CAMBRIDGE, Mass., March 12, 2021 /PRNewswire/ -- HubSpot, the
customer relationship management (CRM) platform for scaling
companies, announced today the publication of a new IDC White
Paper, sponsored by HubSpot, The HubSpot Ecosystem: Nearly
$19 Billion in New Opportunity Ahead,
that shows that HubSpot's partners are uniquely positioned to
provide the software and services needed for scaling companies to
adapt to doing business in an increasingly digital-first world. The
white paper quantifies the revenue generated by the thousands of
app and solutions partners that provide the products and services
that accompany HubSpot's CRM platform software. The global HubSpot
partner ecosystem is projected by IDC to grow from $4.8 billion in revenue in 2020 to $12.5 billion in 2024, representing an additional
$18.8 billion in revenue above and
beyond the 2020 level over the next four years.1
According to IDC, the majority of consumers will continue to
expect a digital-first experience even after the pandemic has
ended. Companies met with this challenge often resort to cobbling
together "best of breed" solutions to build a custom tech stack.
IDC predicts that the cloud computing industry will grow 22% per
year between 2020 and 2024, which means there is an ever-growing
sea of software options these companies need to wade through to
find the ones that will work best for them. Unfortunately, this
"cobbled" approach is often ineffective and adds painful friction
for both the company and its customers due to a lack of visibility
across those disparate systems. With the average HubSpot customer
expecting to add more than five types of additional marketing
software, such as account-based marketing and video production, in
the next year, that can add up to a lot of wasted time and
headaches. According to the IDC White Paper, HubSpot is uniquely
positioned to solve those challenges with its powerful and
easy-to-use CRM platform and accompanying ecosystem of thousands of
app and solutions partners.
"We crafted our CRM platform with extensibility in mind, which
means that our customers can easily integrate their HubSpot
instance with other services and solutions that are tailored to
their specific needs, as they need them," said Yamini Rangan, chief customer officer at
HubSpot. "As our ecosystem grows, so too will the number of options
that are available to customers to help them gain the greatest
possible value from our platform. We're excited about the
opportunity this presents for both our trusted partners and our
customers."
According to the IDC White Paper, the needs of HubSpot customers
will continue to grow and evolve as they scale and adapt to a
digital-first mindset. This represents three key areas of
opportunity for HubSpot app and solutions partners over the next
four years:
- More advanced full-suite implementations and migrations
- More integrations across the entire customer journey
- More complex and broad services including strategy, migration,
and operating services
"The strength of our ecosystem can be mapped back to the power
and usability of our CRM platform," said Scott Brinker, VP of platform ecosystem at
HubSpot. "Having a strong software foundation has allowed us to
foster a vibrant community of solutions partners who do far more
than implementation, and a network of developers who see the
potential to build seamlessly integrated applications. This is a
great time for our existing partners to think about new ways that
they can support digital transformation, and for new partners to
join our ecosystem to offer even more solutions and support to help
our customers grow better."
Download a full copy of the IDC White Paper, Sponsored by
HubSpot, "The HubSpot Ecosystem: Nearly $19
Billion In New Opportunity Ahead, doc #US47417821,
(March 2021)" here.
IDC Methodology
For nearly two decades, IDC has been
sizing the ecosystems for software vendors utilizing IDC market
studies, forecasts, and surveys that illuminate the links between
software and the services and products that must accompany software
for implementations to be complete. At times but not in this case,
we have looked at internal costs as well.
About HubSpot
HubSpot (NYSE: HUBS) is a leading
customer relationship management (CRM) platform that provides
software and support to help companies grow better. The platform
includes marketing, sales, service, and website management products
that start free and scale to meet our customers' needs at any stage
of growth. Today, more than 100,000 customers across more than 120
countries use HubSpot's powerful and easy-to-use tools and
integrations to attract, engage, and delight customers.
Named Glassdoor's #4 Best Place to Work in 2021, HubSpot has
been recognized for its award-winning culture by Great Place to
Work, Comparably, Fortune, Entrepreneur, Inc., and more. HubSpot
was founded in 2006 and is headquartered in Cambridge, Massachusetts. The company's
thousands of employees work across the globe in HubSpot offices and
remotely.
Learn more at www.hubspot.com.
1 This is the difference from each year's
revenue above 2020 revenue and then summed.
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SOURCE HubSpot