Factors such as the rising demand for automated salesforce solutions, growing adoption of digital marketing strategies, increasing penetration of the internet and smartphones, and surging focus on next-generation technologies, including the internet of things (IoT), artificial intelligence (AI), and cloud computing, are expected to drive the growth of the field force automation market at a CAGR of 20.9% during the forecast period (2020–2030). With this growth rate, the market size will increase from $1,196.9 million in 2019 to $9,033.0 million by 2030.
One of the prime factors improving the field force automation market future is the rising demand for automated salesforce solutions. This is due to the fact that these solutions help control sales operations automatically, by supporting the field staff and executives in several areas, such as assessment of clients’ marketing needs, view of all sales tasks on a single dashboard, order approval, lead tracking, and marketing automation. These solutions also help companies increase revenue, offer an improved customer experience, enhance the efficiency of field representatives, and streamline sales operations.
Moreover, the growing adoption of digital marketing strategies is a key driving factor that boosts the field force automation market. This is attributed to the fact that companies in all sectors are increasingly adopting digital marketing strategies to meet customers’ demands, increase their presence, and achieve a competitive edge. Additionally, the quick implementation of advanced technologies has resulted in the digital transformation of companies. This is projected to contribute toward the surging application of field force automation solutions in the coming years.
The offering segment of the market is categorized into solutions and services. Between the two, the solutions category accounted for the major market share in 2019, due to the increasing adoption of field force automation solutions across all sectors, rising need for real-time insights, and surging requirement for enhanced monitoring solutions. Whereas, the services category is projected to record the faster growth during the forecast period, owing to the increasing demand for support and maintenance, system integration, and installation services, to streamline project lifecycle, enhance resource productivity, and upgrade software.
Additionally, the vertical segment of the field force automation market is classified into banking, financial services, & insurance (BFSI); retail & e-commerce; healthcare; logistics & transportation; information technology (IT) & telecom; manufacturing; and others. Among these, the retail & e-commerce category held the largest market share in 2019. This is ascribed to the rising application of field force automation solutions to automate sales and marketing activities, filter information based on potential leads, gather real-time feedback, and understand customers’ requirements.
Geographically, North America holds the largest revenue share in the field force automation market. This is due to the increasing IT investments, vast adoption of mobile applications to gather real-time field information, presence of key market players, shift toward cloud technology, and rising incorporation of advanced AI-based technologies. Whereas during the forecast period, Asia-Pacific (APAC) is projected to observe the fastest growth, owing to the increasing rate of urbanization and industrialization, surging awareness about automated field sales tasks, changing consumer demands, and rising need to improve productivity.
Thus, the increasing demand for automated salesforce solutions and surging adoption of digital marketing strategies are expected to propel the demand for field force automation solutions during the forecast period.
