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2020 was a roller coaster ride for the SaaS industry.
While many SaaS product categories saw a sharp decline in growth and a handful gave up the ghost, some categories experienced a massive spike in demand.
TrustRadius analyzed the traffic data across its software categories to identify the fastest-growing categories during the pandemic. Here’s what they found:
The above pandemic software categories were popular because of the demand for the product. But how many of these categories are still in high demand, and how many have reverted back to historic lows?
We did some digging, and here’s what we found:
TeleMedicine Software
The TeleMedicine market saw steady growth before 2020, with the wide adoption of technology across different industries.
However, with more providers and consumers turning to telehealth to deliver and receive safe healthcare, the industry experienced a spike in traffic, especially in the first few months following the pandemic:
The search for telemedicine solutions for outpatient care and in-office visits was four times higher in April 2020 than in February 2020!
Teladoc Health is an example of a company that performed really well during the pandemic. At its peak, Teladoc’s share price saw a 4x jump from $69.30 in July 2019 to $238 in 2020. The company grew more profitable in 2021, hitting an all-time high of $270:
The falling share price shows demand isn’t what it used to be. Growth has slowed significantly for Teledoc and several other telemedicine companies.
Electronic Signature Software
More people turned to Electronic Signature Software during the pandemic because they needed to sign contracts without the risk of contracting the virus. You can see the traffic jump 3x:
One electronic signature software that was in demand during the pandemic was DocuSign.
It’s clear the e-Signature software’s stock price really took off during the pandemic. However, it fell hard in the years following the pandemic. If you look closely at the graph, you’ll see the stock price is starting to rise again.
Overall, the industry has seen some sustained growth, especially with remote and hybrid work here to stay. Sure, there’s been some bumps in the road, but the demand still manages to stay above 50%.
Web Conferencing Software
We all experienced the power of web conferencing software during the pandemic.
Many companies had to rely on these tools because they helped teams stay connected, especially since everyone had to work remotely. As a result, the web conferencing software category experienced a 4x demand than in previous years:
Zoom, for example, saw its share price jump as high as $560 in October 2020.
Sadly, the pandemic fever is over, and even though Zoom’s stock prices performed well at many points post-pandemic, they are right back to pre-pandemic stock prices. Perhaps the fall has more to do with the current economic downturn.
While web conferencing is still a thing, it certainly isn’t the only way to communicate. Brands also rely on asynchronous communication tools like Loom and Slack to communicate to teams faster, without risk of fatigue or getting information mixed up.
Antivirus Protection Software
Even before the pandemic, Antivirus Protection Software appears to have been in free fall. However, the pandemic caused a spike in demand:
Right now, Antivirus software is starting to gain some ground again after losing some steam somewhere in 2021.
McAfee is a good example of Antivirus software growth during and after the pandemic:
We believe the spike in the industry has more to do with people’s desire to safeguard data while interacting online, especially with the rise in cyber attacks.
Remote Desktop Software
With teams working remotely, companies needed a way to ensure IT-related issues got fixed without hampering productivity or any physical intervention. Enter Remote Desktop Software:
The graph shows that the tool wasn’t in demand until the pandemic’s peak when its demand increased 4x.
Right now, the software isn’t so hot, with more people working on site and hybrid. That means a faulty device can get fixed physically without needing this software. Perhaps, some remote teams still rely on it, and that’s why it has some demand.
Video Platform Software
A picture is worth a thousand words, but a video is worth a lot more. These numbers say so:
- 87% of marketers say video has helped them increase traffic.
- 86% of marketers say video has helped them generate leads.
- 81% of marketers say video has helped them directly increase sales.
- 87% of marketers say video has helped them general good ROI
Overall, video is a reliable content format for B2B marketers. So, its growing popularity before, during, and after the pandemic is no surprise:
Video platforms like YouTube, Vimeo, and more are still essential distribution channels for most B2B SaaS brands.
Webinar Software
B2B audiences love conferences. It’s no wonder Dreamforce 2019 saw over 171,000 on-site attendees and 16,000,000 online attendees.
However, in 2020, people turned to webinars and online conferences to gain knowledge, network, and improve their expertise. See the sharp increase in demand for webinar software:
Right now, even though B2B audiences still love webinars, everyone is back to work and occupied with tons of responsibilities. Most look to podcasts and videos on platforms like YouTube and even social media posts to keep up with industry trends and insights, despite their schedule. So even though some still attend webinars now and then, it’s obvious that there are fewer attendees.
Web Portal Software
This software has had a pretty consistent run from 2017-2022, and it still appears to do pretty well:
Companies are increasingly investing in management and collaboration software to keep teams aligned, engaged, and productive.
ServiceNow’s consistent growth even after the pandemic proves that web portal software isn’t just seasonal. Many companies have come to rely on these products for team management and more. It’s no wonder the share price growth hasn’t seen a significant decline in demand.
Live Chat Software
Customer support was a big deal during the pandemic as more companies knew they had to invest in satisfying customers’ needs.
With more customers at home with extra time on their hands, live chat software became a reliable way to interact with customers and meet their needs.
That’s why the pandemic software saw an increase in demand, followed by a sharp decline. Now the demand for the software looks stable and more companies rely on Drift, Intercom, and others to boost customer relationships and satisfaction.
Wrap Up: So, What Software Are People Buying Right Now?
Great question!
From our analysis, these software categories are still hot right now:
- Web Portal Software
- Video Platform Software
- Electronic Signature Software
- Antivirus Protection Software
Only 4 out of 9 pandemic software made it this far. Of course, this doesn’t mean all companies in the other five categories are struggling badly, and some individual products are still in demand on their own. However, as an industry, only four pandemic software categories are hot right now, while the others are far behind.
