Global Salesforce CRM Document Generation Software Market Size, Forecast, and Trends Highlights Over 2022 - 2031
The global salesforce CRM document generation software market is estimated to garner a revenue of ~USD 2000 million by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 880 million in the year 2021. The market is estimated to grow on the back of increasing shift from Excel to CRM software by companies to improve customer experience and enhance productivity. According to estimates, about 60% of organizations adopted CRM technology within five years of its launch. The utilization rate of CRM in the organization is estimated to be around 75% by the sales team, 40% by the marketing team, and around 42% by the customer services.
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The global salesforce CRM document generation software market is also estimated to grow on account of rising digitalization and increasing penetration of internet with high frequency bandwidths in large and small enterprises. For instance, in 2022, global spending on digital transition was around ~USD 1.7 trillion and by the end of 2025, it is expected to reach ~USD 2.7 trillion. Organizations are focusing on adoption of new technologies and planning experiments with each domain of their business which includes sales, human resources and other business operations. Since these operations are sometimes too complex to handle manually, so organizations tend to look for simpler ways to function within limited workforce and company budget. Hence, the demand for salesforce CRM document generation software market is anticipated to grow to provide large amount of data in an efficient, reliable and secure manner.
Global Salesforce CRM Document Generation Software Market: Growth Drivers and Challenges
Growth Drivers
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Growth of IT Industry – According to data from the India Brand Equity Foundation, IT sector accounted for around 8% of gross domestic product (GDP) in 2020. Moreover, recent estimation says, IT spending in India is estimated to grow to ~USD 101 billion by the end of 2022, up from ~USD 81 billion in 2021.
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Increasing Demand from Business Service Industry – By eliminating manual proposal writing and adopting automated document generation software, business companies are saving their time and increasing productivity. For instance, about 68% of people do business with companies that provide them with accurate and relevant information.
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Growing Number of Small and Medium Enterprises – According to estimates, in 2021, the number of small businesses in the United States was approximately 32 million, which is an increase of about 9% from 2017- 2021.
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Rising Adoption of SaaS based Services – For instance, the SaaS industry is currently growing at an estimated rate of about 17% every year. In addition, in 2021, about 75% of small businesses have invested in SaaS based services.
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Rising Adoption of Advance Technology – According to recent statistics, more than 11% of CRM users are using artificial intelligence-based CRM, out of which 10% says AI-based CRM helps them to focus on high value customers.
Challenges
- Risk of Cyber Intrusion or Data Breach
- High Maintenance Cost is Required
- Higher Ratio of Incompetent Workforce
The salesforce CRM document generation software market is segmented and analyzed for demand and supply by type into cloud based and on-premise. Out of these segments, cloud based segment is estimated to garner a largest market share over the forecast period, owing to the rising adoption of cloud based services amongst companies. As per estimates, in 2022, around 65% enterprise is using cloud-based infrastructure and around 40 zettabytes of data are estimated to be stored in cloud servers. In addition, secondary factors supporting the growth of the cloud based segment are increasing integration of management tools for handling customer data and also presence of large storage spaces that are secure and reliable.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Salesforce CRM Document Generation Software Market Regional Synopsis
Regionally, the global salesforce CRM document generation software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the presence of strong IT infrastructure and growing demand for automated document generation software by business organizations to increase their productivity levels and enhance operational efficiency. According to recent statistics, in 2022, the United States IT industry accounts for more than 32% of the global tech market.
Further, the market in the Asia Pacific is estimated to gain the highest growth during the forecast period, owing to the rising digitalization of companies along with increase in government support through various policies and investments. In India, around USD 11.58 billion was allocated to the IT and telecom sector in the Union Budget 2022-23, according to the India Brand Equity Foundation data. Apart from this, adoption of latest technology along with continuous growth and fast paced transactions in the IT industry are some of the other secondary factors which are anticipated to drive the market growth in the APAC region.
The global salesforce CRM document generation software market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global salesforce CRM document generation software market includes the following segments:
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Top Featured Companies Dominating the Global Salesforce CRM Document Generation Software Market
- Nintex Global Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- SpringCM Inc. (DocuSign, Inc.)
- DealHub Ltd
- Formstack, LLC
- Windward Studios, LLC.
- S-Docs, Inc.
- Docomotion Inc.
- Apttus Corporation
- Documill Oy
- PandaDoc, Inc.
