Salesforce Service Market Set to Witness Promising Growth: Forecast to Grow at the CAGR of 18.4% in the Forecast Period
Published | 11 November 2021
The global salesforce service market is growing at a high CAGR worldwide because of the growing adoption of cloud-based Customer Relationship Management (CRM) software in various large as well as small and medium-sized enterprises….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Salesforce service market was worth USD 10.0 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 18.4%, earning revenue of around USD 32.6 billion by the end of 2027.
The salesforce service market is gaining significant traction because of the growing adoption of cloud-based Customer Relationship Management (CRM) software in various large as well as small and medium-sized enterprises (SMEs) for customizing customer services and converting leads into loyal customers. Also, governments of different countries are investing in the development of new technologies for Salesforce service solutions. Moreover, governments are investing in Salesforce service solutions for a wide range of applications.
Growing Adoption of Salesforce Services Among SMEs is Presenting Lucrative Growth Opportunities to The Market
With the cost-efficient cloud deployment of salesforce services, small & medium-sized enterprises are significantly investing in the adoption of salesforce services. These cloud services enable SMEs to unify customer information into a single application that can be accessed across several channels. This reduces the likelihood of confusion while also increasing corporate efficiency. In addition, Salesforce services assist organizations in increasing customer satisfaction and converting customers into loyal customers, resulting in increased revenue.
Increasing Demand For Cloud & Hybrid Deployment Mode is Boosting the Salesforce Service Market
The salesforce service market is categorized into on-premise, cloud, and hybrid, segments, based on the deployment mode. The on-premise deployment segment was extremely common till 2020; therefore, it held the largest market share during the base year. Additionally, the adoption of salesforce services in large organizations with sufficient resources was one of the reasons for the dominance of this segment. However, the cloud and hybrid segment is projected to witness the highest jump in growth during the forecast period. The cost-efficiency of cloud deployment for SMEs and better scalability play a major role in driving the growth of this segment.
Salesforce Service Market - By End-User
Based on end-users, the salesforce service market is categorized into manufacturing, BFSI, retail, government, e-commerce, IT & telecom, healthcare, and others. The BFSI sector accounts for the largest market share and is also projected to witness the highest CAGR during the forecast period as well. The increasing adoption of Salesforce services in the BFSI sector can be attributed to the strong focus of this industry on customer engagement through digital applications and improved payment services. Additionally, the e-commerce segment is expected to show considerable growth during the forecast period as its entire customer base is internet-dependent and demands personalized services.
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Salesforce Service Market - Regional Insights
Geographically, the salesforce service market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the salesforce service market among these regions. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. Economic development, increased IT expenditure, the growing adoption of advanced technologies and the thriving BFSI industry are key factors driving the growth of the Asia-pacific market. Furthermore, this region is emerging as the hub for small and medium-sized enterprises, which is anticipated to boost the demand for Salesforce services in the forecast period.
Impact of COVID-19 on Salesforce Service Market
The Salesforce service market witnessed tremendous growth opportunities after the COVID-19 pandemic. The rapid switch towards cloud platforms induced by the lockdown and social distancing norms prompted the companies to adopt salesforce services to keep up with the rapidly changing consumer needs and market scenario. Furthermore, the huge internet traffic witnessed during the quarantine period offered lucrative opportunities to the companies to expand their consumer base by offering them personalized services. Due to these factors, the salesforce services market is anticipated to gain significant traction in the post-COVID-19 period as well.
Global Salesforce Service Market - Competitive Landscape
The leading players in the salesforce service market are 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, AT&T Inc., Cognizant Technology Solutions Corp., Capgemini, iTechArt Group, Peeklogic, LLC, Bluewolf, Avenga, Vertiba, and other prominent players.
The market is highly concentrated among global industry players, such as IBM Corporation, Microsoft, Oracle, etc. The companies intensively focus on launching new updates in compliance with the changing consumer behavior and pattern. In order to gain a greater market share, they also design products based on the needs of businesses of different sizes. In addition, competitive strategies such as partnerships, mergers, acquisitions, joint ventures, and so on are also prevalent in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global salesforce service market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global salesforce service market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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