Salesforce Services Market By Type of Services (Planning, Implementation, Manage), Vertical (BFSI, Manufacturing, Media & Communication, Retail & CPG, Public Sector, Healthcare & Life Sciences , High Tech), Application (Sales Cloud, Service Cloud , Marketing Cloud, App Cloud, Commerce Cloud, Analytics) & Region - Forecast to 2019 - 2029
Salesforce Services Market - Analysis, Outlook, Growth, Trends, Forecasts
- July 2019
- 348 pages
Salesforce Services Market - Key Research Findings
- The global salesforce services market size in 2018 was approximately US$ 8 Bn.
- The salesforce services market is expected to grow at a CAGR of approximately 14% during the forecast period of 2019-2029.
- Increasing online business and rapid digitalization are among the key factors driving the sales of salesforce services.
- North America is likely to account for half of the revenue in the salesforce services market by the end of 2029.
- Western Europe and APEJ, due to the strong presence of cloud-based solutions, will continue to be among the prominent regional markets for salesforce services.
- In order to offer advanced Salesforce services and solutions, providers are focusing on entering into acquisitions and partnerships agreements with other market players. This can help offer advanced services which helps their clients with up-to-date on Salesforce product developments, as well as extension possibilities in order to strengthen the client relationship and manage expectations with client to avoid disappointment.
- In Feb 2017, Infosys made a strategic partnership with Salesforce to deliver analytics cloud applications to enable intelligent action & insights throughout organizations.
- In August 2018, Cognizant announced the acquisition of SaaSfocus to expand salesforce cloud consulting capabilities, which is training in leveraging the salesforce platform and digital transformation.
Key Factors Shaping the Salesforce Services Market
Service Providers Focusing on Training, Hiring, and Retaining
Salesforce services providers are investing in hiring and training programs. Consultants need to know the specific issues of performing a SaaS solution, which requires a different mind-set for assumptions and deployments. The providers of managing services are more focused on offering new opportunities to consultants, which include support services, implementation, and job rotations, across various parts of consulting.
Salesforce services also provide retention and motivation strategies, which include attractive benefits packages, and rewards for impactful participation to projects.
Increasing Demand for Salesforce Services Solutions:
Salesforce services have a full product portfolio besides its exclusive CRM solution. Increasing analytics & computing abilities and the growing need for competitive differentiation are driving the next phase of growth in CRM through artificial intelligence. New products, such as IoT cloud and analytics cloud, are gaining momentum and are set to achieve a sufficient scale.
The company’s year-on-year revenue has significantly increased due to its comprehensive product portfolios such as app cloud, services cloud, sales cloud, marketing cloud, and others. These solutions are used by consumers to improve sales productivity, increase their sales pipeline, enhance customer relationships, and monitor leads. The increasing adoption of CRM solutions through artificial intelligence is driving the growth of the salesforce services market.
Market Research Methodology - Perfected through Years of Diligence
A key factor for our unrivaled market research accuracy is our expert- and data-driven research methodologies. We combine an eclectic mix of experience, analytics, machine learning, and data science to develop research methodologies that result in a multi-dimensional, yet realistic analysis of a market.
Increasing Online Business and Rapid Digitalization:
Companies that are allowing digital transformation are moving to SaaS offerings on the cloud, where salesforce services are among the early players in the market. The various features offered by the sales cloud are making it more accessible for collaborative and social selling.
Moreover, salesforce services help enterprises maintain their business, service the customer, close deals, and run marketing operations from anywhere through mobile devices. Increasing online business and rapid digitalization activities are building potential growth possibilities for the salesforce services market.
Lack of Skilled Workforce for providing Salesforce Services
There is a shortage of skilled workforce to plan, design, implement and manage the Salesforce services. The lack of highly skilled workforce for the advanced Salesforce services is one of the major challenge for the growth of Salesforce services market. Moreover, the adoption of powerful new technologies such as artificial intelligence and automation by Salesforce have surge the demand of large number of highly skilled consultants for providing the implementation services and other advisory services to the end users.
The growing customer demand and increasing revenue base of Salesforce services have created the critical need for more salesforce trained consulting partners as a part of flourishing salesforce ecosystem.
Salesforce Services Market Structure Analysis
- The global salesforce services market serves a reasonably consolidated competition landscape, where a majority of key players maintain their strategic focus on the development, joint enterprises, & partnerships, and target a stronger global footprint.
- The salesforce services market is estimated to be fragmented, which remains a key factor for its dynamic competitive nature.
- Leading Salesforce services vendors account for around 32%-34% of the overall market. Vendors such as Accenture, Deloitte, IBM, and Wipro are among the largest and most experienced in the industry, and have a significant regional coverage.
Salesforce Service Providers Leverage Flexibility and Agility
Agility and flexibility are emerging as two of the core differentiators for today’s enterprises amidst the rapidly changing business environment. Multiple studies have pointed to the fact that businesses that are agile and flexible are adept at customer relationship management. In a bid to respond to market evolutions, enterprises are moving away from ‘100% on-premise’ concept and shifting toward three major streams-SaaS (Software as a Service), PaaS (Platform as a Service), and IaaS (Infrastructure as a Service).
CRM tools and platforms have been adopted by enterprises of varying stature, on account of their extensive features and compatibility. These services are being positioned as a feasible solution to enterprises’ ever-growing need to address all customer concerns, ranging from customer services to marketing & sales.
Among the litany of CRM services, Salesforce has gained significant adoption among end-users. Service offerings for cloud, mobile, social, IoT, and artificial intelligence technologies have witnessed significant penetration over the years.
Salesforce Services Market: Mapping the Road Ahead
The changing face of business ecosystems has made IT a crucial aspect for sustained growth of enterprises. Massive investments in cloud services is one of the factors attesting rapid transition of businesses toward the digital. With the ‘customer-first’ approach as their primary cornerstone, Salesforce services help end users identify and address the loopholes in their business models, which would, in turn, help them level up their business performance.
In the last few years, rapid digitalization has transformed the dynamics of business activities and processes. Businesses are looking for effective solutions that would help them close leads faster and streamline sales-related activities. Such business requirements are foreshadowing a promising future for Salesforce services in 2019 and beyond.
In addition, increasing focus of businesses on weaving improved customer experiences is also resulting in high adoption of Salesforce services, creating untapped opportunities for the Salesforce service vendors.
CRM and Artificial Intelligence: A Game-Changing Convergence
Rising need for competitive differentiation among enterprises is a key factor laying the foundation for the convergence of CRM and artificial intelligence. Salesforce Einstein, a set of top-notch platform services that brought advanced AI capabilities into the spectrum of customer relationship management, started gaining immense traction in parallel with increasing investments in advanced CRM solutions.
Majority of the large-scale enterprises operating in North America, as well as hundreds of medium- and small-sized businesses active in this region, are heavily investing in such combinations to boost their business capabilities. This, in turn, is encouraging the vendors of Salesforce services to target wider audience base across the key countries of this region, such as the US and Canada.
How Growth Will Unfold?
Salesforce service providers are focusing on bringing the best technical and strategic expertise to the table, with an objective to help the end use enterprises get maximum ROI benefits. By making use of proven methodologies and industry-best practices, Salesforce service vendors are shifting their focus toward delivering end-to-end solutions, ranging from initial strategy & design to development & testing, all while being completely transparent and expertly managed throughout the overall engagement.
Salesforce service providers are also extensively focusing on catering to the client’s demand for flexibility in the service delivery and predictability of pricing, which, in turn, helps in build-up of client confidence in the long run.
By Type of Services
- Advisory Services
- Change Management
- Integrated Services
- Application Modernization & Data Migration
- Custom Application Development
- Testing Services
- Media & Communication
- Retail & CPG
- Public Sector
- Healthcare & Life Sciences
- High Tech
- Sales Cloud
- Service Cloud
- Marketing Cloud
- App Cloud
- Commerce Cloud