The market for salesforce services is expected to surpass US$ 13 billion in 2022 and grow at an astounding CAGR of 14.4% to US$ 33.5 billion by 2029.
Salesforces of 2% of the market for IT services worldwide are currently Salesforce services. The BFSI industry’s growing use of salesforce services is the main factor fuelling market expansion.
Salesforce services are widely employed in the financial services sector and have completely changed consumer involvement. Insurance agents and bankers benefit from BFSI services because they provide a 360-degree picture of customer data, including accounts and service inquiries, which enables businesses to provide better services and make informed decisions.
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Through customer-centric models, Salesforce services assist bankers in connecting with clients, providing excellent customer service, and achieving financial objectives. Because of these benefits, financial institutions are adopting salesforce services more frequently to enhance their business processes. As a result, the BFSI sector’s use of salesforce services is a key factor in the market’s overall growth.
CRM users’ horizons will unquestionably be expanded by the integration of salesforce with outside apps. There is a third-party software available on AppExchange that highlights the importance of the demand-supply dynamic. They are developed to meet the particular requirements of salesforce users and help them raise the bar in their operations. On the other hand, Salesforce integration with external apps needs to be a carefully monitored process with regular quality reviews.
As Salesforce services defy the ‘one-size-fits-all’ concept, service providers are offering end-to-end assistance to help end-users get services that are best-suited to their requirements. With thousands of Salesforce implementations across multiple enterprises, the Salesforce service providers are extensively focusing on creating impactful experiences to generate substantial profits.
Opportunities galore for manufacturers with the increasing focus of businesses on improved customer engagement and interaction – key imperative driving growth and profitability amid competitive spaces. Some of the highly-effective Salesforce offerings- marketing cloud, commerce cloud, and community cloud to name a few- have gained immense popularity over the years, which is further nudging businesses to choose Salesforce services for long-term returns.
According to the FMI report, implementation continues to remain a highly-preferred service, which is broadly categorized into integrated services, application modernization & data migration, custom application development, and testing services.
Enterprises will continue to sustain high demand for Salesforce-managed services, wherein these businesses get assistance from a whole team of experienced Salesforce administrators as well as consultants for effective management of their Salesforce functions.
Competitive Landscape
Since there are so many companies actively providing salesforce services, the nature of the market has become quite competitive. 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, and AT&T Inc. are some of the leading salesforce service companies.
- The salesforce services market is estimated to be fragmented, which remains a key factor for its dynamic competitive nature.
- Leading salesforce service providers account for around 32%-34% of the overall market share. Vendors such as Accenture, Deloitte, IBM, and Wipro are among the largest and most experienced in the industry, and have significant regional coverage.
- Support for third-party salesforce is rising when a company other than the original software publisher takes over vendor support.
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Salesforce Services Market by Type of Service:
- Planning
- Advisory Services
- Change Management
- Implementation
- Integrated Services
- Custom Application Development
- Application Modernisation and Data Migration
- Testing Services
- Manage
- Monitoring
- Upgrade
- Governance
- Helpdesk
- Training
- BPO
- Salesforce Services Market by Application:
- Sales Cloud
- Service Cloud
- Marketing Cloud
- App Cloud
- Commerce Cloud
- Analytics
- Salesforce Services Market by Vertical:
- Salesforce Services in BFSI
- Salesforce Services in Healthcare and Life Sciences
- Salesforce Services in Media and Telecom
- Salesforce Services in Retail and CPG
- Salesforce Services in Government
- Salesforce Services in Manufacturing
- Salesforce Services in High Technology
- Salesforce Services in Energy & Utilities
- Salesforce Services by Region:
- North America Salesforce Services Market
- Latin America Salesforce Services Market
- Europe Salesforce Services Market
- East Asia Salesforce Services Market
- South Asia & Pacific Salesforce Services Market
- Middle East & Africa (MEA) Salesforce Services Market
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 7-years.
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