Salesforce

Salesforce is the clear leader in enterprise CRM and related applications (sales, service, marketing, commerce, etc.), giving it strong intangible advantages. The depth of its platform and partner ecosystem (AppExchange apps, system integrators, ISVs) yields network effects and high switching costs.

More than half of its large customers use multiple Salesforce clouds, and retention is over 90%, indicating mission-critical integration. These factors create a durable competitive edge. Morningstar explicitly rates Salesforce as having a wide moat (positive trend).

The main moat risks are intense competition (Microsoft, Adobe, Oracle, etc.) and the need to continuously innovate (AI, data analytics) to stay ahead. Overall, the moat is wide and strengthening due to scale and ecosystem.