Valley Cottage, NY -- (SBWIRE) -- 07/15/2019 -- 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).
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$74.0 Bn by the end of the forecast period.
The global Salesforce sales cloud market is anticipated to show high growth rate during the forecast period 2017 to 2027 and is poised to register a CAGR of 14.1%. This market is anticipated to reflect a value of about US$ 31.12 Bn by the end of 2027 from a value of US$ 8.3 Bn in 2017. The Salesforce sales cloud market in North America shows higher growth. North America region shows higher market attractiveness for the sales cloud market and portrays dominance with respect to a higher market share by revenue. The Salesforce sales cloud market in North America is anticipated to reflect a value of more than US$ 19 Bn by the end of 2027 growing at an exponential CAGR of 14.9% throughout the forecast period. In Western Europe, the value of the market is estimated to be around US$ 4.8 Bn by end 2027 and it reflects a CAGR of 13.3%. Asia Pacific excluding Japan (APEJ) region shows a growth rate a shade higher than that of Western Europe and is expected to promise a CAGR of 13.4% during the period of 2017-2027.
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Among industries, BFSI shows higher market value and is poised to account for a share of 34.6% in the global Salesforce sales cloud market by the end of 2027. This sub-segment also reflects higher growth rate as compared to other industries and is anticipated to register a CAGR of 15.8% throughout the forecast period. Following BFSI, the Healthcare and Life Sciences segment is poised to witness a CAGR of 14.8% with 22.5% value share by the end of 2027.
The global Salesforce service cloud market is expected to grow at a higher growth rate to reflect a CAGR of 12.5% during the forecast period and is poised to reach a value of US$ 18.87 Bn by 2027 end from US$ 5.8 Bn in 2017. The service cloud market finds North America as a more lucrative region for growth. The Salesforce service cloud market in North America is expected to register a CAGR of 13.1% during the forecast period, and this growth rate of the market in this region is higher than in any other region. However, Japan and APEJ regions join the track as high growth potential regions, with Japan favouring the service cloud market with a CAGR of 12.4% and APEJ with a CAGR of 11.8%. North America however, dominates the global Salesforce service cloud market by reflecting a higher market share and is anticipated to reach a market value of US$ 11.6 Bn by the end of 2027.
Among industries, BFSI is expected to account for a 34.6% value share in the global Salesforce service cloud market by 2027 end followed by Healthcare & Life Sciences with a value share of 22.3%. BFSI dominates the global market by industries and shows a higher growth rate to reflect a CAGR of 14.2% during the forecast period.
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Amongst all services, Implementation is projected to account for a 71.0% value share in the global Salesforce Sales Cloud Market by 2027 end, followed by Manage services with a 15.0% value share. The Implementation segment is expected to show a higher incremental value during the forecast period as compared to other services. The Manage segment is projected to expand at a CAGR of 13.3% over the forecast period. The Planning segment is expected to account for a 14.0% value share by 2027 end.