The growing preference of various cloud products on a software-as-a-service (SaaS) model among enterprises world over is a key factor driving the demand for various cloud platforms and analytics offered by Salesforce.com. The rising demand for integrated and user-friendly customer relationship management (CRM) as a part of enterprise resource planning is a primary factor boosting the adoption of Salesforce products. The rising popularity of IoT on cloud is a key trend expected to accentuate the market for Salesforce services. The growing demand for cloud services to support various business functions comprising sales and marketing and customer support has fueled the popularity of Salesforce services in diverse industries, including BFSI, media and telecom, healthcare and life sciences, and retail, notes Future Market Insights (FMI).
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According to Future Market Insights (FMI), the global Salesforce services market is projected to rise at a CAGR of 12.6% from 2017 to 2027. The global market was valued at US$22.7 Bn in 2017 and is predicted to reach a worth of US$74.0 Bn by the end of the forecast period.
Salesforce Sales Cloud to Witness Promising Growth Prospects
One of the key offerings of Salesforce under cloud platforms and applications is Sales Cloud. The offering is expected to witness wide growth prospects in North America, Europe, and Asia Pacific excluding Japan (APEJ). The prominence of the segment is attributed to the vastly rising demand for automating and managing sales, marketing and customer support in business-to-business as well as business-to-customer contexts. The pressing need for automating complex business processes in marketing and customer engagement is a key factor stoking the demand for Salesforce Sales Cloud. In addition, the growing demand for customizable product and an integrated CRM platform is a key factor expected to catalyze the growth of the segment in major regions.
The global market for Salesforce Sales Cloud is projected to rise at an impressive CAGR of 14.1% during 2017–2027 and is expected to reach a valuation of US$ 31.12 Bn by the end of the forecast period.
Salesforce Sales Cloud to Witness Substantial Adoption in BFSI
The Salesforce Sales Cloud market is predicted to witness lucrative avenues in North America, with the regional market predicted to expand at a significant CAGR of 14.9% from 2017 to 2027. Western Europe and APEJ are predicted to rise at a prominence pace during the forecast period. The North America market for Salesforce Sales Cloud is fueled by a rapidly rising demand for cloud applications for tracking customer information and interactions and the need for integrating social media with customer collaboration in real time.
Various end-use industries for Salesforce Sales Cloud market are BFSI, healthcare and life sciences, media and telecom, retail and CGP, government, manufacturing, high technology, energy and utilities, the BFSI sector is the dominant segment, rising at the leading CAGR of 15.8% during the assessment period.
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North America to Account for Vast Lucrative Avenues to Salesforce Service Cloud Market
The Salesforce Service Cloud is projected to rise at a substantially high CAGR of 12.5% from 2017 to 2027 and is estimated to be worth US$18.87 Bn by the end of the assessment period. The growth of the segment is expected to be driven primarily by the demand for a real-time platform for universal customer service and support for all their problems, apart from the intensifying demand for personalized services. Of all the regions, North America leads the market for Salesforce Service Cloud and is expected to account for the dominant share of the global Salesforce Service Cloud market, registering a CAGR of 13.1% during 2017–2027. The regional market is anticipated to reach a worth of US$11.6 Bn by 2027 end.
However, Japan and APEJ are predicted to be most attractive markets rising at significantly high CAGR during the assessment period.