Published: January 2020 | Report Code: 11833 | Available Format: PDF | Pages: 164
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 compound annual growth rate (CAGR) of 18.9% during the forecast period (2020–2030). The key driver for the growth of the industry is the increasing demand for these services in the banking, financial services, and insurance (BFSI) industry.
Geographically, the fastest growth in the market during the forecast period is expected in Asia-Pacific (APAC). Economic development, increasing IT spending, growing adoption of advanced technologies, and surging BFSI industry are some of key factors driving the APAC market growth.
|Market Size in 2019||$9,124.2 Million|
|Forecast Period CAGR||18.9%|
|Market Size in 2030||$55,307.6 Million|
|Segments Covered||Deployment Model, Service Type, Application, Industry|
|Fastest Growing Industry||BFSI|
Salesforce services have revolutionized customer engagement, which is why there are finding increasing adoption 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. Thus, the major driving factor for the growth of the salesforce services market is the increasing demand for these services among BFSI firms.
Increasing adoption of salesforce services in the small- and medium-sized enterprises (SMEs) shows ample growth opportunities in the 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. Since SMEs form the backbone of advanced as well as emerging economies, their evolution will massively affect countries’ economic growth.
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. Moreover, since SMEs are unable to spend on expensive in-house IT infrastructure, they look at cloud as a cost-effective way to procure software and IT services.
The system management category under the service type segment is expected to record fastest growth during the forecast period in the 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 market in 2019. This is due to the increasing adoption of salesforce services for sales purpose. These services help in the customization of customer information in an integrated platform, which further facilitates lead generation, marketing, sales, business analytics, and effective customer service, ultimately helping companies increase revenue and compete in their respective industries.
In the global 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. Additionally, since salesforce services, even those available via the cloud, are expensive, the presence of large, well-financed organizations in the U.S. and Canada benefits the regional market.
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.
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
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