The new configure price and quote (CPQ) software market research from Technavio indicates positive growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Configure Price And Quote (CPQ) Software Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the Increasing Need for Higher Productivity," says a senior analyst for the Information Technology industry at Technavio.
CPQ software assists the sales management staff in enhancing their productivity by lowering the reliance on paperwork and documentation. It increases the speed of pricing and configuration processes and helps organizations decrease their overall costs. Additionally, the cloud-based CPQ software also helps organizations save time as well. Moreover, the software can also be used to manage legacy system integration, overcome management challenges, and remove pricing data variations.
As the markets recover, Technavio expects the configure price and quote (CPQ) software market size to grow by USD 1.14 billion during the period 2020-2024.
Configure Price and Quote (CPQ) Software Market Segment Highlights for 2020
- The configure price and quote (CPQ) software market is expected to post a year-over-year growth rate of 13.45%.
- The on-premise deployment of CPQ software offers features such as workflow streamlining and reporting. This software is suitable for large complex marketing functions because the software is robust and expensive.
- On-premises CPQ software provides data execution across many business units, functions, or product lines. The biggest advantage of the on-premises software is that the organizations have complete control over their critical data.
- Moreover, concerns among enterprises over data privacy and data and network security compel them to opt for on-premises CPQ software.
- Market growth in this segment will be slower than the growth of the market in the cloud-based segment.
Regional Analysis
- 35% of the growth will originate from the North America region.
- The growth of software companies, increasing use of third-party logistics, and the rising volume of trade and shipments carried by air, sea, railways, and roadways will significantly influence CPQ software market growth in this region.
- The US is the key market for configure price and quote software in North America. Market growth in this region will be slower than the growth of the market in APAC.
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Notes:
- The configure price and quote (CPQ) software market size is expected to accelerate at a CAGR of over 13% during the forecast period.
- The configure price and quote (CPQ) software market is segmented by Deployment (on-premise and cloud-based) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Accenture Plc, Apttus Corp., Aspire Technologies Inc., Cincom Systems Inc., International Business Machines Corp., Infor Inc., Oracle Corp., Salesforce.com Inc., SAP SE, and Sigma Systems Canada LP
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