Business increasing focus on customer interactions and retention is majorly driving the global salesforce services market
The global Salesforce Services market size is expected to reach close to $ 55,307.6 million by 2029 with an annualized growth rate of 18.9% through the projected period.
Effects of COVID-19 and the Market Status
The COVID-19 pandemic initially had a negative impact on the global salesforce services market. But most importantly, salesforce services is enabling businesses manage their operations, service clients, close deals, and carry out marketing activities from any location using mobile devices. The salesforce services market is developing significant growth opportunities as a result of rising online commerce and rapid digitization activities.
BFSI Sector Is Witnessing Rapid Growth And Uptake Of Sales Force Services
The global salesforce services market is classified into BFSI, retail, analytics, medicine, and others on the basis of application. Among these, BFSI sector is witnessing rapid growth and uptake of sales force services. Salesforce services are specifically designed to meet the various needs of clients. Because Salesforce services have revolutionized client engagement, the banking, financial services, and insurance (BFSI) sectors are increasingly utilizing salesforce services. By giving businesses a complete 360-degree picture of consumer data, including accounts and service enquiries, salesforce services are highly beneficial to BFSI sector businesses.
Salesforce services act like a consumer-centered business model that helps BFSI businesses engage with their clients, provide quality customer care, and achieve financial goals. Financial companies are increasingly using salesforce services to enhance their business operations due to these advantages. Thus, the key driver of the growth of the salesforce services market is the rising demand for these services among BFSI organizations.
During the forecast period, demand for System Management Services is Expected to Rise Rapidly
During the market's projection period, the system management category within the service type segment is anticipated to develop at the quickest rate in global salesforce services market. This is mostly due to the rising demand for salesforce monitoring, which gives support teams intelligent notifications to anticipate and stop all significant application-related issues.
Salesforce Services is used by the majority of businesses for sales-related applications. In 2019, the application segment's sales category had the biggest market share. This is a result of salesforce services being used more frequently for sales-related purposes. Through lead generation, marketing, sales, business analytics, and efficient customer care, these services assist in the personalization of client information in an integrated platform, enabling organizations to boost sales and compete in their respective industries.
A Significant Amount of the World's Salesforce Services Deployment Rate is in North America
According to estimates, North America holds a considerable share of the global salesforce services market. To increase revenue and maintain their market share, the majority of the region's large, medium, and small-scale businesses are investing a sizable amount in Salesforce services. This has prompted suppliers of salesforce services, notably those in Canada, the United States, China, and India, to target a wider market worldwide.
Owing to benefits such as improved business outcomes, enhanced customer service, faster resolution of customer cases, ability to provide support to customer in any channel, better visibility into health of a customer, personalized customer experience the salesforce services is experiencing rapid adoption as opposed to traditional models thus fostering remarkable progress of global salesforce service market.
The key factors such as industry leaders focusing on customer experiences and using continuous innovation to drive impactful digital transformation, and industries across the world evolving into a cognitive era are the leading to greater deployment of salesforce services
Global salesforce services market is expected to reach USD 35.8 billion by 2029 at a compound annual growth rate (CAGR) of 15.3%.
Service providers are providing end-to-end assistance to help end-users obtain services that are most suited to their needs as salesforce offerings challenge the idea that "one size fits all."
Small and medium-sized businesses (SMEs) are increasingly using salesforce services which indicate that there are lucrative opportunities for market expansion. Salesforce services allow SMEs to grow more quickly by providing solutions that will aid in filling the sales funnel through better marketing, increased sales productivity and efficiency, and capabilities in customer retention. To build a productive workplace, these services can aid in streamlining business operations and automating procedures. Customer segmentation and email promotion are two strategies that the marketing cloud and a number of other tools can employ to boost overall sales.
Additionally, salesforce services for SMEs can give service agents more chances to enhance the offers and attract consumers. SME development will have a significant impact on countries' economic progress because they are the foundation of both developed and developing economies.
Business organizations are gradually moving away from completely on-premise solutions and toward three emerging cloud computing services, namely Software as a Service (SaaS), Platform as a Service (PaaS), and Infrastructure as a Service, in order to keep up with the technological evolution that is dominating in the global salesforce services market. Businesses of all sizes use various CRM platforms, like salesforce services, because of their compatibility and abundance of capabilities. These cloud computing services provide practical answers for meeting the expanding and diverse needs of clients around the world.
However, there are several challenges businesses face in integration of salesforce services such as data mapping, duplicity in records, auto-id creation, promotion of bad data, data rate limits, and misinterpretation of real-time integration. This is limiting the adoption of salesforce services hampering the global salesforce services market.
At the same time, there are few key applications that are making salesforce services widely popular. These are customer service, customized data, flexible data, and a better understanding of customers’ data. Moreover, the top advantages the businesses experiencing due to deployment of salesforce services are better time management, ultimate accessibility, increased revenue, greater customer satisfaction, simple account planning, trusted reporting, improved team collaboration, and more. These factors are collectively influencing thumping growth of global salesforce services market.
The world’s largest and most complex service organizations in the world offering Salesforce Services and leading the global salesforce services market are Accenture, Tech Mahindra Limited, IBM Corporation, Capgemini, Cognizant, Deloitte Touche Tohmatsu Limited, Wipro, DXC Technology, Infosys Limited, NTT DATA Corporation, Strategic Growth, Simplus, SLALOM LLC, Tata Consultancy Services, Persistent Systems, HCL Technologies, and other. These companies are the leading salesforce service products providers serving globally or multiple locations in different markets. These companies offer a range of comprehensive products to meet the challenging demands of people. The players have always been committed to deliver high end products at competitive prices.
Recent Innovation in Global Salesforce Services Market: A Snapshot
- A premier provider of CRM services, Salesforce, unveiled Salesforce Einstein Analytics in December 2017. With the addition of artificial intelligence, this cutting-edge technology is intended to support CRM users everywhere (AI). AI integration into the analytics workflow allows CRM insights and suggests next steps for enhancing sales and marketing efforts. Additionally, it gives a better consumer experience. As a result, it is anticipated that the launch of Salesforce Einstein Analytics will benefit the salesforce service industry globally.
- A developer of analytics systems, Tableau Software Inc., was acquired by Salesforce.com Inc. in August 2019. With this acquisition, Salesforce.com Inc. will promote digital transformation and make it possible for businesses to access data from every aspect of their operations in order to gain deeper insights and innovate their products and services.
- To enhance one other's capabilities for sales and marketing tools, Adobe Inc. and Microsoft Corp. forged a strategic partnership in March 2019. The collaboration also aims to improve cloud efficiency and customer experience management.
Salesforce Services Market Scope
|Revenue forecast in 2029
|$ 55,307.6 million
|CAGR of 18.9 % during 2019-2029
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Accenture, Tech Mahindra Limited, IBM Corporation, Capgemini, Cognizant, Deloitte Touche Tohmatsu Limited, Wipro, DXC Technology, Infosys Limited, NTT DATA Corporation, Strategic Growth
Key Segment Of The Global Salesforce Services Market
Type Overview (USD Million)
Application Overview (USD Million)
- Commerce Cloud
Regional Overview (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa