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Veeva Systems Inc   (VEEV)
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    Sector  Technology    Industry Software & Programming
   Industry Software & Programming
   Sector  Technology

Veeva Systems Inc 's

Competitiveness


 

VEEV Sales vs. its Competitors Q3 2023



Comparing the current results to its competitors, Veeva Systems Inc reported Revenue increase in the 3 quarter 2023 by 11.49 % year on year.
The sales growth was above Veeva Systems Inc 's competitors' average revenue growth of 8.56 %, achieved in the same quarter.

List of VEEV Competitors

With a net margin of 21.95 % Veeva Systems Inc achieved higher profitability than its competitors.

More on VEEV Profitability Comparisons



Revenue Growth Comparisons




Net Income Comparison


Veeva Systems Inc Net Income in the 3 quarter 2023 grew year on year by 24.62%, faster than the Veeva Systems Inc 's competitors .

<<  VEEV Stock Performance Comparisons


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 Q3 2023

Company's competitiveness improved within Overall company, with revenue growth of 11.49 % and its market share increased to approx. 1.28 %.
<<  More on VEEV Market Share.
 
*Market share is calculated based on total revenue.





Who are Veeva Systems Inc 's Competitors?




Appian Corporation
Share Performance



+9.59%
30 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

Market Cap. Revenues TTM Net Income TTM
$ 2,621.796 mill. $ 545.041 mill. $ -111.441 mill.


Asana Inc
Share Performance



+13.07%
This Year



Asana Inc
Profile

is a work management platform that helps teams orchestrate work

More about Asana Inc 's Market Share

Market Cap. Revenues TTM Net Income TTM
$ 4,451.044 mill. $ 631.315 mill. $ -289.658 mill.


Dropbox Inc
Share Performance



-16.18%
This Year



Dropbox Inc
Profile

is the one place to keep life organized and keep work moving

More about Dropbox Inc 's Market Share

Market Cap. Revenues TTM Net Income TTM
$ 8,358.705 mill. $ 2,501.100 mill. $ 453.600 mill.


Definitive Healthcare Corp
Share Performance



-24.49%
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

Market Cap. Revenues TTM Net Income TTM
$ 1,027.312 mill. $ 246.082 mill. $ -237.540 mill.


Freshworks Inc
Share Performance



+37.26%
One Year



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

Market Cap. Revenues TTM Net Income TTM
$ 5,924.369 mill. $ 596.063 mill. $ -137.436 mill.


Gitlab Inc
Share Performance



+22.10%
This Year



Gitlab Inc
Profile

believes in an innovative world powered by software

More about Gitlab Inc 's Market Share

Market Cap. Revenues TTM Net Income TTM
$ 11,372.067 mill. $ 538.254 mill. $ -432.583 mill.


International Business Machines Corporation
Share Performance



+20.97%
This Quarter



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

Market Cap. Revenues TTM Net Income TTM
$ 173,449.189 mill. $ 61,860.000 mill. $ 7,502.000 mill.


Iqvia Holdings Inc
Share Performance



+16.97%
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

Market Cap. Revenues TTM Net Income TTM
$ 47,027.037 mill. $ 14,984.000 mill. $ 1,358.000 mill.


Servicenow Inc
Share Performance



+1.08%
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

Market Cap. Revenues TTM Net Income TTM
$ 159,044.362 mill. $ 8,971.000 mill. $ 1,731.000 mill.


Oracle Corporation
Share Performance



-2.31%
This Quarter



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

Market Cap. Revenues TTM Net Income TTM
$ 320,518.260 mill. $ 97,664.000 mill. $ 10,137.000 mill.


Uipath Inc
Share Performance



+56.08%
One 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

Market Cap. Revenues TTM Net Income TTM
$ 13,399.061 mill. $ 1,043.132 mill. $ -348.722 mill.


Pagerduty Inc
Share Performance



+12.45%
This Year



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

Market Cap. Revenues TTM Net Income TTM
$ 2,295.014 mill. $ 329.613 mill. $ -51.782 mill.


Qad Inc
Share Performance



+199.69%
One Year



Qad Inc
Profile

Qad Inc's business model primarily focuses on providing enterprise resource planning (ERP) software solutions for manufacturing companies. They offer a range of modules and applications that help organizations manage their operations, supply chain, and financials more efficiently. Qad Inc also offers implementation and support services to help clients successfully integrate their software into their existing systems and processes.

More about Qad Inc's Market Share

Market Cap. Revenues TTM Net Income TTM
$ 1,785.251 mill. $ 330.354 mill. $ -20.089 mill.


Smartsheet Inc
Share Performance



-4.38%
30 Days



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

Market Cap. Revenues TTM Net Income TTM
$ 5,813.127 mill. $ 913.650 mill. $ -138.387 mill.


Atlassian Corporation
Share Performance



+25.94%
One Year



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

Market Cap. Revenues TTM Net Income TTM
$ 54,099.329 mill. $ 3,892.443 mill. $ -384.341 mill.


Upland Software Inc
Share Performance



+2.93%
Over The Past 5 Days



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

Market Cap. Revenues TTM Net Income TTM
$ 90.203 mill. $ 297.491 mill. $ -179.874 mill.


Wimi Hologram Cloud Inc
Share Performance



+60.62%
This Quarter



Wimi Hologram Cloud Inc
Profile

Wimi Hologram Cloud Inc's business model revolves around providing holographic cloud infrastructure and services for various industries.

More about Wimi Hologram Cloud Inc 's Market Share

Market Cap. Revenues TTM Net Income TTM
$ - mill. $ 97.966 mill. $ -54.105 mill.


Zoominfo Technologies Inc
Share Performance



-0.47%
Over The Past 5 Days



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

Market Cap. Revenues TTM Net Income TTM
$ 6,704.263 mill. $ 1,100.400 mill. $ 107.300 mill.



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