According to HTF Market Intelligence, the Global CPQ Software Tool Market market to witness a CAGR of 6.7% during forecast period of 2023-2028. Global CPQ Software Tool Market Breakdown by Application (Manufacturing Industry, Healthcare Industry, Telecom and Communications Industry, Others) by Type (Basic CPQ Software, Guided CPQ Software, Mobile CPQ Software, Visual CPQ Software, Others) and by Geography (North America, South America, Europe, Asia Pacific, MEA). The CPQ Software Tool Market market size is estimated to increase by USD 13.4 Billion at a CAGR of 6.7% from 2023 to 2028. The report includes historic market data from 2017 to 2022E. Currently, market value is pegged at USD 1.8 Billion.
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CPQ (Configure, Price, Quote) software tools are applications that streamline the sales process by automating the generation of accurate and customized quotes, proposals, and product configurations. These tools enable businesses to improve sales efficiency, reduce errors, and enhance customer experience by providing fast and accurate pricing and product configuration information.
CPQ Software Tool Market market – Key Segment Analysis
The market share growth by the Basic CPQ Software segment will be significant during the forecast period. The segment is driven by the Customer desire for personalized products and services drives the demand for CPQ software.
Desire for increased sales efficiency and productivity drives organisations to implement CPQ software.
Demand for CPQ software is driven by the need for precise and consistent quoting..
CPQ Software Tool Market market – Competition Analysis
The global CPQ Software Tool Market market is seeing several joint ventures to intensify the capability of manufacturers and/or companies to establish geographic footprints to new territory. The vendors are accelerating M&A strategies to expand their geographical reach, which is shaping the market toward new growth cycle. The list of players that are profiled in the study are Salesforce (United States), Oracle (United States), SAP (Germany), Apttus (United States), PROS (United States), Configure One (United States), Experlogix (United States), Vendavo (United States), FPX (United States), CallidusCloud (United States), Cincom (United States), Infor (United States).
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CPQ Software Tool Market
Market Drivers
- Customer desire for personalized products and services drives the demand for CPQ software.
- Desire for increased sales efficiency and productivity drives organisations to implement CPQ software.
- Demand for CPQ software is driven by the need for precise and consistent quoting.
Market Trend
- AI and machine learning (ML) technologies are being integrated into CPQ solutions.
- Market trends can be analyzed by AI-powered CPQ software to make intelligent product recommendations.
- CPQ software suppliers prioritize intuitive interfaces, dynamic visualizations, and mobile-friendly designs.
Market Opportunities
- Demand for personalized products and services grows allowing businesses to offer customized solutions.
- CPQ software integration with emerging technologies like as artificial intelligence (AI) and machine learning.
- Organisations aspire for worldwide expansion, CPQ software can handle multi-language and multi-currency capabilities.
Market Restraints
- Installation and integration process is complicated.
- Integration of CPQ software with current systems is time consuming.
- Cost of CPQ software can be prohibitive for smaller firms or organisations with limited budgets.
Market Challenges
- Product configuration and price structure complexity.
- Creating CPQ solutions that can manage complex setups while preserving usability and speed can be difficult.
- Sales teams may be resistant to switching from traditional sales procedures to CPQ software.
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FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
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