The global sales force automation (SFA) software market is predicted to grow at significant CAGR during the forecast period (2018 to 2025), according to a report available on Radiant Insights, Inc.
Growing requirement for streamlining sales process and effective utilization of workforce in organizations is anticipated to propel demand for sales force automation software. These advanced software are likely to enable organizations to automatically manage customer database, account information, order & invoices, and track system on real-time basis. In addition, it can also provide sales forecasting, lead management, and opportunity management.
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Rising information and communications technology (ICT) expenditure and growing adoption of cloud technology in several verticals including retail, healthcare, BFSI, telecom can influence growth of market. In addition, Growing need for business intelligence and insights can fuel market growth over next few years. Moreover, increasing use of cloud based CRM technology and emerging innovation in field of telecommunications technology can create lucrative opportunities for growth of market over the forecast period (2018 to 2025).
Lack of awareness regarding software and inadequacy of skilled professionals are expected to hinder growth of market during next few years.
To cater to rising demand for sales force automation software, most companies are expected to focus on R&D activities to develop innovative products for consumers. For instance, Oracle is expected to offer advanced SFA software called Sales Cloud. This software is likely to enable sales professionals to engage customers earlier and close deals using complete, innovative, and proven sales solutions. Consumers today have information on their fingertips and need real-time support and service. This software can help business develop in this modern sales environment by offering innovative technologies such as artificial intelligence (AI) and data to create smarter sales experiences.
The sales force automation software market can be segregated on the basis of type, application, and region. Based on type, the market can be categorized into on-premise and cloud. Cloud based software is expected to generate significant revenue for market over next few years. Such software can offer data storage, which can be accessed securely and eliminates possible overheads. In addition, it can improve sales and maintain corporate sales process in consumer organizations.
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Based on application, the market can be classified into retail, telecom, healthcare, food & beverages, BFSI, and others. BFSI segment is likely to contribute well for market during the forecast period attributed to numerous benefits offered by sales force automation software.
Regional segmentation includes Japan, Europe, China, United States, India, and Southeast Asia. North America, is expected to dominate the market and account for largest market share. High prevalence of major manufacturing market players offering advanced software solutions in the region can fuel market growth. These companies are likely to invest in providing customized solutions that can include call automation, sales forecasting, proposal creation, product modeling, and order management for consumer satisfaction.
In Europe, the market is anticipated to witness significant growth over the forecast period.
In Asia Pacific, the market is expected to grow at highest CAGR over the forecast period. Rising investments from small & medium enterprises and new startups in this market to personalize and consolidate consumer satisfaction from numerous channels such as social media, blogs, and other online portals. This, in turn, can drive growth of market in next few years.
Some of the leading companies offering sales force automation software are BPM Online, Infusionsoft, Infor, Oracle Corporation, Zoho Corporation Pvt. Ltd, and Sap Se.
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