Indian IT players have 'sell-to' and 'sell-with' partnerships with a number of global SaaS companies, ICICI Securities said in a note.
Recent results of such global companies and commentaries of their managements indicate that they "exhibit a texture of stable demand, and even improvement".
The analysts noted that most SaaS companies reported revenue growth higher than their guidance in the September/October 2023 quarter. Some upgraded full-year CY23 guidance too, indicating a stabilising demand environment.
Adobe's guidance for FY24 (Novend) and Bloomberg consensus estimates suggest CY24 revenue growth for SaaS companies will be similar to CY23.There is keen interest in Genrative AI-based products that SaaS players have to offer.
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