Sales Force Automation Software Market Growth & Trends
The global sales force automation software market size is expected to reach USD 13.82 billion by 2027, expanding at a CAGR of 8.3% from 2020 to 2027, according to a new study conducted by Grand View Research, Inc. Rising adoption of cloud technologies for sales force automation (SFA) and demand for sales forecasting applications are the primary drivers for the market growth. There is an increasing demand for streamlining the sales process and efficient use of workforce to stay competitive in the market. Moreover, the increasing complexity in sales management, especially in retail and telecommunication business are driving the need for automation, boosting the market growth.
The integration of SFA software with upcoming technologies such as artificial intelligence and big data is set to enhance and improve the capabilities of the SFA software. As per the industry estimate, more than 40% of the sales tasks in the organization can now be automated. The advancements in the IT technology especially in Natural Language Processing (NLP), the automation is likely to rise to 50% in coming years. Moreover, key players such as Salesforce.com, Inc.; Microsoft Corporation; and SAP SE are launching SFA solutions powered by Artificial Intelligence (AI).
Considering the high industry competitiveness and complexity across industries, organizations are expected to adopt cloud-based automation software as they offer better customization options. The shift towards automation solutions is aimed to streamline the sales process and to frame out the strategy to capitalize on the new growth opportunities. The occurrence of data thefts and privacy issues are hampering the adoption of SFA solutions. However, government rules and regulations like the General Data Protection Regulation (GDPR) are expected to strengthen the regulatory framework.
Sales Force Automation Software Market Report Highlights
- Cloud deployment is anticipated to witness the fastest growth over the forecast period as it is accessible through multiple devices, offers real-time information, and customization options coupled with various pricing models
- Lead management is predicted to be the largest application over the forecast period owing to the rising demand to automate end to end leads and convert them into qualified opportunities
- SMEs is likely to be the fastest growing segment over the forecast period. Optimization of lead management, economical pricing options offered by SFA vendors, and rising demand for personalized services by the users are the prime drivers for the growth
- The retail industry is projected to expand at the highest CAGR from 2020 to 2027, owing to the growing demand for SFA solutions that help in streamlining the complex sales management processes
- Asia Pacific is expected to expand at the highest CAGR from 2020 to 2027 owing to the rising demand for software from retail, banking, and telecom industries. Moreover, the increasing IT investments to digitize and automate the industrial functions in the market are likely to be witnessed in countries such as China, India, and other South Asian nations