In today’s world of fierce competition, just coming up with unique products and creative marketing campaigns is not enough for companies. They also need to implement a strong focus on client satisfaction and retention and analysis of how well their marketing campaigns are faring. Moreover, with the rising penetration of smartphones and the internet, more people are using mobile and computer applications to interact with companies, which is why app development has become such a lucrative occupation.
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| Salesforce Services Market Report |
According to P&S Intelligence, the increasing awareness of companies on all these areas is the key factor that will drive the salesforce services market to $55,307.6 million by 2030 from $9,124.2 million in 2019, at an 18.9% CAGR between 2020 and 2030. Salesforce refers to customer relationship management (CRM) solutions that help firms manage their customer service, sales, marketing, e-commerce, application development, and analytics processes. They allow companies to monitor the customer behavior and offer personalized recommendations, analyze the impact of their marketing activities, forecast sales, manage leads, store and process internet of things (IoT) data, and automate repetitive tasks.
Salesforce service solutions are being widely used in the retail & e-commerce, banking, financial services, and insurance (BFSI), IT & telecom, healthcare, government, and manufacturing sectors. Among these, these solutions find the highest adoption in the BFSI industry, which is constantly making efforts to connect with the young and tech-savvy customers digitally. Moreover, companies in the industry are deploying salesforce solutions to get an in-depth insight into customers’ accounts and queries and engage with the latter better.
The burgeoning adoption of the cloud is one of the biggest reasons the salesforce services market generates the highest revenue from North America. In addition, the continent is home to the world’s largest IT industry, which results in both the easy availability and high demand for such solutions. North America is also generally the first region to adopt emerging technologies, especially those related to the IT field. In the coming years though, the fastest rise in the adoption of salesforce services would be seen in Asia-Pacific (APAC), owing to economic growth, increasing preference for cutting-edge technologies, and expanding BFSI sector.
Therefore, as enterprises across industries indulge in even fiercer competition, they will likely procure software and apps that help make their business process smoother and more efficient.
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