Salesforce to create over $67 bn in new business revenues in India by 2024: IDC
San Francisco, US-based global customer relationship management heavyweight Salesforce and its ecosystem of partners will create over half a million new direct jobs and about $67 bn in new business revenues in India from 2019 through 2024, said a recent study by intelligence and advisory services platform International Data Corporation (IDC).
Across the world, manufacturing leads the way in job creation with an estimate of 765,800 new jobs and finance leads in new business revenues with $224 billion by 2024, according to a press release.
Cloud computing is driving growth today and has led to the rise of emerging technologies, including mobile, social, internet of things (IoT) and artificial intelligence (AI). These segments are creating new revenue streams and jobs.
The study found that AI specialist jobs and IoT related jobs are growing annually at 44% and 38% respectively.
Legacy industries are increasingly moving to cloud-based digital solutions to improve businesses. IDC estimates that nearly 50 % of cloud computing software spend will be tied to digital transformation and will account for nearly half of all software sales by 2024. The worldwide spending on cloud computing between now and 2024 will grow 19 % annually from $179 bn in 2019 to $418 bn in 2024.
Sunil Jose, Senior Vice President and Country Leader, Salesforce India, believes India is in a position to leap-frog to the next level of development.
“This means investing in the right skills, innovation frameworks, institutional partnerships and policy frameworks. In addition, businesses will leverage technology and embrace localisation to creatively solve for India’s structural peculiarities,” Jose said in the press release.
IDC estimates that between 2019 and 2024, Salesforce will create as many as 1.3 million indirect jobs in India.
Skills gap still remains a pain point for companies trying to leverage new technologies.
“The tech skills gap will become a major roadblock for economic growth if we don’t empower everyone - regardless of class, race or gender - to skill up for the Fourth Industrial Revolution,” said Sarah Franklin, executive vice president and general manager platform, Trailhead and developers, Salesforce.
Trailhead is a free learning tool that provides training to people entering the workforce.
Founded in 1999 by Halsey Minor, Marc Benioff and Parker Harris, Salesforce is a global cloud computing company that develops customer relationship management (CRM) solutions and provides business software on a subscription basis.