LONDON--(BUSINESS WIRE)--The configure price and quote (CPQ) software market is expected to grow by USD 1.14 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
With the evolving business environment, enterprises are looking for various advanced technologies that can boost their productivity and reduce operational costs. The CPQ software helps sales management personnel to improve their productivity by reducing the dependency on tedious paperwork and documentation. It speeds up the process of pricing and configuration and also helps organizations reduce their overall cost in pricing. CPQ software, especially cloud-based CPQ software, also helps organizations save time. For instance, vendors such as Salesforce help enterprises to scale up their pricing and selling strategies in very less time compared with on-premises applications. CPQ software also helps reduce pricing, quoting, and order errors on a large scale. Thus, the need for higher productivity will drive the growth of the market during the forecast period.
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As per Technavio, the increase in mobility solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Configure Price And Quote (CPQ) Software Market: Increase in Mobility Solutions
The growing adoption of mobile devices and smartphones and the rising popularity of mobile apps has helped to increase the efficiency of CPQ software. With the ubiquity of smartphones and tablets and the increasing adoption of mobility solutions among end-users, accessing of CPQ software features through smart devices has increased significantly. Cloud-based CPQ software provides platforms that allow users to access the software from any mobile device. Therefore, organizations can seamlessly access and exchange data with employees from remote locations. Mobile CPQ applications can generate quotes on smartphones from anywhere, anytime, and instantly provide the customer updates leading to a short sales cycle. Some of the major mobile apps for CPQ are PandaDoc and Infusionsoft.
“Factors such as the increasing use of artificial intelligence (AI) in CPQ software for digital advertising, and the growing use of deal intelligence will have a positive impact on the growth of the CPQ software market value during the forecast period,” says a senior analyst at Technavio.
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Configure Price And Quote (CPQ) Software Market: Segmentation Analysis
This market research report segments the configure price and quote (CPQ) software market by deployment (on-premise and cloud based), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the configure price and quote (CPQ) software market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the growth of software companies, increasing use of third-party logistics, and the rising volume of trade and shipments carried by air, sea, railways, and roadways.
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Some of the key topics covered in the report include:
- Cloud based
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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