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The Salesforce Economy Will Create More than SG$7.6 Billion in New Business Revenues and 8,500 Jobs in Singapore until 2024

Salesforce, the global leader in CRM, announced new research from IDC that finds Salesforce and its ecosystem of partners will create 8,500 new direct jobs and SG$7.6 billion (USD $5.6 billion) in new business revenues in Singapore 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 in by then. The report also delves into specific high growth occupations, with AI specialist jobs growing at 44% and IoT related jobs growing at 38% 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% 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% annually, from $179 billion in 2019 to $418 billion in 2024.

Comments from Renzo Taal, Head of Asia, Salesforce:

Renzo Taal

“Our ecosystem of customers and partners are driving transformation and change in Singapore on a scale that’s bigger than Salesforce. For every $1 that Salesforce makes, our ecosystem will gain $6.57 by 2024; that’s compared to the current $4.50 the ecosystem gains in 2019. More importantly, we are creating jobs. In the next five years, 25,500 jobs will be created in Singapore so expect to see the Singapore workforce take on these new job titles.”

“I’d like to think our impact on Singapore is a little bigger than the new jobs and revenues that we are adding to Singapore. After all, with great power comes great responsibility. Since our Singapore office started in 2004, our employees have given back to the community through volunteering more than 83,000 hours across various charities and NGOs. That’s 3,458 days. Through our annual internal fundraising event – Cloud Run – we have raised $1 million to date and benefitted various charities over the years.”

“With all the new jobs that we are creating, it’s important that we close the tech skills gap as well as the inequality gap. We need to empower everyone – regardless of race and gender – to learn skills needed to land a top job in the Salesforce economy. With Trailhead, all you need is an internet connection and a Trailhead account. The future of education is on-demand.”

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 17,000 indirect jobs in Singapore, which are created by spending in the general economy by those people filling the 8,500 new jobs.

Industry Economic Benefits of the Salesforce Economy

In this study, IDC looked at how the Salesforce Economy will impact revenue and job growth for six specific industries. 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.3 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 $129.7billion 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.

The Dynamic Salesforce Ecosystem

Salesforce’s multi-faceted ecosystem is the driving force behind the Salesforce Economy’s massive growth:

The global ecosystem includes multiple stakeholders, all of which play an integral part in the Salesforce Economy. This includes the world’s top five consulting firms, all of whom have prominent Salesforce digital transformation practices; independent software vendors (ISVs) that base their businesses on the Salesforce Customer 360 Platform and bring Salesforce into new industries; more than 1200 Community Groups, with different areas of focus and expertise; and more than 200 Salesforce MVPs, product experts and brand advocates.
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. 95% of the Fortune 100, 81% of the Fortune 500, and 88% 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.

Featured image credit: Unsplash