Sales forecasting, analytics, and customer relationship management applications are expected to witness high growth rate during the forecast period, due to the advantages of sales force automation software in terms of cost, revenue, and time require to monitor & analyze the sales-related data. Moreover, increase in demand for centralized tracking of data and need for opportunity management are major drivers of the sales force automation software market.
Portland, OR -- (SBWIRE) -- 10/30/2017 -- Sales force automation software enables industries to automatically manage account information, customer database, and order & invoices, and tracks the system on a real-time basis. This software provides lead management, sales forecasting, opportunity management, and others (contact management, relationship management, and analytics). Global Sales Force Automation Software Market was valued at $3,872 million in 2016, and is estimated to reach $7,773 million by 2023, growing at a CAGR of 10.6% from 2017 to 2023.
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The sales force automation software is implemented across various industry verticals such as healthcare, BFSI, retail, consumer goods, and logistics for effective management of customer relationship, inventory, quote, and invoices management.
Moreover, the BFSI segment has witnessed high adoption of sales force automation software across various regions, owing to the associated benefits of advanced business insights related to customer engagement and increase in innovation in financial products.
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North America was the highest revenue contributor to the global sales force automation software market in 2016, accounting for around 59.1% share, owing to surge in need to streamline the sales processes to reduce manual efforts required for the sales data and increase in demand for process automation. Furthermore, industry participants have focused on strengthening their business processes, such as inventory control, order & invoices management, and quote management, to measure the effectiveness of sales force automation software in other emerging markets such as Latin America, and the Middle East & Africa.
The surge in ICT expenditure and increase in cloud adoption across several industry verticals, including telecom, BFSI, retail, healthcare, and others, are anticipated to augment the market penetration. The prominent markets, such as Asia-Pacific and Europe, with developed cloud infrastructure, high adoption of Internet of Things (IoT) technology, and surge in demand for effective utilization of scarce resources are anticipated to fuel the sales force automation software market growth in the near future.
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The key players profiled in the study are Aptean, Bpmonline, Infusionsoft, Infor, Oracle (NetSuite Inc.), Pegasystems, SAP SE, Salesforce.com, SugarCRM, and Zoho Corporation. These players have adopted competitive strategies such as innovation, new product development, and market expansion to boost the growth of the sales force automation software market.