• Download mobile app
19 Apr 2024, Edition - 3202, Friday

Trending Now

  • IPL 2024 begins with a bang. First contest between CSK and RCB.
  • Election commission allots mike symbol to Naam Thamizhar Katchi
  • AIADMK promises to urge for AIIMS in Coimbatore, in its election manifesto.
  • Ponmudi becomes higher education minister.


New Research Finds the Salesforce Economy Will Create More Than USD67 Billion in New Business Revenues in India From 2019 Through 2024

by businesswireindia.com

Business Wire India
  • Research finds Salesforce is driving massive gains for its partner ecosystem, which will see $6.58 in revenue for every $1 Salesforce makes in India by 2024
  • Research also estimates that from 2019 through 2024, Salesforce will drive the creation of more than 1.3 million indirect jobs in India
  • Globally, financial services, manufacturing and retail industries will lead the way, creating $224 billion, $212 billion and $135 billion in new business revenue respectively from 2019 through 2024
Salesforce (NYSE: CRM), the global leader in CRM, today announced new research from IDC that finds Salesforce and its ecosystem of partners will create 548,400 new direct jobs and USD $67 Billion in new business revenues in India from 2019 through 2024[1].
Globally, manufacturing leads the way job creation with a forecast of 765,800 new jobs by 2024 and finance leads in new business revenues with $224 billion by then. The study report also delves into specific high growth occupations, with AI specialist jobs growing at 44 percent and IoT related jobs growing at 38 percent annually.
Cloud computing is driving this growth, and giving rise to a host of new technologies including mobile, social, IoT and AI, that are creating new revenue streams and jobs that further fuel the growth of the cloud — creating an ongoing virtuous cycle of growth and innovation. According to IDC, by 2024 nearly 50 percent of cloud computing software spend will be tied to digital transformation and will account for nearly half of all software sales. Worldwide spending on cloud computing between now and 2024 will grow 19 percent annually, from $179 billion in 2019 to $418 billion in 2024.
“India has a unique opportunity to leap-frog to the next level of development by identifying the comparable advantage across sectors and value chains while preparing for the future. This means investing in the right skills, innovation frameworks, institutional partnerships and policy frameworks. In addition, businesses will leverage technology and embrace localization to creatively solve for India’s structural peculiarities. This report reinforces the potential the Salesforce ecosystem has in nurturing innovation spearheading a technology revolution,” said Sunil Jose, Senior Vice President and Country Leader, Salesforce India.
Because organizations that spend on cloud computing subscriptions also spend on ancillary products and services, globally the Salesforce ecosystem in 2019 is more than four times larger than Salesforce itself and will grow to almost six times larger by 2024. IDC estimates that between 2019 and 2024, Salesforce will drive the creation of 1,362,400 indirect jobs in India, which are created by spending in the general economy by those people filling the 548,400 direct jobs in the country.

Skilling and ensuring readiness of the future workforce for the economic and technological changes expected over the next decade is crucial. “The tech skills gap will become a major roadblock for economic growth if we don’t empower everyone – regardless of class, race or gender – to skill up for the Fourth Industrial Revolution,” said Sarah Franklin, EVP and GM of Platform, Developers and Trailhead at Salesforce. “With Trailhead, our free online learning platform, learners don’t need to carry six figures in debt to land a top job; instead, anyone with an Internet connection can now have an equal pathway to landing a job in the Salesforce Economy.”

For the first time, Salesforce is bringing TrailheaDX, its annual developer conference, to India December 19-20. The conference provides technical sessions, hands-on workshops and bootcamp tracks for Salesforce developers, administrators and architects. The event is designed to empower a new generation of developers to create connected experiences, build apps fast and skill up.

Industry Economic Benefits of the Salesforce Economy

In this study, IDC looked at how the Salesforce Economy will impact revenue and job growth for six specific industries. Globally, the research shows:
  • Financial Services industry will gain $224.0 billion in new revenues and 730,900 new jobs will be created by 2024.
  • Manufacturing industry will gain $211.7 billion in new revenues and 765,800 new jobs will be created by 2024.
  • Retail industry will gain $134.8 billion in new revenues and 539,700 new jobs will be created by 2024.
  • Comms and Media industry will gain $129.7 billion in new revenues and 473,800 new jobs will be created by 2024. 
  • Healthcare and Life Sciences industry will gain $68.5 billion in new revenues and 222,600 new jobs will be created by 2024.
  • Government industry will gain $64.7 billion in new revenues and 254,400 new jobs will be created by 2024.
The Dynamic Salesforce Ecosystem

Salesforce’s multi-faceted ecosystem is the driving force behind the Salesforce Economy’s massive growth:
  • The global ecosystem includes multiple stakeholders, all of which play an integral part in the Salesforce Economy. This includes the world’s top five consulting firms, all of whom have prominent Salesforce digital transformation practices; independent software vendors (ISVs) that base their businesses on the Salesforce Customer 360 Platform and bring Salesforce into new industries; more than 1200 Community Groups, with different areas of focus and expertise; and more than 200 Salesforce MVPs, product experts and brand advocates.
  • Launched in 2006, Salesforce AppExchange is the world’s largest enterprise cloud marketplace, and hosts more than 4,000 solutions including apps, templates, bots and components that have been downloaded more than 7 million times. Ninety-five percent of the Fortune 100, 81 percent of the Fortune 500, and 86 percent of Salesforce customers are using AppExchange solutions.
  • Trailhead is Salesforce’s free online learning platform that empowers anyone to skill up for the future, learn in-demand skills and land a top job in the Salesforce Economy. Since Trailhead launched in 2014, more than 1.7 million Trailblazers have earned over 17.5 million badges; a quarter of all learners on Trailhead have leveraged their newfound skills to jump start their careers with new jobs.
Additional Resources  
IDC Methodology

The Salesforce Economic Impact Model is an extension to IDC's IT Economic Impact Model. It estimates Salesforce's current and future share of the benefits to the general economy generated by cloud computing, and it also estimates the size of the ecosystem supporting Salesforce using IDC's market research on the ratio of spending on professional services to cloud subscriptions; the ratio of sales of hardware, software, and networking to spending on public and private cloud computing; and the ratio of spending on application development tools to applications developed.

Note that the ecosystem may include companies that are not formal business partners of Salesforce but that nevertheless sell products or services associated with the Salesforce implementations.
[1] Source: IDC White Paper sponsored by Salesforce, “The Salesforce Economy in the Next Five Years: 4.2 Million New Jobs, $1.2 Trillion of New Business Revenues,” October 2019. Ecosystem includes all companies that provide the products and services that surround a Salesforce implementation.

Source: Businesswire