Configure, Price, Quote [CPQ] Statistics for 2024

CPQ Revenue Cloud Sales Operations Rev Ops / Deal Desk

Configure, price, quote (CPQ) software has transformed sales operations for businesses around the world. Its ability to integrate complex data and automate critical sales functions makes it a cornerstone solution for organizations seeking to be competitive.

In this roundup of key CPQ statistics, it’s clear that:

Businesses using CPQ software gain significant advantages over their non-CPQ counterparts
CPQ software adoption is poised for rapid growth for the next few years
Salesforce reigns supreme as the leading CRM, and is the biggest CPQ solution provider

Numbers tell a much clearer story than words alone can, so here are the latest CPQ statistics for 2024:

CPQ by the numbers

CPQ statistic on time spent selling versus other activities by sales reps

1. The majority of sales representatives only spend 34% of their time actively selling, with the majority of their time spent on pricing for prospects.

2. Sales reps take 73% more time to produce a typical quote or proposal when not using CPQ software.

Bar graph on benefit of being the first vendor to respond to prospects

3. The first vendor to respond to prospects wins 50% more deals.

CPQ statistic regarding CPQ software adoption rates in the high-tech and manufacturing industries

4. In industries such as high-tech and manufacturing, adoption rates are climbing with up to 80% of businesses incorporating CPQ solutions into their operations.

5. Over the next several years, the CPQ market is projected to grow at a compound annual growth rate (CAGR) of 17-20%, reaching or surpassing the $7 billion mark by 2030.

6. Salesforce is the world’s most popular CRM platform, with a significantly greater market share than its leading 4 competitors.

CPQ statistic highlighting conversion rate increase due to CPQ software adoption

7. On average, businesses using CPQ software see a 17% increase in conversion rates.

CPQ statistic on efficiency improvements

8. CPQ software reduces sales cycle lengths by an average of 28% and time spent waiting on approvals by up to 95%.

CPQ statistic on human error reduction due to CPQ software use

9. CPQ software has been proven to eliminate 40% of human errors.

Statistic on time savings when using Valorx Fusion with CPQ software

10. Valorx Fusion saves an average time of 20% for complex quoting with Salesforce CPQ.

Keeping up with CPQ

CPQ software significantly reduces errors, accelerates quote generation, and boosts conversion rates, reshaping competitive standards in business. These tools are essential for businesses aiming to improve their sales processes and customer satisfaction. Additionally, solutions like Valorx Fusion minimize the change management involved, allowing businesses to adopt CPQ platforms far faster and optimize their experience of it.

Whether you’re considering a Salesforce CPQ implementation, or looking to optimize an existing implementation, learn how Fusion can significantly elevate the experience for your team.

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