Salesforce is projecting that it will reach its goal of becoming a $20 billion enterprise by 2022, the company told analysts and investors this week in an ambitious forecast that anticipates revenue to potentially more than double in the next four years.
The cloud-based software maker issued the bold projection during its annual investor day at its Dreamforce conference in San Francisco.
CEO Marc Benioff has been promising for some time that Salesforce will become a $20 billion company faster than any other enterprise software firm in history. Salesforce competes with titans in the enterprise software market like Oracle, SAP and Microsoft.
The company is projected to cross the $10 billion revenue threshold for the first time this year, and earlier this week issued revenue guidance for the next fiscal year of $12.45 billion to $12.5 billion, an anticipated 20 percent year-over-year growth.
In its presentation, Salesforce said its expects to post $20 billion to $22 billion in revenue in its 2022 fiscal year. The company is also planning to beef up its employee base from a current headcount of around 30,000 to 45,000 by 2022.
That growth will be spurred in large part, according to Salesforce, through the continued groundswell of cloud software adoption by major big corporations.
The company also expects the total addressable market — the combined amount spent globally on all the products offered by Salesforce and its competitors — to balloon from $72 billion in 2018 to $120 billion in 2022. Salesforce also anticipates that 80 percent of growth in the overall market will come via increased spending by commercial businesses and large enterprises.
To reach its goal, Salesforce plans to expand its product portfolio and a focus on increasing international market share. Specifically, Salesforce expects to grow faster than the overall market and gain share in the region consisting of Europe, the Middle East, and parts of Asia, and the region comprised of Japan, Asia Pacific, and China.