Salesforce CRM Document Generation Software Market Trends

Growth Drivers

• 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.

• 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.

• 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.

• 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.

• 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.