These days the major concern of companies across all the industries is the automation of certain processes and provide their customers with improved service. In order to achieve this, enterprises are increasingly making use of new technologies such as service cloud, which allows them to automate service processes, find key topics, articles, and experts for supporting agents, and streamlining workflows. Service cloud helps businesses to build one-to-one marketing relationships with every customer, on any device, and across multiple channels. The integration of service cloud with salesforce further aids in improving the customer management.
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Salesforce is basically a customer relationship management solution (CRM) platform which provides all the departments of an enterprise, including service, commerce, sales, and marketing, a single, shared view of every customer. In 2019, the global salesforce services market reached $9,124.2 million and is expected to generate $55,307.6 million by 2030, advancing at a 18.9% CAGR during the forecast period (2020–2030). The different services offered by salesforce include execution, system management, and planning. The largest demand was created for system management services in the past due to the rising requirement for salesforce monitoring. The service provides smart alerts to support teams for predicting and preventing major issues related to CRM applications.
A number of industries make use of these salesforce services including government, banking, financial services, & insurance (BFSI), retail & e-commerce, healthcare, manufacturing, and information technology & telecom. The demand for salesforce services was the highest in the BFSI industry in the past, owing to the fact that the BFSI sector needs to focus on customer engagement through digital applications and improved payment services. In the industry, the services help the insurance agents and bankers by offering a complete 360-degree view of customer data, including service inquiries and accounts, thereby allowing enterprises to make informed decisions.
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Geographically, North America and Europe made increasing usage of salesforce services in the past, which is attributed to the extensive adoption of CRM solutions, heavy IT spending, penetration of cloud services, and technological advancements in these regions. Apart from this, the rising adoption of advanced technologies, rapid economic development, and expanding BFSI industry in Asia-Pacific is expected to make the region the fastest-growing salesforce services market in the coming years. This is further predicted to offer opportunities for the companies operating in the market to expand their business and increase their global footprint.
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