Veeva Systems Inc. Strengths, Domain Expertise, and Key Differentiators
Veeva stands out as the premier provider of industry cloud solutions tailored specifically for the global life sciences sector. Offering a comprehensive suite of cloud software, data services, and business consulting, Veeva caters to the diverse and critical needs of its clientele across various strategic functions, from research and development (R&D) to commercialization. Veeva's solutions play a pivotal role in accelerating product development and market entry processes for life sciences companies, driving efficiency and compliance throughout the product lifecycle. Moreover, their commercial solutions facilitate intelligent engagement with healthcare professionals and organizations through multiple communication channels, enhancing marketing effectiveness and regulatory adherence. In addition to serving the life sciences industry, Veeva extends its expertise to customers in the consumer products and chemical sectors, providing content and data management solutions to streamline processes, ensure compliance, and foster secure collaboration across stakeholders. Overall, Veeva's innovative offerings and industry-focused approach position it as a vital partner for companies seeking to navigate the complexities of regulatory compliance, operational efficiency, and strategic growth within the highly specialized realms of life sciences, consumer products, and chemical industries.
Veeva Systems Inc. Recent Developments
In January 2024, Veeva unveiled its latest offering, the comprehensive Veeva Compass Suite of commercial data products, aiming to provide enhanced insights into patient populations and healthcare professional (HCP) behaviors. Leading the suite are Veeva Compass Prescriber and Veeva Compass National, the first solutions capable of projecting retail prescriptions as well as complex medical procedures, such as in-office administered therapies, injections, and infusions. The Veeva Compass Suite goes beyond conventional data offerings by incorporating Compass Patient, which provides detailed longitudinal patient data covering prescriptions, procedures, and diagnoses. A key feature of these products is their licensing structure, enabling brands to access unlimited data, including historical information, to inform their strategies effectively.
In May 2023, Veeva debuted Vault CRM, representing the next evolution in customer relationship management (CRM) tailored specifically for the life sciences industry. Leveraging the robust capabilities of the Veeva Vault Platform, Vault CRM encompasses the full suite of functionalities from Veeva CRM alongside substantial innovations, including the introduction of two new applications: CRM Bot and Service Center. A highlight of the unveiling was the demonstration of CRM Bot, an intelligent assistant designed to enhance the productivity of sales and medical teams. Powered by artificial intelligence (AI), CRM Bot utilizes customer-specific CRM activity data in conjunction with insights from Veeva Link and Veeva Compass within a secure customer instance. In addition, Veeva introduced Service Center, an integrated call center application tailored for inside sales and hybrid representatives. Notably, Service Center is seamlessly integrated into Vault CRM at no extra cost, while CRM Bot is offered as a separately licensed product, seamlessly integrated with Vault CRM.
In April 2022, Veeva Systems introduced Veeva Data Cloud, a group of cloud data applications that includes Veeva OpenData customer reference data, Veeva Link for real-time intelligence, and Veeva Compass patient, prescriber, and sales data for the U.S. market. Veeva Data Cloud reflects the company's long-term commitment to delivering better data to the life sciences industry, all on a common data architecture.
Veeva Systems Inc. Mergers and Acquisitions (M&A) Activities
In December 2021, Veeva Systems acquired Veracity Logic, a provider of cloud software for randomization and trial supply management (RTSM). The Veracity Logic team will join Veeva to deliver industry-leading software and services, helping companies simplify complex processes and expedite clinical trials. The solution, offered as Veeva RTSM, delivers fast setup timelines and a configurable feature set to meet a broad array of randomization and supply needs. It has supported over 175 trials with sites in 60 countries, covering a range of trial designs and complexities across all therapeutic areas in pharma/biotech, medical device, and diagnostics.
In August 2021, Veeva Systems acquired Learnaboutgmp, provider of accredited GxP training for life sciences. With more than 170 course titles and over 450 microlearning assets, Learnaboutgmp delivers a comprehensive eLearning library to help organizations develop high-impact learning programs that reduce cost and improve training outcomes.
Veeva Systems Inc. Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Veeva Systems Inc. applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Veeva Systems Inc. and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Veeva CRM, Veeva Network, Veeva OpenData, Veeva Vault, Veeva Nitro customers.
Veeva Systems Inc. Overview
4280 Hacienda Drive
Pleasanton, CA, 94588, United States
1 925-452-6500
https://www.veeva.com/
Ownership: - NYSE:VEEV
Number of Employees: 6744
Functional Markets: Analytics and BI, Collaboration, Content Management, CRM, ERP Services and Operations, PPM, SPM,
Key Verticals: Life Sciences,
Veeva Systems Inc. Key Enterprise and Cloud Applications
Veeva CRM, Veeva Network, Veeva OpenData, Veeva Vault, Veeva Nitro
Veeva Systems Inc. Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Veeva Systems Inc. Revenue Breakdown By Type, $M:
Veeva Systems Inc. Enterprise Applications Revenues By Functional Markets, $M:
Veeva Systems Inc. Enterprise Applications Revenues By Verticals, $M:
Veeva Systems Inc. Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Veeva Systems Inc. Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Veeva Systems Inc. Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Veeva Systems Inc. Customers
No. of Veeva Systems Inc. Customers: 1432
No. of Veeva Systems Inc. Enterprise Applications Customers: x
No. of Veeva Systems Inc. Cloud Customers: x
No. of Veeva Systems Inc. Cloud Subscribers: x
Progressing on its vision to become the most strategic partner to the life sciences industry, Veeva finished 2023 with 1,432 customers, up 44 from the year prior. Veeva R&D Solutions ended the year with 1,078 customers and Veeva Commercial Solutions ended the year with a total of 693 customers. Recent customer wins are: Boehringer Ingelheim, SK Life Science, Inc., Recipharm, GSK, Bayer, LEO Pharma, Civica Rx, Merck KGaA, Lotus Clinical Research, Minaris Regenerative Medicine and many other.
Veeva Systems Inc. Market Opportunities, M&A and Geo Expansions
The biggest challenge for Veeva as an organization will remain “speed.” With an aggressive goal to be a 10,000 employee, $3 billion revenue company by the year 2025, careful management decisions will need to be made to ensure that teams are able to maintain Veeva’s current “autonomy over alignment” ethos.
Veeva Systems Inc. Risks and Challenges
The migration of Veeva's CRM applications from the Salesforce platform to the Veeva Vault platform, coupled with the decision not to renew the agreement with Salesforce, Inc, poses significant risks to the company's operations and market position. This transition could lead to business disruptions for customers, potentially resulting in the loss of customers to competitors and negatively impacting Veeva's operating results. The timeline for migrating CRM applications to the Veeva Vault platform, set for 2024 for early adopters and 2025 for all customers, may face delays or hurdles. The complexity of the migration process and the necessity for all existing CRM customers to migrate by September 1, 2030, imply significant time and expense requirements, with no guarantee of success.
Veeva Systems Inc. Ecosystem, Partners, Resellers and SI
Veeva's global systems integrator partners play a crucial role in providing implementation and selected support services to customers seeking to leverage Veeva's solutions. These partners, which encompass industry giants like Accenture, Cognizant, Tata Consultancy Services (TCS), and other specialized firms focused on life sciences, collaborate closely with Veeva to ensure seamless deployment and ongoing support for clients.
In May 2023, Veeva revealed an extension of its collaborative efforts with Accenture, aimed at empowering life sciences enterprises to pioneer fresh avenues of commercial innovation through Veeva Vault CRM. As businesses transition to Vault CRM, they gain the potential to streamline operations, aligning them with the demands of omnichannel engagement strategies and contemporary therapeutic approaches.
Veeva Systems Inc. Cloud Infrastructure Insights
Subscribe to read more about:
- Veeva Systems Inc. Public Cloud and Infrastructure (IaaS)
- Veeva Systems Inc. Platform (PaaS)
- Veeva Systems Inc. Application Delivery
- Veeva Systems Inc. Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/About Ushttps://www.appsruntheworld.com/taxonomy
https://www.appsruntheworld.com/FAQ
