DUBLIN--(BUSINESS WIRE)--The "Salesforce Services Market Research Report: By Deployment Model, Service Type, Application, Industry - Global Industry Trends and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global salesforce services market was valued at $9,124.2 million in 2019 and is projected to reach $55,307.6 million by 2030, growing at a CAGR of 18.9% during 2020-2030.
The system management category under service type segment is expected to record fastest growth during the forecast period. This can be primarily attributed to the increasing demand for salesforce monitoring. It provides smart alerts to support teams to predict and prevent all major issues related to customer relationship management (CRM) applications, which, in turn, helps to streamline business functions.
Leveraging quality CRM tools, such as salesforce, enables ease of communication, improved customer service, and data organization, which lead to enhanced process management and timely resolution of the issues. Salesforce services offer intuitive, autonomous, and intelligent software that enable a thorough analysis and efficient use of customer feedback. This includes reviewing and collecting customer data by leveraging a software that allows for automatic segmentation to ensure fast and effective representation of customer demographics.
Salesforce services are integrated with AI capabilities that enable a user to develop custom-AI platform to predict business outcomes, such as lifetime value of a service, in order to train and deploy bots customized as per the business's CRM suite. Further, with the help of advance machine learning technology, these platforms are able to identify the intent of a body text and then assist organizations in effective decision making. AI helps recognize relevant patterns in the company's data to avoid any deviations from the target plan of action and improve the productivity. Hence, leveraging AI capabilities of salesforce services is a major factor driving the growth of the market.
The commerce cloud category is projected to record fastest growth under the application segment in the market during the forecast period. It can be attributed to the evolution of e-commerce, which in the U.S. alone is valued close to $500 billion. The commerce cloud assists in funnel analysis wherein users dropping out of the sales funnel are identified, and metrics to reduce such drops are deployed.
The BFSI industry held the largest share in the salesforce services market in 2019, and it is further projected to witness fastest growth during the forecast period. The growth in BFSI can be attributed to the heavy focus of the BFSI sector on customer engagement through digital applications and enhanced payment services.
Together, North America and Europe are expected to hold over 70% share cumulatively in the global salesforce services market in 2030. Large adoption of CRM solutions, penetration of cloud services, large IT spending, and technological advancement are some of the key factors supporting the growth of the market in these regions.
On the other hand, APAC is expected to register fastest growth in the market during the forecast period. Economic development, growing adoption of advanced technologies, and surging BFSI industry in APAC countries are some of key factors driving the salesforce services market.
- Enhanced Customer Satisfaction With Salesforce Services
- Leveraging Artificial Intelligence (AI) Capabilities
- Increasing Adoption in the BFSI Domain
- Security Concerns
- Huge Deployment Cost of Salesforce Services
- Increasing Adoption in Small- and Medium-Sized Enterprises (SMEs)
- Accenture PLC
- Adobe Systems Incorporated
- Amazon Web Services Inc.
- AT&T Inc.
- Cisco Systems Inc.
- International Business Machines (IBM) Corporation
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- T-Mobile US Inc.
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