The market for salesforce services is expected to surpass US$ 13 billion in 2022 and grow at an astounding CAGR of 14.4 percent to reach US$ 33.5 billion by 2029.
| Global Salesforce Services Market Size (2022) | US$ 13 Bn |
| Revenue Forecast (2029) | US$ 33.5 Bn |
| Global Market Growth Rate (2022-2029) | 14.4% CAGR |
| Dominant Application | Sales Cloud (36.4%) |
The global market for IT services now has a 2 percent share for Salesforce services. The BFSI industry’s growing use of salesforce services is the main factor fueling 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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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
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About FMI
Future Market Insights (ESOMAR certified 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 10-years.
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