New research finds more than $ 67 bn from new business revenues in India
Bangalore: Salesforce the global leader in CRM, on Tuesday announced new research from IDC that finds Salesforce and its ecosystem of partners will create 548,400 new direct jobs and USD $67 Billion in new business revenues in India from 2019 through 2024.
Globally, manufacturing leads the way job creation with a forecast of 765,800 new jobs by 2024 and finance leads in new business revenues with $224 billion by then. The study report also delves into specific high growth occupations, with AI specialist jobs growing at 44 percent and IoT related jobs growing at 38 percent annually.
Cloud computing is driving this growth and giving rise to a host of new technologies including mobile, social, IoT and AI, that are creating new revenue streams and jobs that further fuel the growth of the cloud — creating an ongoing virtuous cycle of growth and innovation. According to IDC, by 2024 nearly 50 percent of cloud computing software spend will be tied to digital transformation and will account for nearly half of all software sales. Worldwide spending on cloud computing between now and 2024 will grow 19 percent annually, from $179 billion in 2019 to $418 billion in 2024.
"India has a unique opportunity to leap-frog to the next level of development by identifying the comparable advantage across sectors and value chains while preparing for the future. This means investing in the right skills, innovation frameworks, institutional partnerships and policy frameworks. In addition, businesses will leverage technology and embrace localization to creatively solve for India's structural peculiarities. This report reinforces the potential the Salesforce ecosystem has in nurturing innovation spearheading a technology revolution," said Sunil Jose, Senior Vice President and Country Leader, Salesforce India.
Because organizations that spend on cloud computing subscriptions also spend on ancillary products and services, globally the Salesforce ecosystem in 2019 is more than four times larger than Salesforce itself and will grow to almost six times larger by 2024. IDC estimates that between 2019 and 2024, Salesforce will drive the creation of 1,362,400 indirect jobs in India, which are created by spending in the general economy by those people filling the 548,400 direct jobs in the country. Skilling and ensuring readiness of the future workforce for the economic and technological changes expected over the next decade is crucial. "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, EVP and GM of Platform, Developers and Trailhead at Salesforce.
"With Trailhead, our free online learning platform, learners don't need to carry six figures in debt to land a top job; instead, anyone with an Internet connection can now have an equal pathway to landing a job in the Salesforce Economy." For the first w the Salesforce Economy will impact revenue and job growth for six specific industries.
Launched in 2006, Salesforce AppExchange is the world's largest enterprise cloud marketplace, and hosts more than 4,000 solutions including apps, templates, bots and components that have been downloaded more than 7 million times. Ninety-five percent of the Fortune 100, 81 percent of the Fortune 500, and 86 percent of Salesforce customers are using AppExchange solutions. Trailhead is Salesforce's free online learning platform that empowers anyone to skill up for the future, learn in-demand skills and land a top job in the Salesforce Economy. Since Trailhead launched in 2014, more than 1.7 million Trailblazers have earned over 17.5 million badges; a quarter of all learners on Trailhead have leveraged their newfound skills to jump start their careers with new jobs.
Globally, the research shows: • Financial Services industry will gain $224.0 billion in new revenues and 730,900 new jobs will be created by 2024. • Manufacturing industry will gain $211.7 billion in new revenues and 765,800 new jobs will be created by 2024. • Retail industry will gain $134.8 billion in new revenues and 539,700 new jobs will be created by 2024. • Comms and Media industry will gain $129.7 billion in new revenues and 473,800 new jobs will be created by 2024. • Healthcare and Life Sciences industry will gain $68.5 billion in new revenues and 222,600 new jobs will be created by 2024. • Government industry will gain $64.7 billion in new revenues and 254,400 new jobs will be created by 2024.