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