FMI’s new analysis values the global Salesforce services market at US$ 13 Bn in 2022, with revenues set to grow at 12.6% y-o-y in 2022. The research study remains bullish on the growth prospects of Salesforce services market through 2029. However, lack of flexibility in pricing models and budgetary considerations among end-users can create challenges for wider adoption. The study by FMI analyzes the global Salesforce services market for the period 2022-2029.

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.

Salesforce Services Demand Analysis (2014 to 2021) Vs Market Outlook (2022 to 2029)

“Sales Software Flourishing Due to Adoption of Advanced IT Technologies”

The salesforce services market expanded at a CAGR of 12.2% from 2014 to 2021. Use of salesforce services in the banking sector has increased substantially over the past few years. Support for third-party salesforce has also been rising rapidly.

There is a shortage of skilled workforce to plan, design, implement, and manage salesforce services. Dearth of highly skilled workforce for advanced salesforce services is one of the major challenges for market growth. Moreover, adoption of powerful new technologies such as artificial intelligence and automation by salesforce has surged demand for highly skilled consultants for providing implementation services and other advisory services to end users.

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.

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.

Salesforce services demand is expected to progress at an impressive CAGR of 14.4% from 2022 to 2029. This projected growth rate of the salesforce services market is estimated to net US$ 33.5 Bn by 2029.

salesforce services market

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North America – A Hub of Opportunities for Service Providers

According to the report, increasing adoption of Salesforce services in the BFSI sector is likely to continue, making it one of the most lucrative verticals for the Salesforce service vendors. Over the years, the focus of BFSI is shifting toward fruitful customer engagement in real time and across any device. This, in turn, is pushing the demand for adoption of Salesforce services in BFSI, thereby giving new opportunities for the Salesforce service vendors to reap profits from. Growth prospects for the Salesforce services, as the report opines, are high in North America, particularly in the US. In addition, the adoption of Salesforce services in Western Europe is estimated to intensify by the end of 2029, which is likely to encourage the vendors to solidify their service capabilities.

As far as growth and expansion are concerned, strategic business partnerships and acquisitions will continue to be the best way forward for vendors. Those alliances will lay the foundation for bespoke innovations to come to the fore, thereby creating a ‘win-win’ for both the parties involved. Considering the challenges enterprises face in terms of Salesforce deployment, key service providers active in the market will continue to focus on offering unmatched support and assistance in a bid to ensure client satisfaction and engagement. In addition, Salesforce service providers will also continue to center on getting ‘Salesforce service certifications’ to reap benefits in the long-run, as these certifications will not only help them strengthen their core competencies but also expand their client bases.

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Key Segments of Salesforce Services Industry Survey

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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