Configure Price And Quote (CPQ) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 16.81 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players-Market-ML.webp)
*Disclaimer: Major Players sorted in no particular order |
Configure Price And Quote (CPQ) Market Analysis
The Configure Price And Quote Market is expected to register a CAGR of 16.81% during the forecast period.
Configure-Price-Quote (CPQ) software empowers companies to streamline intricate sales processes and facilitate large-scale customization. A CPQ solution centralizes a company's product catalog and pricing lists, encapsulates the business rules for product packaging, upholds pricing and margin standards, and oversees the entire quote lifecycle from construction and review to approval, submission, and tracking.
- CPQ systems deliver crucial insights and analytics regarding sales performance, pricing strategies, and customer preferences. By leveraging this data-driven approach, organizations can make informed decisions and refine their sales and pricing strategies.
- Organizations aim to refine their sales processes, minimize errors, speed up sales cycles, and improve the customer experience. CPQ software boosts productivity and accelerates deal closures by automating and optimizing quoting and pricing.
- As customers increasingly demand tailored solutions, CPQ software empowers sales teams to customize products and services efficiently. This leads to more personalized offers and boosts customer satisfaction.
- In January 2024, Amdocs, a provider of software and services tailored for communications and media firms, has unveiled Amdocs CPQ Pro. This next-gen configure-price-quote software empowers communications service providers (CSPs) to leverage generative AI capabilities, allowing them to deliver sophisticated enterprise services across diverse business types.
- Integrating CPQ software with established enterprise systems like CRM, ERP, or other sales and marketing tools poses challenges. Compatibility issues and the demand for extensive customization often necessitate significant time and technical expertise.
Configure Price And Quote (CPQ) Market Trends
Cloud Deployment Mode Segment is Expected to Hold Significant Market Share
- The cloud deployment segment in the market is driven by its rapid growth and adaptability as businesses prioritize efficiency and flexibility. The demand for cloud-based CPQ solutions will likely increase, driving innovation and further integration with other digital tools.
- More organizations are shifting to cloud-based CPQ solutions as they recognize the flexibility and efficiency benfits, particularly in remote or hybrid work environments. A growing trend toward integrating CPQ with other cloud services, such as CRM and ERP, enhances overall operational efficiency.
- Incorporating artificial intelligence and machine learning is helping cloud CPQ solutions automate pricing, configure complex products, and provide personalized customer experiences. Providers are investing in user-friendly interfaces and intuitive designs to facilitate ease of use, specifically the sales teams.
- As data security becomes a priority, cloud CPQ vendors are implementing advanced security features, including data encryption, regular audits, and compliance with industry standards.
- Cloud solutions can be deployed more quickly than on-premise alternatives, often enabling businesses to start using the software. According to Flexera Software, In 2024, 73 percent of enterprise respondents reported deploying hybrid clouds within their organizations. The shift to hybrid cloud solutions comes at the cost of relying solely on private or public clouds.
North America is Expected to Hold Significant Market Share
- The North America's Configure Price And Quote (CPQ) market is experiencing significant growth. The shift towards digital tools in sales processes has accelerated Configure Price And Quote (CPQ) adoption.
- Increasing incorporation of AI to enhance product recommendations and automate quoting processes. Growth in mobile applications to enable sales teams to generate quotes on the go. As the CPQ vendor ecosystem matures, bolstered by extensive partner networks and robust support systems, organizations find adopting and implementing CPQ solutions increasingly seamless. Consequently, these dynamics fuel the widespread adoption and growth of CPQ software across diverse industries, enabling organizations to enhance sales efficiency, accuracy, and customer satisfaction.
- In highly competitive markets, companies face mounting pressure to deliver quotes quickly and precisely. CPQ software sets businesses apart by bolstering their responsiveness to customer inquiries and enabling them to offer competitive pricing in the region.
- In September 2024, IBM announced its plan to acquire Accelalpha, a global provider of Oracle services. Accelalpha specializes in helping clients digitize core business operations and expedite the adoption of Oracle Cloud Applications. This acquisition enhances IBM's Oracle consulting capabilities in supply chain and logistics, finance, enterprise performance management (EPM), and customer transformation. Accelalpha's consultants bring expertise across the Oracle Cloud Applications Suite, including Oracle Supply Chain Management (SCM), Oracle Cloud Enterprise Resource Planning (ERP), Oracle Cloud EPM, Oracle Cloud CX, and Oracle CPQ.
- As companies venture into new markets, they encounter diverse pricing strategies, regulations, and customer preferences in the region. CPQ software facilitates regional pricing management and adherence to local regulatory requirements and offers multilingual quoting capabilities.
Configure Price And Quote (CPQ) Industry Overview
The Configure Price And Quote (CPQ) market comprises several global and regional players vying for attention in a fairly contested market space. Although the market poses high barriers to entry for the new players, several new entrants have been able to gain traction.
This market is characterized by moderate/high product differentiation, growing levels of market penetration, and high levels of competition.
The Configure Price And Quote (CPQ) market is highly fragmented due to the presence of both global players and small and medium-sized enterprises. Some of the major players in the market are Salesforce, Inc., Oracle, Mobcoder, SAP, and IBM among others.
Players in the market are adopting strategies such as partnerships and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
Configure Price And Quote (CPQ) Market Leaders
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Salesforce, Inc.
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Oracle
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Mobcoder
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SAP
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IBM
*Disclaimer: Major Players sorted in no particular order
Configure Price And Quote (CPQ) Market News
- June 2024: Subskribe, the Adaptive Quote-to-Revenue Platform tailored for contemporary SaaS, has unveiled its Multi-Entity feature for CPQ (Configure, Price, Quote). This marks the debut of a multi-entity capability embedded within a standalone CPQ product.
- February 2024: Zoho CRM has publicly launched its CPQ (Configure, Price, Quote) feature, a crucial component for effective sales management. CPQ's line-item automation allows users to generate timely and accurate quotes quickly. Additionally, the CPQ engine offers automated product suggestions, enabling users to upsell and cross-sell seamlessly. All these capabilities and insights are now integrated contextually within the Zoho CRM system.
Configure Price And Quote (CPQ) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Demand for Enhanced Sales Efficiency and Effectiveness
5.1.2 Rising Demand for Tailored Customer Experiences
5.2 Market Restraints
5.2.1 High Implementation Costs
5.2.2 Complexity of Integration and Data Security Concerns
6. MARKET SEGMENTATION
6.1 By Deployment Type
6.1.1 On-premise
6.1.2 Cloud
6.2 By Enterprise Size
6.2.1 Large Enterprises
6.2.2 Small and Medium-Sized Enterprises (SMEs)
6.3 By End User Vertical
6.3.1 Manufacturing
6.3.2 Healthcare and Life Sciences
6.3.3 IT and Telecom
6.3.4 BFSI (Banking, Financial Services, and Insurance)
6.3.5 Retail and E-Commerce
6.3.6 Automotive
6.4 By Geography***
6.4.1 North America
6.4.2 Europe
6.4.3 Asia
6.4.4 Australia and New Zealand
6.4.5 Latin America
6.4.6 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Salesforce, Inc.
7.1.2 Oracle
7.1.3 Mobcoder
7.1.4 SAP
7.1.5 IBM
7.1.6 Conga Corporation
7.1.7 Infor
7.1.8 Pros
7.1.9 Tacton Systems AB
7.1.10 Vendavo
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Configure Price And Quote (CPQ) Industry Segmentation
CPQ is a vital sales tool enabling companies to swiftly and accurately generate order quotes. CPQ applications collaborate seamlessly with CRM platforms, ERP programs, and other business technologies, ensuring data integration and precision. Leveraging a preprogrammed set of rules, CPQ software automates quote generation, guaranteeing error-free pricing. This pricing considers quantities, discounts, product customizations, optional features, diverse revenue types, and potential incompatibilities.
Configure Price And Quote (CPQ) Market is segmented by deployment type (on-premise, cloud), by enterprise size (large enterprises, small and medium-sized enterprises (SMEs)), by end user vertical (manufacturing, healthcare and life sciences, it and telecom, BFSI [banking, financial services, and insurance], retail and e-commerce, automotive), by geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa). The report offers market forecasts and size in value (USD) for all the above segments.
| By Deployment Type | |
| On-premise | |
| Cloud |
| By Enterprise Size | |
| Large Enterprises | |
| Small and Medium-Sized Enterprises (SMEs) |
| By End User Vertical | |
| Manufacturing | |
| Healthcare and Life Sciences | |
| IT and Telecom | |
| BFSI (Banking, Financial Services, and Insurance) | |
| Retail and E-Commerce | |
| Automotive |
| By Geography*** | |
| North America | |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Configure Price And Quote (CPQ) Market Research FAQs
What is the current Configure Price And Quote Market size?
The Configure Price And Quote Market is projected to register a CAGR of 16.81% during the forecast period (2024-2029)
Who are the key players in Configure Price And Quote Market?
Salesforce, Inc., Oracle, Mobcoder, SAP and IBM are the major companies operating in the Configure Price And Quote Market.
Which is the fastest growing region in Configure Price And Quote Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Configure Price And Quote Market?
In 2024, the North America accounts for the largest market share in Configure Price And Quote Market.
What years does this Configure Price And Quote Market cover?
The report covers the Configure Price And Quote Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Configure Price And Quote Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Configure Price And Quote (CPQ) Industry Report
Statistics for the 2024 Configure Price And Quote (CPQ) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Configure Price And Quote (CPQ) analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
