New Research Finds the Salesforce Economy Will Create More than USD 1 Trillion in New Business Revenues and 4.2 Million Jobs between 2019 and 2024
Salesforce ecosystem is on track to become nearly six times larger than Salesforce itself by 2024, earning USD 5.80 for every dollar Salesforce makes;
Financial services, manufacturing and retail industries will lead the way, creating USD 224 billion, USD 212 billion and USD 134 billion in new business revenue respectively by 2024
Salesforce , the global leader in CRM, today announced new research from IDC that finds Salesforce and its ecosystem of partners will create 4.2 million new jobs and USD 1.2 trillion in new business revenues worldwide between 2019 and 2024. The research also finds Salesforce is driving massive gains for its partner ecosystem, which will see USD 5.80 in gains for every USD 1 Salesforce makes by 2024.
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 innovation and growth.
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 USD 179 billion in 2019 to USD 418 billion in 2024.
“The Salesforce ecosystem is made possible by the amazing work of our customers and partners around the world, and because of our collaboration we’re able to generate the business and job growth that we see today,” said Tyler Prince, EVP, Industries and Partners at Salesforce. “Whether it’s through industry-specific extensions or business-aligned apps, the Salesforce Customer 360 platform helps accelerate the growth of our partner ecosystem, and most importantly, the growth of our customers.”
Because organizations that spend on cloud computing subscriptions also spend on ancillary products and services, 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 from 2019 through 2024, Salesforce will drive the creation of 6.6 million indirect jobs, which are created from spending in the general economy by those people filling the 4.2 million jobs previously mentioned.
“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, people 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.”
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.
Financial Services industry will gain USD 224.3 billion in new revenues and 730,900 new jobs will be created by 2024.
Manufacturing industry will gain USD 211.7 billion in new revenues and 765,800 new jobs will be created by 2024.
Retail industry will gain USD 134.8 billion in new revenues and 539,700 new jobs will be created by 2024.
Comms and Media industry will gain USD 129.7 billion in new revenues and 473,800 new jobs will be created by 2024.
Healthcare and Life Sciences industry will gain USD 68.5 billion in new revenues and 222,600 new jobs will be created by 2024.
Government industry will gain USD 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 build their businesses on the Salesforce Customer 360 Platform and bring Salesforce into new industries; more than 1,200 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 apps.