Salesforce services market to reach $33.5 billion by 2029

NEW YORK, UNITED STATES — The salesforce services market is projected to reach $33.5 billion by 2029 with a compound annual growth rate (CAGR) of 14.4%, said market research firm Future Market Insights (FMI). 

According to FMI, the market’s expansion is due to the growing use of salesforce services by the Banking, Financial Services, and Insurance (BFSI) industry. 

Salesforce services helped revolutionize customer involvement in the financial services sector by providing a 360-degree picture of customer data, enabling businesses to provide better services and make informed decisions. This has prompted financial institutions to adopt Salesforce services more frequently to improve their business processes. 

Integrating Salesforce with outside apps also expanded CRM (customer relationship management) users’ horizons, while third-party software available on AppExchange highlights the importance of the demand-supply dynamic.

FMI also noted that as the market for Salesforce services becomes increasingly competitive, service providers will offer end-to-end assistance to help end-users get services best suited to their requirements. 

Moreover, enterprises will continue to sustain high demand for Salesforce-managed services, wherein businesses get assistance from experienced Salesforce administrators and consultants for effective management of their Salesforce functions.

Leading Salesforce service providers such as Accenture, Deloitte, IBM, and Wipro have significant regional coverage and account for around 32%-34% of the overall market share.