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The global salesforce services market generated a revenue of $9,124.2 million in 2019, and is projected to reach $55,307.6 million by 2030, progressing at a CAGR of 18.9% during 2020–2030. Increasing adoption of salesforce services in the BFSI industry is primarily driving the growth of the market across the globe. Among all regions, APAC is expected to record the fastest growth in the market during the forecast period. Economic development, increasing IT spending, growing adoption of advanced technologies, and surging BFSI industry are some of key factors driving the APAC market growth.
Factors Governing Salesforce Services Market
Salesforce services have revolutionized customer engagement and are massively adopted in the BFSI domain. These services for BFSI aid insurance agents and bankers by providing a complete 360-degree view of customer data, such as accounts and service inquiries, allowing organizations to improve services and make informed decisions. Salesforce services through customer-centric models enable bankers to communicate with the customers, to offer effective customer service and meet financial goals. Owing to these benefits, financial institutes are increasingly adopting salesforce services to improve their business operations. Hereby, increasing adoption of salesforce services in the BFSI domain is a major driving factor for the growth of the salesforce services market.
Increasing adoption of salesforce services in the small- and medium-sized enterprises (SMEs) shows ample growth opportunities in the salesforce services market. These services will enable faster growth of SMEs by providing tools that will stack the sales pipeline through smarter marketing, improved sales productivity and efficiency, and client retention capabilities. These services can help in streamlining business and automating processes, to create an effective work environment. Marketing cloud and several other tools can make use of customer segmentation and email promotion to increase the total sales. Further, salesforce services for SMEs can provide service agents with more opportunities to add values to the offerings and sell more services to customers.
Salesforce Services Market Segmentation Analysis
The cloud category under the deployment model segment generated larger revenue in the salesforce services market in 2019. This is due to the enhanced scalability and flexibility of cloud-based solutions, which enable clients to customize services as per their specific business requirements.
The system management category under the service type segment is expected to record fastest growth during the forecast period in the salesforce services market. This can be primarily attributed to the increasing demand for salesforce monitoring, which provides smart alerts to support teams to predict and prevent all major application-related issues.
The sales category under the application segment held the largest share in the salesforce services market in 2019. This is due to the increasing adoption of salesforce services for sales purpose. These services help to customize customer information together in an integrated platform, which further facilitates marketing, lead generation, sales, effective customer service, and business analytics.
Geographical Analysis of Salesforce Services Market
In the global salesforce services market, North America recorded largest revenue in 2019, owing to the highest rate of CRM adoption, that is, crossing 65% share in 2019. The region also has the highest cloud adoption rate. Moreover, large IT spending, technological advancement, and early adoption of emerging technologies are some other factors that support the growth of the market in the region.
Competitive Landscape of Salesforce Services Market
The salesforce services market is highly competitive in nature, due to the presence of a large number of players. Some of the prominent market players include SAP SE, Oracle Corporation, Microsoft Corporation, Salesforce.com Inc., Adobe Inc., DXC Technology, Accenture PLC, IBM Corporation, Pegasystems Inc., Verint Systems Inc., Tata Consultancy Services Limited, and AT&T Inc.
Recent Strategic Developments of Major Salesforce Services Market Players
In recent years, major players in the salesforce services market have taken several strategic measures to ensure their foothold. For instance, in August 2019, Salesforce.com Inc. announced the acquisition of Tableau Software Inc., a provider of analytics platform. With this acquisition, Salesforce.com Inc. will drive digital transformation and enable companies to tap into data across their entire business operations to have deeper insights for smarter decision-making and innovation in the offerings.
Furthermore, in March 2019, Adobe Inc. and Microsoft Corporation announced a strategic partnership to bolster each other’s sales and marketing software capabilities. The partnership further aims to deepen advance customer experience management and cloud productivity.
Salesforce Services Market Size Breakdown by Segment
The salesforce services market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Deployment Model
Based on Application
Key Questions Addressed/Answered in the Report