Configure, Price, Quote (CPQ) Application Suites Market Research Report Analysis, Industry Size and Growth 2021-2030

Configure, price and quote (CPQ) application suite is an integrated software application that shortens the sales process while reducing time spent performing administrative tasks. It enables sales organizations to automate and optimize quote and order creation for complex, configurable products and services. It also enables quote-to-cash business process and capturing of orders across multiple channels of customer interaction such as through direct sales, contact centers, points of sales, resellers and customer self-service systems.

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Competitive Landscape

The configure, price, quote application suites market is comprising of various market players such as 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. Other players operating in this market include Salesforce, SAP Ag, Vendavo, Inc. These market players are adopting various joint venture strategies, product launch and planning expansion of business across various regions to maintain their dominance in the configure, price, quote application suites market.

For instance, in October 26, 2021, DemandBlue launched its Salesforce Revenue Cloud Accelerator Program in order to help organizations to accelerate revenue through cloud implementation. With this program, DemandBlue customers can quickly shorten their sales cycle and boost their revenue. It also supports its customers by helping them to leverage revenue cloud features quickly and accelerate their quote-to-cash automation.

Moreover, in June 18, 2021, Zilliant in collaboration with Oracle integrated Price IQ and Oracle Cloud status to offer added value to Oracle CPQ Cloud customers. The integration helps to generate market-aligned, dynamic prices that maximize margin or revenue using advanced pricing science, including artificial intelligence and machine learning. In addition, with this integration, Oracle CPQ Cloud customers can improve the speed and effectiveness of pricing decisions within their quoting process.

Market Dynamics and Trends

Increasing need of sales departments to accelerate the sales process by improving quote accuracy and customer relations is driving the growth of configure, price, quote (CPQ) application suites market. Furthermore, CPQ software is delivering the ability to cope with changing market dynamics and complex configurations. In addition, growing demand for shorter response time and enhanced process automation to accurately select price for combinations of product and services are propelling the growth of the market. For instance, in August 10, 2021, CloudSense, launched a new feature on its CloudSense platform to simplify and speed up B2B customer engagement in key industries. In addition, the new CloudSense Order Management enables mass customer product upgrades and service changes for telcos and utilities industry. It also offers enterprises the freedom to roll out competitive offers, such as the addition of new 5G tariffs to thousands or even millions of end users.

Moreover, factors such as increasing need for rapid automation of the entire lifecycle of proposal and quoting process acts as the major driving force for the CPQ market in developing countries such as China, India, and Brazil. Furthermore, to facilitate a streamlined sales cycle, CPQ solutions can update supply chain management software for supplies and parts in advance, so that business can stay ahead of the demand which in turn propel the growth of the market.

However, rising security issues with CPQ application, hampers the growth of the market. This is attributed to several issues observed related to the installation & configuration of the CPQ application during the deployment among banking institutions, hospitals, and IT industries in the recent years. These institutions face several difficulties to implement CPQ application owing to a small number of technical expertise. This is a major factor that hampers the growth of the market. In addition to this, various technologies used in CPQ applications are complex to deploy among banks and hospitals, and thus, require software development expert having better understanding of CPQ application tools, which in turn restraints the growth of the market. Thus, security concerns and lack of required skills & expertise for these technologies hinder the growth of the configure, price, quote application suites market.

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Geographical Analysis

North America holds the lion share of configure, price, quote application suites market at present as it is home to large number of companies that are end-users of CPQ suites. Moreover, a significant number of market players indulged in various developments such as partnership, product launch and collaboration provide lucrative option for the end users. For instance, in October 28 2021, Zuora, launched Zuora CPQ X, an enhanced configure, price, quote (CPQ) offering for the subscription economy. Furthermore, it helps sales and finance teams to aid quotes and orders throughout the subscriber lifecycle. Moreover, the demand for reducing time of sales cycle and improved customer satisfaction is driving the demand for CPQ application suite in this region.

However, Asia-Pacific is expected to show a steady rise in configure, price, quote application suites market as it offers the ability to configure customer’s’ unique requirements in developing nations across Asia-Pacific region. In addition, the demand for advanced technologies such as AI and ML in CPQ software is growing to improve sales process by handling the complex tasks, thereby creating value for business. In addition, Asia Pacific region is expected to show significant growth rate over the forecast period owing to larger population base which, in turn, is increasing the demand for automation to serve more customer at lesser time. Therefore, the adoption of automation solutions by different enterprises looking to reduce time and expenses are also driving the demand for CPQ applications in this region.

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