HubSpot’s app and solutions partners are projected to generate nearly $19 billion in additional revenue between 2020 and 2024, representing a 21% compound annual growth rate, as they continue to diversify their product and services offerings to meet the growing needs of customers.
The customer relationship management (CRM) platform for scaling companies, announced the publication of a new IDC White Paper -The HubSpot Ecosystem: Nearly $19 Billion in New Opportunity Ahead.
The report 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.”