NEWARK, Del., April 25, 2022 (GLOBE NEWSWIRE) -- The global salesforce services market is set to top US$ 13 Bn in 2022, and is predicted to expand at a stupendous CAGR of 14.4% to reach a valuation of US$ 33.5 Bn by 2029.
Salesforce services currently account for 2% share in the global IT services market. Market growth is primarily being driven by increasing adoption of salesforce services in the BFSI industry.
Salesforce services have transformed consumer engagement and are widely used in the financial services industry. BFSI services assist insurance agents and bankers by allowing firms to improve services and make educated decisions by offering a complete 360-degree view of consumer data, such as accounts and service enquiries.
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Salesforce services help bankers engage with clients, provide great customer care, and fulfill financial goals through customer-centric models. Financial institutions are increasingly using salesforce services to improve their business operations as a result of these advantages. As a result, use of salesforce services in the BFSI sector is an important driver for overall market growth.
Integrating salesforce with third-party applications will undoubtedly broaden CRM users’ horizons. The value of the demand-supply phenomenon is emphasized by a third-party application available on AppExchange. They are created to satisfy the specific needs of salesforce users and to assist them in improving the quality of their business. Salesforce integration with third-party applications, on the other hand, must be a meticulously controlled process with frequent quality checks.
Analyst Quote
“Service providers will have to keep their clients informed about various Salesforce service developments and new additions, as well as possible extensions, in order to sow the seeds of rewarding client relationships for sustained growth”
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.
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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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Key Segments of Salesforce Services Industry Survey
Salesforce Services Market by Type of Service:
- Planning
- Implementation
- Manage
Salesforce Services Market by Application:
- Sales Cloud
- Service Cloud
- Marketing Cloud
- App Cloud
- Commerce Cloud
- Analytics
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Trends
1.3. Market Analysis
1.4. Market Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Macro-Economic Factors
3.2. Forecast Factors - Relevance & Impact
3.3. Value Chain
3.4. Market Dynamics
3.4.1. Drivers
3.4.2. Restraints
3.4.3. Opportunity Analysis
TOC continued..!
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