Veeva Systems Inc 's Comment on Competitors and Industry Peers
The markets for our solutions are global, rapidly evolving, highly competitive
and subject to changing regulations, advancing technology and shifting customer
needs. The solutions and applications offered by our competitors vary in size,
breadth, and scope.
Our multichannel CRM applications compete with offerings from large global
enterprise software vendors, such as Oracle Corporation and Microsoft Corporation,
and also compete with life sciences-specific CRM providers, such as IQVIA Inc.,
formerly QuintilesIMS. We also compete with a number of vendors of cloud-based
and on-premise CRM applications that address only a portion of the functionality
of our CRM solutions. Our master data management solutions compete with master
data solutions offered by vendors such as IBM Corporation, Informatica Corporation,
IQVIA, and Reltio, Inc. Our data and data services offerings compete with IQVIA
and many other data providers. Our Veeva Vault content management solutions
compete with offerings from large global content management platform vendors
such as Microsoft, OpenText Corporation and Oracle, and with offerings from
life sciences specific providers, such as Medidata Solutions, Inc., PAREXEL
International Corporation, IQVIA, BioClinica, Inc., and Sparta Technologies
Ltd. We also compete with professional services companies that provide solutions
on these platforms, such as DXC Technology Company.
In the future, providers of horizontal cloud-based solutions and platforms,
such as Box.com, Amazon Web Services, or Microsoft, and third parties that build
on their platforms, may seek to compete with us. In addition, we have begun
selling certain of our Veeva Vault applications to companies outside the life
sciences industry. We have limited experience selling certain of our Veeva Vault
applications to companies outside the life sciences industry, and, therefore,
we anticipate having to compete with many existing solutions, including those
listed above, custom-built software developed by third-party vendors or in-house
by our potential customers and niche software providers.
We may also face competition from custom-built software developed by third-party
vendors or developed in-house by our potential customers, or from applications
built by our customers or by third parties on behalf of our customers using
commercially available software platforms that are provided by third parties.
We may also face competition from companies that provide cloud-based solutions
in different target or horizontal markets that may develop applications or work
with companies that operate in our target markets. With the introduction of
new technologies, we expect competition to intensify in the future, and we may
face competition from new market entrants as well.
In some cases, our competitors are well-established providers of competitive
solutions and have long-standing relationships with many of our current and
potential customers, including large pharmaceutical and emerging biopharmaceutical
companies. Oracle and IQVIA, for example, each have greater name recognition,
much longer operating histories, larger marketing budgets, and significantly
greater resources than we do.
Many of our competitors may be able to devote greater resources to the development,
promotion and sale of their products and services than we are able to devote.
Such competitors may be able to initiate or withstand substantial price competition
and may offer solutions competitive to certain of our solutions on a standalone
basis at a lower price or bundled as part of a larger product sale, including
the bundling of software solutions and data. In addition, many of our competitors
have established marketing relationships, access to larger customer bases and
distribution agreements with consultants, system
integrators and resellers that we do not have. Our competitors may also establish
cooperative relationships among themselves or with third parties that may further
enhance their product offerings or resources.
In addition, in order to take advantage of customer demand for cloud-based
solutions, such competitors may expand their cloud-based solutions through acquisitions
and organic development or may seek to partner with other leading cloud providers.
For instance, in October 2016, IMS Health Holding, Inc. and Quintiles Transnational
Holdings Inc., a contract research organization, combined to form Quintiles
IMS Holdings, Inc., which now operates under the name IQVIA. The combined entity
competes with us in a number of product areas, including software solutions,
data and data services. The impact of this transaction on our competitive environment
is uncertain but increased competition from IQVIA could negatively impact our
business. Additionally, IQVIA has partnered with Reltio to resell certain of
Reltio’s master data management offerings, which could also negatively
impact our business.
We believe the principal competitive factors in our market include the following:
level of customer satisfaction;
regulatory compliance verification and functionality;
domain expertise with respect to life sciences;
ease of deployment and use of solutions and applications;
breadth and depth of solution and application functionality;
brand awareness and reputation;
modern and adaptive technology platform;
capability for customization, configurability, integration, security, scalability
and reliability of applications;
total cost of ownership;
ability to innovate and respond to customer needs rapidly;
size of customer base and level of user adoption;
ability to secure the rights to load and process third party proprietary data
licensed by customers; and
ability to integrate with legacy enterprise infrastructures and third-party
applications.
We believe that we generally compete favorably on the basis of these factors
and that the domain expertise required for developing and deploying successful
solutions in the life sciences industry may hinder new entrants that are unable
to invest the necessary capital to develop solutions that can address the functionality,
requirements and regulatory compliance capabilities needed for the life sciences
industry. Our ability to remain competitive will largely depend on our ongoing
performance in the areas of solution and application development and customer
support.
Overall company Market Share Q4 2023 |
*Market share is calculated based on total revenue.
Who are Veeva Systems Inc 's Competitors?
Appian Corporation Share Performance
-0.42%
Over The Past 5 Days
|
Appian Corporation
Profile
Appian Corporation's business model focuses on providing low-code software development platforms and business process management solutions to facilitate rapid application development and automation for organizations across various industries.
More about Appian Corporation's Market Share
|
Definitive Healthcare Corp Share Performance
-25.12%
One Year
|
Definitive Healthcare Corp
Profile
Definitive Healthcare Corp operates as a provider of data and analytics for the healthcare industry. Their business model is centered around collecting and aggregating vast amounts of healthcare data from various sources, including hospitals, physicians, and other healthcare organizations. They then analyze and transform this data into meaningful insights and reports, which they sell to clients such as healthcare providers, insurance companies, and pharmaceutical companies to aid in decision-making and strategic planning.
More about Definitive Healthcare Corp 's Market Share
|
Freshworks Inc Share Performance
-23.94%
This Quarter
|
Freshworks Inc
Profile
provides businesses of all sizes with modern SaaS products that are designed with the user in mind
More about Freshworks Inc 's Market Share
|
International Business Machines Corporation Share Performance
+0.06%
Over The Past 5 Days
|
International Business Machines Corporation
Profile
IBM's business model is based on providing a wide range of technology products and services to businesses worldwide. They offer solutions in areas such as software, hardware, cloud computing, artificial intelligence, and consulting services. IBM aims to help organizations improve efficiency, innovate, and achieve their digital transformation goals.
More about International Business Machines Corporation's Market Share
|
Iqvia Holdings Inc Share Performance
+31.09%
One Year
|
Iqvia Holdings Inc
Profile
IQVIA Holdings Inc is a multinational company that operates in the healthcare industry. Its business model revolves around providing advanced analytics, technology solutions, and clinical research services to help clients make informed decisions, optimize their operations, and accelerate drug development. By leveraging its vast data resources and expertise, IQVIA aims to support healthcare professionals in improving patient outcomes and driving innovation in the industry.
More about Iqvia Holdings Inc 's Market Share
|
Monday com Ltd Share Performance
+6.03%
30 Days
|
Monday com Ltd
Profile
emocratizes the power of software so organizations can easily build software applications and work management tools that fit their needs
More about Monday com Ltd 's Market Share
|
Servicenow Inc Share Performance
-0.14%
30 Days
|
Servicenow Inc
Profile
ServiceNow Inc operates on a subscription-based software-as-a-service (SaaS) model, providing a platform that enables organizations to automate and streamline their IT and business processes. Their software solutions cover areas like IT service management, human resources, customer service, and security operations. By offering a comprehensive and scalable platform, ServiceNow helps businesses enhance productivity, deliver better customer experiences, and drive operational efficiencies.
More about Servicenow Inc 's Market Share
|
Oracle Corporation Share Performance
+12.47%
30 Days
|
Oracle Corporation
Profile
Oracle Corporation is a multinational technology company that primarily operates in the database software and cloud services industry. The company generates revenue through the sale of its software licenses, cloud subscriptions, and offering services like consulting and support. Oracle's business model centers around providing enterprise software solutions, facilitating data management, and capitalizing on the growing demand for cloud services.
More about Oracle Corporation's Market Share
|
Uipath Inc Share Performance
-4.58%
This Year
|
Uipath Inc
Profile
UiPath Inc. operates on a software-as-a-service (SaaS) model, providing a platform that enables organizations to automate and streamline their business processes through robotic process automation (RPA) technology. By offering a flexible and scalable solution, UiPath simplifies the implementation of automation tasks, improving productivity and efficiency for businesses across various industries.
More about Uipath Inc 's Market Share
|
Pagerduty Inc Share Performance
-7.04%
30 Days
|
Pagerduty Inc
Profile
is a digital operations management platform that manages urgent and mission-critical work for a modern, digital business
More about Pagerduty Inc 's Market Share
|
Smartsheet Inc Share Performance
-18.28%
One Year
|
Smartsheet Inc
Profile
is the enterprise platform for dynamic work, enabling teams and organizations of all sizes to plan, capture, manage, automate, and report on work at scale
More about Smartsheet Inc 's Market Share
|
Atlassian Corporation Share Performance
-19.19%
This Quarter
|
Atlassian Corporation
Profile
Atlassian Corporation, a leading software company, operates on a subscription-based business model. They offer a suite of products and tools designed to improve team collaboration, project management, and software development. Their revenue is generated primarily through recurring subscription fees from customers who benefit from their cloud-based solutions and ongoing product updates and support.
More about Atlassian Corporation's Market Share
|
Upland Software Inc Share Performance
-26.15%
This Quarter
|
Upland Software Inc
Profile
Upland Software Inc operates on a software-as-a-service (SaaS) business model, offering a range of cloud-based enterprise work management solutions to businesses. They generate revenue by charging customers subscription fees for accessing and utilizing their software platforms, which help companies manage various aspects of their work processes, such as project management, financial planning, marketing, and collaboration.
More about Upland Software Inc 's Market Share
|
Zoominfo Technologies Inc Share Performance
-33.16%
One Year
|
Zoominfo Technologies Inc
Profile
is a global leader in modern go-to-market software, data, and intelligence for sales, marketing, operations, and recruiting teams
More about Zoominfo Technologies Inc 's Market Share
|
|