 17,200 other domains. This extensive domain portfolio underscores Zendesk’s strategic approach to brand protection and digital presence.

Docusign

Docusign is a leading provider of electronic signature and agreement cloud solutions, allowing businesses to digitally prepare, sign, and manage contracts and agreements from any location.

Docusign redefined how the world agrees with eSignature. Now, we’re pioneering a new category, Intelligent Agreement Management (IAM). Docusign IAM brings agreements to life, allowing organizations of all sizes to put their agreement data to work for them.

Docusign

As a global brand, Docusign has chosen a matching global domain – Docusign.com. The company has also secured other common domain extensions besides their core domain as Docusign.net, Docusign.mn, Docu.ink, and others.

While we make every effort to ensure the data on our site is accurate, complete, and up-to-date, we cannot guarantee its reliability. Our data is provided for informational purposes only and should not be relied upon as legal, financial, or other advice. We strongly recommend that you independently verify any information before relying on it.

The right domain name is an important consideration when it comes to building and protecting your brand. If you’re ready to take the next step and invest in a perfect domain name for your business, contact us to learn more about our available options and how we can help you get started.

Other resources

box branding docusign domain domain name domains EBM funding naming platform Saas salesforce slack startup zendesk