Configure Price And Quote (CPQ) Software Market Size to grow by USD 2959.55 million between 2024-2028
According to a research report “ Configure Price And Quote (CPQ) Software Market” by Deployment (Cloud-based, On-premises) End-user (IT and telecom, BFSI, Automobile, Retail and others) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2959.55 million, at a CAGR of 16.65% during the forecast period. CPQ (Configure Price and Quote) software is an essential business solution that significantly enhances organizational productivity by automating and streamlining critical aspects of the sales process. By automating product configuration, CPQ software empowers sales teams to generate intricate product specifications with precision and accuracy, thereby eliminating potential errors and saving valuable time. Furthermore, the dynamic pricing capabilities embedded in CPQ solutions enable sales teams to align pricing with business strategies, market conditions, and customer preferences, freeing them from the burdensome complexities of manual pricing calculations. CPQ tools facilitate the swift generation of quotes by consolidating precise pricing information and product configurations, proving particularly advantageous in industries with short sales cycles or time-sensitive customer inquiries..
Browse market data tables, figures, and in-depth TOC on “Configure Price And Quote (CPQ) Software Market” by Deployment (Cloud-based, On-premises) End-user (IT and telecom, BFSI, Automobile, Retail and others) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Deployment, the Cloud-based segment is projected to dominate the market size in 2024
The Configure Price and Quote (CPQ) software market is experiencing significant growth, with major cloud-based vendors such as Salesforce (Salesforce Inc.), Oracle (Oracle Corp.), SAP (SAP SE), and Cincom (Cincom Systems Inc.) leading the charge. This segment's expansion is driven by organizations' desire to decrease IT infrastructure costs while enhancing marketing operations' flexibility, agility, and efficiency. Cloud-based CPQ software operates on a virtual server, maintaining data and software for multiple organizations. While customization options are limited, user access and permissions can be modified based on their organizational status. Cloud environments offer regular updates, ensuring software remains current, despite minimal environmental modification capabilities.
By End-user, IT and telecom segment is expected to hold the largest market size for the year 2024
In the IT and telecommunications sector, companies are prioritizing the acquisition and retention of customers for IT and telecom services. To achieve their strategic objectives, they are investing in workforce technologies, including CPQ software. This solution empowers industry professionals to manage complex subscription mechanisms, pricing structures, billing, and revenue recognition rules. CPQ software enables customized subscription plans based on user-defined prices and features, streamlining transactions and reducing administrative tasks such as proposal generation and paperwork, thereby enhancing the purchasing experience for consumers.
North America is forecasted to hold the largest market size by region in 2024
The Configurable Price and Quote (CPQ) software market is experiencing significant growth due to the increasing importance of global trade compliance and efficient supply chain management in today's uncertain trade environment. Factors such as the collapse of the Trans-Pacific Partnership, potential changes to the North American Free Trade Agreement (NAFTA), and the evolving trade dynamics between the US and China are driving the need for advanced CPQ solutions. Simultaneously, sales effectiveness is being transformed through innovative user interface designs, intuitive workflows, and mobile-first application development, enabling organizations to streamline their sales processes and adapt quickly to changing market conditions.
The Configure Price And Quote (CPQ) Software Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Configure Price and Quote (CPQ) software market is experiencing significant growth due to the increasing adoption of AI-powered solutions in various industries. Machine learning algorithms and artificial intelligence are being integrated into CPQ software to provide assisted selling tools and intelligent product configuration engines. These advanced features help sales teams to create accurate quotes faster and improve sales management productivity. On-premise CPQ software and cloud-based solutions are both popular choices in the market. On-premise CPQ software offers greater control and security, while cloud-based CPQ software provides mobility solutions through mobile apps for smartphones and tablets, enabling sales teams to configure and quote on-the-go. The digital transformation trend is driving the demand for CPQ software in retail and e-commerce, telecommunications, healthcare, IT and telecommunication, transportation, and other configurable product-oriented industries. CPQ software systems are also being integrated with CRM systems to streamline the sales process and improve customer experience. The CPQ software market is expected to continue its growth trajectory as businesses seek to optimize their sales processes and stay competitive in an increasingly digital world. With the help of AI-powered CPQ solutions, sales teams can configure complex products quickly and accurately, generate quotes efficiently, and close deals faster. In conclusion, CPQ software is a valuable sales tool for businesses in various industries, and the integration of machine learning algorithms and artificial intelligence is making these solutions even more powerful and effective. Whether it's on-premise or cloud-based, CPQ software is a must-have resource document for sales teams seeking to improve their productivity and close deals faster.
Market Research Overview
The Configure Price and Quote (CPQ) software market is experiencing significant growth as businesses seek to streamline sales processes and enhance customer satisfaction. AI-powered CPQ solutions, which utilize machine learning algorithms, are increasingly popular due to their ability to automate pricing and product configuration. On-premise CPQ software offers on-premise infrastructure for businesses that prioritize data security and control, while cloud-based CPQ systems provide ease of deployment, accessibility, and scalability. Mobile apps and smartphones have transformed mobility solutions, enabling sales teams to access real-time data and configure quotes on the go. Digital transformation is driving the adoption of CPQ software in retail and e-commerce, as well as in configurable product-oriented industries such as telecommunications, transportation, healthcare, and IT and telecommunication. Integrated systems, automation, and subscription models are key features of CPQ software, allowing for seamless integration with CRM systems and quotation templates. AI-powered elements, such as automated pricing algorithms and personalized pricing schemes, provide assistance in cross-selling and upselling. Product configuration engines and assisted selling tools further enhance the CPQ software's capabilities. Existing processes are being transformed by technological improvements, with CPQ software systems offering customizable quotes, real-time data access, and intuitive interfaces. The changing needs of customers and the complexity of products require CPQ software to be agile and adaptable, making cloud-based solutions an attractive option for many businesses. In summary, the CPQ software market is undergoing significant change, driven by technological improvements and changing customer needs. AI-powered elements, mobility solutions, integration, and automation are key features of CPQ software, which is transforming sales management productivity in industries ranging from telecommunications to healthcare.
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