March 2024 SaaS Demand Index

Read our interactive PDF report:

We’re excited to update the SaaS Demand Index with data through March 2024.

For our new readers: the Demand Index is derived from high-intent (aka “okta pricing”) Google Search volume data for 339 companies, covering 350,000+ searches each month.

PDF slides here.

Reminder: this is a directional, free, and ever-evolving* analysis → always do your own due diligence.

Moreover, the data captured here is best characterized as top-of-funnel or dark funnel → factoring in sales cycle length, do NOT use this Demand Index as a predictor of near-term financial results and/or financial guidance.

Industry-Wide Data

High-intent search volumes were up +4% month-over-month and +5% year-over-year.

Trends By Product Category

Zooming out to recap almost three years of data on our cumulative growth since January 2021 slide:

This slide presents growth for the last month and last three months, respectively:

Callouts from recent trends:

Communications: March remains elevated after a February interest spike was driven by MessageBird’s pricing announcement. A 90% pricing cut serves as a reminder that not all search trends captured here are favorable.

Above Average Performers: Consistent with prior months, the strong performers were Communications, Finance + ERP, HR + HCM, Industry Specific / Vertical, and Security.

Top Performing Companies – Past 3 Months: Paylocity, Jobber, FloQast, HighRadius, Wiz, TripleSeat, RevenueCat, ShopMonkey, Microsoft Dynamics, Gorgias, Yardi, VMware, Workable, Celonis, Dayforce, Intapp, Rainforest QA, Vlocity, QuickBooks Online, Homebase, Xero, Absorb LMS, OneTrust, AppFolio, CrowdStrike, BrightWheel, MyCase, Vanta

All of the category drill-downs – like this Development + IT Management example – are available in this slide PDF:

Other Trends

By customer mix, Enterprise outperformed SMB in March, reversing a recent trend of SMB > Enterprise:

The gap between private companies and publicly traded SaaS has narrowed of late:

March SaaS Employment Index

As a reminder, our SaaS Employment Index covers employment trends for 3,500+ private US HQ’ed software companies. Slides for this month are available here:

The key points:

  • Strong hiring below 200 FTEs; 200+ = weak but improving
  • Engineering weakening – an AI CoPilot impact?
  • Marketing and Sales equally strong

Cloud Cost Optimization Trend Update

The general trend toward cloud cost optimization abating (see recent Amazon, Microsoft, and Google earnings call commentarycontinued in March: cost containment searches were down 12% year over year (from a local maximum in March 2023) and flat at 0% month over month.

The high growth in cost containment searches for Databricks and Snowflake *might* be linked to AI-driven spend increases needing to be mitigated.

*In an effort to publish closest to month end, we are accessing the underlying API data “early” (relative to the typical SEO and PPC users that do not require such immediacy). Therefore data should be considered “provisional” (i.e. subject to revision by our data provider) and create volatility in the data presented in the 2 most recent months. For this month, Zoom was excluded due to nonsensical data via the API; the historical data presented, however, is also pro forma to exclude Zoom.

This report was first published on

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