The sales performance management market is expected to register a CAGR of 20.2% over the forecast period, 2021 - 2026. Organizations across industries are adopting the sales enablement platform, as it enables their sales and marketing teams to enhance their efficiencies in various areas, including sales communication, content management, onboarding, and training.
- Both internal company and external market/competitive forces are driving the need for Sales Enablement within Mid-sized Enterprises as it aligns marketing and sales operations, processes, content, roles, and responsibilities along with technology and systems. Depending on the seller's maturity, these platforms envisages enablement right from product-level information to advanced analytics, enabling superior lead conversion ratios.
- Sales enablement tools ensure that any sales representative can find the proper content, submit it to prospects, and track prospect engagement within that piece of content by combining intelligent content management, training, contextual guidance, customer engagement, and actionable analytics. For instance, MindTickle provides a sales readiness platform to gain the ability to develop, coach, and improve the performance of sales representatives independent of their location and reduces sales ramp by 60%.
- Due to the outbreak of COVID-19, there is a slowdown across various world economies due to a temporary halt in production. Thus, there is a trickle-down effect on every industry, including the sales enablement market. Triggered by the COVID19 crisis, sales enablement challenges, and opportunities become more apparent than ever. To survive in such critical times, sales enablement has to be integrated in the digital transformation strategy. In the long run aligning all internal selling processes to relevant customer journeys is essential to implement a foundation for effective sales enablement.
Key Market Trends
Consumer Goods and Retail Industry to Exhibit Significant Growth
- The rise of mobile devices and access to reliable WiFi has turned the buyer/seller relationship inside out. Cisco estimates that the number of connected devices worldwide will reach 50 billion by 2020, a big number considering that the earth is home to 7.4 billion people, which means there exist about 6.7 devices per person. This exponential rise in connected devices has created varied and deeper sales channels, thus creating opportunities for the sales enablement platform market.
- As a result of this massive global shift, buyers are now in control of the buyer’s journey and spend a considerable amount of time researching every nuance of a product or service online before reaching out to a salesperson. Therefore, buyers may end up more informed than the seller themselves, meaning salespeople must deliver something that buyers can’t easily find themselves through a quick Google search. Challenges in consumer goods and retail such as above create a dire need for sales enablement platforms in the market.
- Online retailers risk losing out on their users because of negative customer experience. Hence, retailers worldwide are formulating sales enablement strategies that will help them target customers with personalized content. Sales enablement platform helps retailers attract and engage customers on different digital channels for delivering Omni-channel experience to their customers.
- However, the inconsistent user experience across different access channels may negatively influence the sales enablement platform market's growth during the forecast period.
North America to Hold Major Share
- Markets such as North America have been closer to maturing, and sales in such highly competitive environments need sales enablement platforms to help companies implement, scale, and execute their sales enablement strategies.
- According to Sales Enablement Pro, companies in the North American region found that the sales process became increasingly difficult in the last 12 to 18 months. Digging deeper into sales challenges, North American companies also identify competitive pressure as their number one challenge. Customer experience and retention are a top concern for 40% of the companies boosting the growth of sales enablement platforms in the region.
- Automating the sales process to improve the deal closure rate is the main driver for the United States sales enablement platform market. The deployment of a cloud-based sales enablement platform to get actionable insights from information is to fuel market growth in Canada.
The sales enablement platform market has gained a competitive edge in recent years. With a prominent share in the market, major players are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and profitability.
- December 2019 - Highspot raised USD 75 million to support the rapid growth of ‘sales enablement’ software in the USD 50 billion categories. With this, Highspot aims to help make salespeople more efficient, equipping its users with artificial intelligence-infused technology to improve how they have conversations with prospective buyers.
- October 2019 - Allego and Seismic announced a strategic partnership to help sales and marketing organizations improve performance by providing a central resource for all of their personalized sales collateral, customer engagement videos, and relevant just-in-time learning material. The companies have completed a technology integration, which combines Allego’s leading sales learning and readiness platform with Seismic’s best-in-class solution for sales enablement.
- The market estimate (ME) sheet in Excel format
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Table of Contents
1.2 Scope of the Study
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.4.1 Rising Need to Improve the Internal Business Process
4.4.2 Scaling Sales Efforts With the Help of Advanced Technology
4.5 Market Restraints
4.5.1 Inconsistent User Experience Across Various Access Channels
4.6 Assessment of Impact of COVID-19 on the Industry
5.1.3 Training and Support
5.2 Organization Size
5.2.1 Large Enterprises
5.2.2 Small and Medium-Sized Enterprises
5.3 Deployment Type
5.4 End-user Industry
5.4.1 Banking, Financial Services, and Insurance
5.4.2 Consumer Goods and Retail
5.4.3 IT and Telecom
5.4.4 Media and Entertainment
5.4.5 Healthcare and Life Sciences
5.4.7 Other End-user Industries
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle-East and Africa
6.1.1 SAP SE
6.1.2 Bigtincan Holdings
6.1.3 Upland Software
6.1.5 Seismic Software Inc.
6.1.7 Accent Technologies
6.1.12 ClientPoint Inc.
6.1.13 Qorus Software Ltd
6.1.16 Rallyware Inc.
6.1.18 Qstream Inc.
A selection of companies mentioned in this report includes:
- SAP SE
- Bigtincan Holdings
- Upland Software
- Seismic Software Inc.
- Accent Technologies
- ClientPoint Inc.
- Qorus Software Ltd
- Rallyware Inc.
- Qstream Inc.