SaaS companies provide web-based applications that take care of everything from how secure the software is to how well it performs. Some of the world's most well-known SaaS companies include Zoom (ZM), SAP Concur and Salesforce (CRM), the American behemoth that owns workplace messaging app Slack.

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India's software-as-a-service industry could be worth $1 trillion in value by 2030 and create nearly half a million new jobs, according to a recent report compiled by consulting firm McKinsey & Co. and SaaSBoomi, a community of industry leaders.

There are nearly a thousand such companies in India, of which 10 are unicorns, or startups worth at least $1 billion, the report said.

"This can be as big an opportunity as the IT services industry was in the 90s," said Girish Mathrubootham, CEO of Freshworks, India's best-known SaaS company. It filed for an IPO last month, joining a string of other major Indian tech unicorns that are going public this year.

SaaS companies provide web-based applications that take care of everything from how secure the software is to how well it performs. Some of the world's most well-known SaaS companies include Zoom (ZM), SAP Concur and Salesforce (CRM), the American behemoth that owns workplace messaging app Slack.

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India's software-as-a-service industry could be worth $1 trillion in value by 2030 and create nearly half a million new jobs, according to a recent report compiled by consulting firm McKinsey & Co. and SaaSBoomi, a community of industry leaders.

There are nearly a thousand such companies in India, of which 10 are unicorns, or startups worth at least $1 billion, the report said.

"This can be as big an opportunity as the IT services industry was in the 90s," said Girish Mathrubootham, CEO of Freshworks, India's best-known SaaS company. It filed for an IPO last month, joining a string of other major Indian tech unicorns that are going public this year.