CPQ Statistics 2023
– Everything You Need to Know

Last Updated on by | Reviewed by Editorial Staff

Cpq Statistics 2023: Facts about Cpq are important because they give you more context about what’s going on in the World in terms of Cpq.

LLCBuddy editorial team scanned the web and collected all important Cpq Statistics on this page. We proofread the data to make these as accurate as possible. We believe you don’t need to check any other resource on the web for Cpq Facts; All are here only 🙂

Are you planning to form an LLC? Thus you need to know more about Cpq? Maybe for study projects or business research or personal curiosity only, whatever it is – it’s always a good idea to know more about the most important Cpq Statistics of 2023.

How much of an impact will Cpq Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your Cpq related questions here.

Please read the page carefully and don’t miss any words.

On this page, you’ll learn about the following:

Top Cpq Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 14 Cpq Statistics on this page 🙂

Cpq “Latest” Statistics

  • According to Cloud Sense, CPQ reduces sales cycles by 28% and the amount of time needed to wait for approvals by 95%.[1]
  • In 2017, CPQ revenue estimates were as much as $1.1 billion with a projected future increase of 25% annually through 2020, according to the Gartner’s Magic Quadrant for Configure, Price, and Quote Application Suites.[2]
  • The CPQ market was worth $878 Million annually in 2016 and has been growing steadily at 20% year on year.[3]
  • According to Soft Clouds, CPQ enables sales to send prospects and customers 49% more contracts, proposals, quotes and RFP responses.[3]
  • With CPQ software, 26% more sales representatives meet their quota as opposed to 67% of all sales reps, who fail their quota, according to Axanom Inc.[4]
  • A salesforce research states that sales teams have achieved 10x faster quotation production, a 95% shorter approval time, and a 30% quicker onboarding process for new sales representatives in CPQ.[5]
  • The majority of sales representatives only spend 34% of their time really selling; the remainder is occupied with creating prices for possible consumers.[5]
  • According to a recent Gartner research, the CPQ application market grew by 15.5% in 2019, to an estimated $1.42 billion.[6]
  • According to Salesforce Research’s “State of Sales” report, only 34% of a salesperson’s time is actually spent selling: meeting customers in person, connecting with customers virtually, and prospecting.[7]
  • 80% are using automated CPQ tools to provide prospects with quotes that include their product and service configurations, according to Select Hub.[8]
  • 81% of businesses use analytics to enhance their comprehension of clients and the buying process.[8]
  • According to a recent research by Accenture, 83% of sales people already use CPQ solutions.[8]
  • 84% of top achievers predict that during the next two years, the relevance of analytics will rise either somewhat or significantly.[8]
  • According to Gartner’s Market Guide for Configure, Price and Quote Application Suites, the CPQ market will expand at a compound annual growth rate of 20% through 2020.[8]

Also Read

Reference

  1. cloudsense – https://blog.cloudsense.com/cpq-stats
  2. simplusaustralia – https://simplusaustralia.com.au/numbers-dont-lie-cpq-is-big-and-only-getting-bigger/
  3. medium – https://softclouds.medium.com/cpq-insights-five-trends-for-2020-821d17e1464a
  4. axonom – https://www.axonom.com/5-stat-backed-benefits-that-prove-cpq-is-the-perfect-e-commerce-tool
  5. objectedge – https://www.objectedge.com/blog/how-cpq-directly-contributes-to-revenue
  6. ownbackup – https://www.ownbackup.com/blog/seeding-cpq-data/
  7. salesforce – https://www.salesforce.com/products/cpq/resources/what-is-cpq/
  8. selecthub – https://www.selecthub.com/customer-relationship-management/cpq-market/

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

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