The sales platforms software market is set to experience robust growth with a projected Compound Annual Growth Rate (CAGR) of 10.4% during the period from 2022 to 2032.
In 2022, the sales platforms software market holds a valuation of US$ 71.5 billion, expected to surge to US$ 193.1 billion by 2032. Notably, the market exhibited even faster growth at a rate of 11.3% from 2015 to 2021, reaching a market size of US$ 64.8 billion in 2021.
The market’s trajectory is anticipated to be driven by increasing demand for accurate sales data measurement and tracking, early technology adoption, and the need for IT staff management.
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Drivers Fueling the Global Growth of the Sales Platforms Software Market
The global expansion of the sales platforms software market is being propelled by businesses’ increasing need to enhance internal processes and boost sales performance.
Key Drivers:
- Sales Enablement for Mid-sized Enterprises: Market dynamics within mid-sized enterprises are pushing the demand for sales enablement solutions that integrate marketing and sales operations, roles, and technology. These solutions offer various levels of enablement, from product-level information to advanced analytics, resulting in improved lead conversions based on sellers’ maturity.
- Mobile Device Proliferation: The proliferation of mobile devices and reliable Wi-Fi has disrupted the buyer-seller relationship. The rapid growth of connected devices has given rise to new sales channels, presenting opportunities for the sales platforms software market.
- Challenges in Consumer Goods and Retail: Consumer goods and retail sectors are facing challenges that urgently call for sales platforms solutions. Uneven user experiences across different access channels can negatively impact the market’s growth.
- North America’s Leadership: North America, being a hub for technological advancements and early technology adopters, holds a significant market share in the sales platforms software market. The region’s customers receive top-tier services, ensuring engagement at critical moments.
- Shift in Buying Behavior: Increased internet and mobile penetration have dramatically altered buying behavior, necessitating the delivery of relevant content to remain competitive.
- Presence of Big Businesses: North America’s sales platforms software market benefits from the presence of major enterprises, driving demand and raising awareness about the benefits of sales enablement technologies.
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Key Takeaways from the Sales Platforms Software Market Study:
- Cloud-based software category is projected to grow at a 10.3% CAGR.
- Large enterprises’ application segment is increasing at a 10.1% CAGR.
- US sales platforms software market expected to reach $68.9 billion by 2032, growing at 10.2% CAGR.
- UK market predicted to be valued at $8.1 billion by 2032, with a 9.4% CAGR.
- China’s market set to reach $13.5 billion by 2032, with a 9.9% CAGR.
- Japan’s market worth estimated at $11.6 billion by 2032, growing at a 9.5% CAGR.
- South Korea expected to reach $6.9 billion market size by 2032, with a 9% CAGR.
Competitive Landscape: Sales Platforms Software Market
Prominent players in the sales engagement platform market include SAP, Bigtincan, Upland Software, Showpad, Seismic, Highspot, Accent Technologies, ClearSlide, Brainshark, and others.
Seismic, a leading provider in the US, offers a sales and marketing enablement platform that bridges the gap between sales and marketing functions. This software enhances transaction conversion rates and overall efficiency for sales teams.
Key Segments:
Type:
- On-Premises
- Cloud-Based
Application:
- Large Enterprises
- SMEs
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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