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The Global Sales Enablement Platform Market size is expected to reach $9.1 billion by 2028, rising at a market growth of 15.1% CAGR during the forecast period
By delivering integrated information, instruction, and coaching services for salespeople and front-line sales managers throughout the entire customer’s buying experience, sales enablement is a strategic, cross-functional discipline intended to boost sales outcomes and productivity.
New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Sales Enablement Platform Market Size, Share & Industry Trends Analysis Report By Component, By Deployment Mode, By Organization Size, By End-use, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06412083/?utm_source=GNW
It is powered by technology.
The adoption of sales enablement platforms all over different sectors to increase their efficiencies in terms of content management, training, sales communication, and training is credited with driving market growth. Businesses have increased their investments in technologies like machine learning and AI.
Digital sales rooms (DSRs) are being established by a number of industry companies to simplify the buyer and seller experience. DSRs offers a centralized location for communication and content connected to the sales cycle. These can be applied to stakeholder collaboration. Additionally, as sectors become more digitalized and linked devices become more widely used, the demand for sales enablement systems has increased.
During the pandemic, the application of AI in sales enablement sped up market expansion. For example, Allego, a player in the sales enablement market, found that nearly 50% of sales representatives said they would like to receive training in AI and virtual selling. Call recordings and AI-based analysis can give managers the knowledge they need to mentor sales representatives.
COVID-19 Impact Analysis
Vendors of sales enablement platforms have the chance to offer small, medium, and large businesses sales enablement platforms and services to increase their sales efficiency. This will allow businesses to deal with the complexity of configuring sales enablement platforms during the COVID-19 outbreak around the world. The market for sales enablement platforms was positively impacted by the COVID-19 pandemic. Government-imposed laws and travel limitations resulted in business closures, which forced some enterprises to establish a hybrid work environment.
Market Growth Factors
Using cutting-edge technology to improve sales operations will increase adoption
The industry will experience increased demand as a result of the growing use of technology to boost manufacturing sales growth and improve sales operations using better content, strategy, and technology. To engage and cultivate prospects all through the buying process, the sales team uses a method known as "sales enablement" to process data, information, resources, and tools. There are now many deeper sales channels due to the exponential growth of connected devices, which presents prospects for the market for sales enablement platforms. This factor is augmenting the potential of the Sales Enablement Platform market.
Streamlines Sales Enablement While Also Providing Key Metrics
Sales enablement is comprised of a variety of tools, procedures, and expertise. Sales training software may consolidate these elements into a single, user-friendly location, allowing the sales representatives to work more efficiently. If a client has a query, the representative may have to go through many sales training frameworks, sales training programs, or staff manuals and handbooks to discover the solution. It consumes a lot of time for the client as well as the representative.
Market Restraining Factors
Lack Of Software Expertise
Making ensuring salespeople have the knowledge and tools they need to assist clients and prospects wherever they are is the goal of mobile sales enablement. Since it enables them to satisfy the more demanding modern customer, the majority of sales leaders are aware of their need for such a system. However, a lot of sales managers use mobile sales enablement incorrectly. They make use of whatever tools they have available rather than critically analyzing what their sales team needs and coming up with a plan to meet those requirements. Usually, this entails making an effort to reuse the company’s file storage systems. These elements hinder the market’s expansion for sales enablement platforms.
Component Outlook
Based on Component, the Sales Enablement Platform Market is categorized into Platform (Without Services) and Service. The platform segment led the market with the largest revenue share in 2021 and is predicted to continue its dominance throughout the forecast period. A single platform for managing an organization’s sales team is provided by the sales enablement platform. A sales enablement platform is being used by many businesses in a variety of sectors to boost productivity in areas including coaching, training, content management, and sales communication.
Organization Size Outlook
Based on organization size, the Sales Enablement Platform Market is categorized into Large Organizations and Small & Medium Organizations. In 2021, the large enterprise segment accounted for the largest revenue share. Large organizations’ ability to expand is restricted by issues including underutilization of resources and limitations imposed by legacy systems. Large businesses may find it difficult to test out novel tactics due to a lack of flexibility. Sales reps can reduce the sales cycle and improve their win rates by using a sales enablement tool.
Deployment Outlook
Based on Deployment, the Sales Enablement Platform Market is classified into Cloud and On-Premise based on Deployment. The On-premises sector produced a sizable portion of revenue in 2021. Platforms for on-premises sales enablement are set up and used at the customer’s location. Organizations can have extensive control over their data, performance and security owing to these platforms. However, they also demand major time, money, and resource commitments for installation and upkeep.
End Use Outlook
Based on end use, the Sales Enablement Platform Market is classified into the BFSI, IT & Telecom, Consumer Goods & Retail, Media & Entertainment, Healthcare & Lifesciences, Manufacturing, and Others. During the projection period, the segment for healthcare and life sciences is recording the highest CAGR. Businesses in the life sciences sector must remain at the forefront of the innovation curve since both medical developments and regulatory regulations are constantly evolving. Both their sales activities and their components fall under this. In order to meet regulatory requirements, sales enablement tools are causing a growth in current compliance-approved data.
Regional Outlook
Based on geography, the Sales Enablement Platform Market is categorized into North America, Europe, Asia Pacific, and LAMEA. In 2021, North America had the largest revenue share, and it is predicted that it will continue to hold that position throughout the projection period. Market growth is being fueled by the presence of sales enablement companies in the area as well as the expanding use of connected devices. The market in the region is being driven by the introduction of new market participants in the sales enablement sector with an approach toward providing AI-based content management solutions and training sales agents.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Seismic Software, Inc., Brainshark, Inc. (Bigtincan Holdings), Mindtickle, Inc., Qstream, Inc., Showpad, Inc., Upland Software, Inc., Highspot, Inc., Rallyware, Inc., and Accent Technologies, Inc.
Recent Strategies Deployed in Sales Enablement Platform Market
Partnerships, Collaborations and Agreements:
Sep-2022: Seismic came into partnership with Microsoft, a US-based global technology company. The partnership involves Seismic providing their expertise in sales enablement, and engagement intelligence to enable Viva sales to improve seller’s productivity and improve revenue.
Jun-2022: Seismic partnered with RFPIO, a US-based company, primarily into designing Request for Proposal (RFP) software. This partnership enables the sales team to easily bring in files to and from the Seismic and RFPIO platform, allowing the sales team to keep an uncomplicated record of final proposals.
Jan-2022: Highspot extended its partnership with Outreach, a Washington-headquartered company, primarily into providing deal management, pipeline generation, and revenue forecasting services. The partnership involves integrating Highspot’s AI-based content recommendations and Outreach’s communication sequences, engagement, and workflows tools, providing Outreach’s clients with a more comprehensive and systematic platform, thereby increasing revenue growth potential.
Nov-2021: Highspot came into partnership with Corporate Visions, a US-based company primarily into providing marketing, sales messaging, and training services to professionals. The partnership aims to support clients in transforming sales plan of action into execution. Moreover, the partnership enables Highspot’s clients to cash on Corporate Visions’ competence and expertise in science-backed sales methodology and skills training.
Mar-2021: Brainshark partnered with ValueSelling Associates and 2Win!. ValueSelling Associates is a US-based company primarily into providing sales training, and sales coaching services. 2Win!, is a US-based company, that primarily provides business development and training services. The partnership involves integrating Valueselling and 2Win’s supreme sales training course into Brainshark’s sales readiness platform, thereby benefiting Brainshark’s customers.
Mar-2021: Showpad extended its partnership with Widen, a US-based company, primarily into developing Digital Asset Management (DAM) technology platform. The partnership provides both existing and potential customers with a comprehensive great experience, allowing them to access digital assets from within Showpad’s sales enablement platform.
Jul-2020: Mindtickle came into partnership with Halifax Consulting, a Canada-based company, primarily into providing consulting, and training services. The partnership involves addressing the needs of UK and EMEA clients for sales readiness and enablement. The partnership leverages Halifax’s training method to provide EMEA clients with a unified sales readiness platform. Moreover, this partnership expands Mindticke’s capability to better serve European clients.
Apr-2020: Brainshark came into partnership with GO1, an Australia-based company, primarily into providing education and training services for employees. The partnership involves enabling joint customers to access GO1’s supreme learning content using Brainshark and aims to enhance sales training services.
Apr-2020: Mindtickle partnered with Performance Solutions International (PSI), a company primarily providing education and training services for professionals. The partnership equips Mindtickle’s clients with the supreme sales readiness platform, and together their product offerings approach wider sales representatives, providing them with training and technical knowledge to sell more easily and successfully.
Acquisitions and Mergers:
Aug-2021: Seismic completed the acquisition of Lessonly, a US-based company, primarily into providing enterprise educational platforms. This acquisition enables Seismic to offer a comprehensive suite, where sellers can easily access sales and marketing content along with learning content.
Scope of the Study
Market Segments covered in the Report:
By Component
• Platform (Without Services)
• Services
By Deployment Mode
• Cloud
• On-premises
By Organization Size
• Large Enterprises
• SMEs
By End-use
• Consumer Goods & Retail
• IT & Telecom
• Media & Entertainment
• Manufacturing
• Healthcare & Lifesciences
• BFSI
• Others
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• SAP SE
• Seismic Software, Inc.
• Brainshark, Inc. (Bigtincan Holdings)
• Mindtickle, Inc.
• Qstream, Inc.
• Showpad, Inc.
• Upland Software, Inc.
• Highspot, Inc.
• Rallyware, Inc.
• Accent Technologies, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06412083/?utm_source=GNW
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