Salesforce Services Market: Top Companies, Investment Trend, Growth & Innovation Trends by 2030

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Puneet Shah
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Factors like surging adoption of salesforce services in the banking, financial services, and insurance (BFSI) sector and by small- and medium-sized enterprises (SMEs) will drive the salesforce services market at 18.9% CAGR during 2020–2030. The market generated $9,124.2 million in 2019, which will reach to $55,307.6 million by 2030. Salesforce is quality customer relationship management (CRM) tool that enables ease of communication, data organization, and consumer services, which lead to timely resolution of issues and enhanced process management. It provides autonomous, intelligent, and intuitive software that allow detailed analysis and efficient utilization of consumer feedback.

Owing to their advantages, salesforce services have been extensively adopted in the BFSI domain, thereby supporting the salesforce services market growth, globally. These solutions support bankers and insurance agents by providing a complete overview of customer data like service inquires and account details, enabling financial organizations to enhance services and take informed decisions. Salesforce services use customer-centric models to train bankers about effective communication methods and efficient customer services. These features will aid financial institutes in meeting their financial goals and enhance their business operations.

Additionally, the rising penetration of salesforce services in SMEs will accelerate the salesforce services market growth during the forecast period. These solutions will give an impetus to the SMEs by offering tools that will pile up the sales pipeline via client retention capabilities, enhanced sales efficiency and productivity, and smarter marketing. These services can automate operational processes and streamline businesses to develop an effective work ecosystem. Tools such as marketing cloud can leverage on email promotion and customer segmentation to increase the total sales of the SMEs.

Categories under the application segment include sales, marketing, commerce cloud, analytics, and others. Among these, the commerce cloud category will record the fastest growth in the forecast years, due to the evolution of e-commerce. Also, commerce cloud aids in funnel analysis, wherein it identifies customers dropping out of the sales funnel and in metrics to decrease such drops. Moreover, the enhanced flexibility and scalability of cloud-based solutions that allow clients to personalize services according to their specific business requirements, will add to the market growth.

Another key factor accelerating the salesforce services market growth is the integration of artificial intelligence (AI) technology that allows users to develop custom-AI platform to project business outcomes. Businesses are leveraging on AI capabilities to deploy and train bots according to the CRM suite of enterprises. Moreover, the deployment of machine learning (ML) technology on AI platform allows organizations to make effective decisions. AI technology aids the enterprises in recognizing relevant patterns in their data to improve their productivity and avoid any deviations from the target plan of action.

Geographically, the Asia-Pacific (APAC) salesforce services market is expected to display the fastest growth during the forecast period, on account of the economic development, high adoption of advanced technologies, expansion of the BFSI sector, and huge IT expenditure in APAC nations. On the other hand, Europe and North America will collectively hold the largest market share in the coming years, owing to the penetration of CRM solution, hefty IT spending, adoption of cloud services, and constant technological developments in these regions.

Thus, the escalating focus on customer engagement and the soaring deployment of cloud services will act as catalysts for market growth in the future.