SAN FRANCISCO, Sept. 10, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Configure Price Quote Software - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: September 2021
Executive Pool: 811
Companies: 151 - Players covered include Apttus Corporation; Aspire Technologies, Inc; Callidus Software; Cincom Systems, Inc.; ConnectWise, Inc.; FPX, LLC; Infor, Inc; International Business Machines Corporation; Model N, Inc.; Oracle Corp; PROS, Inc; Salesforce.com; SAP Ag; Vendavo, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Deployment (On-Premise, Cloud)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Configure Price Quote Software Market to Reach US$3.9 Billion by the Year 2026
Configure Price Quote (CPQ) is a software that is used by companies in different industries to generate quotes as well as process orders for configurable products. The rising demand for higher productivity in enterprises and businesses is pushing demand for CPQ software solutions. The enhanced adoption of automation solutions by different enterprises looking to minimize time and reduce expenses are leading to increased demand for CPQ applications. The need for minimizing reliance on documentation and paperwork of sales staff is also a strong growth driver. The enhancement of the speed of the configuration workflows and options of reducing overall expenses is another market driver. Also fueling demand for CPQ software is the growing enterprise mobility and the rising adoption of smartphones in enterprise settings, which is driving need for mobile applications of CPQ software. CPQ software solutions are gaining more popularity now on account of several innovations that serve e-commerce applications well. The easy access to open-source CPQ software can impede market growth. High upfront costs and maintenance expenditure along with difficulty to scale to partners and channels are other factors affecting adoption of CPQ software.
Amid the COVID-19 crisis, the global market for Configure Price Quote Software estimated at US$1.6 Billion in the year 2020, is projected to reach a revised size of US$3.9 Billion by 2026, growing at a CAGR of 16.3% over the analysis period. On-Premise, one of the segments analyzed in the report, is projected to grow at a 15.1% CAGR to reach US$2.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Cloud segment is readjusted to a revised 17.7% CAGR for the next 7-year period. This segment currently accounts for a 45.5% share of the global Configure Price Quote Software market. The on-premise CPQ software segment will continue to dominate market growth, as most enterprises still use legacy systems to run their business workflows and invest in maintenance and support of such systems to ensure organizational efficiency. However, there is growing shift towards cloud-based CPQ software systems, which can help in saving time and enable management of legacy system integrations, conquering management issues and filtering out price data variations. Cloud-based CPQ also offers easy access from any mobile device and this facilitated easy data access and collaboration even between employees working at different locations.
The U.S. Market is Estimated at $564.2 Million in 2021, While China is Forecast to Reach $629.9 Million by 2026
The Configure Price Quote Software market in the U.S. is estimated at US$564.2 Million in the year 2021. The country currently accounts for a 30.6% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$629.9 Million in the year 2026 trailing a CAGR of 20.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 13.4% and 14.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 15% CAGR while Rest of European market (as defined in the study) will reach US$740.6 Million by the end of the analysis period. North America and Western Europe lead the global CPQ software market due to their swift adoption of technology. The presence of leading players such as SAP SE, Oracle Corporation Configure One and Salesforce.com in the regions along with early technological adoption are factors responsible for the leading positions of these regions in the global market. India, Japan and China along with Australia show considerable promise in this domain, driven in part by the growing adoption of cloud platforms by small and medium enterprises (SMEs). The rising trade volumes in China along with increasing numbers of SME players in the cross border trade segment will boost the CPQ software market in the near future. More
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SOURCE Global Industry Analysts, Inc.