Product-Based Sales Training Market size is set to grow by USD 2.45 billion from 2024-2028, Increased emphasis on cost-effective training methods to boost the market growth, Technavio

NEW YORK, June 4, 2024 /PRNewswire/ -- The global product-based sales training market size is estimated to grow by USD 2.45 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.91%  during the forecast period. 

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Key Market Trends Fueling Growth

The product-based sales training market is experiencing growth due to the adoption of technologically advanced training modules, specifically machine learning (ML) and artificial intelligence (AI). Companies leverage data from various sources to optimize selling processes and create personalized training for sales and manufacturing teams.

AI identifies customer purchase patterns and provides insights for effective sales approaches. Vendors like People.ai and STRIVR offer AI-based modules, while collaborations with AI vendors, such as ScaleX.ai and Specialized Sales Systems, provide coaching programs. These innovations are expected to drive market growth. 

The Product-Based Sales Training market is currently experiencing significant growth, with a focus on effective and efficient training methods. Key trends include the use of technology such as video tutorials and online courses, as well as the integration of sales techniques with product knowledge. Classroom training is still prevalent, but digital solutions are gaining popularity due to their convenience and accessibility.

Companies are also investing in customized training programs to meet specific business needs. Additionally, there is a trend towards continuous learning and upskilling, with sales teams requiring regular product updates and training to stay competitive. Overall, the Product-Based Sales Training market is evolving to meet the demands of modern sales organizations. 

Market Challenges

• Product-based sales training market growth is hindered by budgetary constraints faced by companies and organizations. Limited funds for training activities prevent the adoption of advanced technological solutions like visual technologies and blended learning. These modern methods require significant investments in software, systems, and infrastructure, increasing training costs.
• As a result, organizations with tight budgets often provide subpar product knowledge training to employees, negatively impacting market growth. This trend is expected to continue during the forecast period.
• The Product-Based Sales Training market faces several challenges. Digital transformation requires sales professionals to adapt to new technologies and methods. Classroom training is outdated, and e-learning is the new norm. However, not all sales teams have access to high-speed internet or the necessary devices. Additionally, personalizing training to individual needs is a challenge. Consumers demand customized solutions, and sales teams must be equipped with the skills to provide them.
• Furthermore, keeping up with the latest trends and techniques is essential. Sales teams must be agile and adaptable to remain competitive. Lastly, measuring the effectiveness of sales training is crucial. Traditional methods of assessment are insufficient, and more advanced metrics are required.

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Segment Overview 

1. End-user 
• 1.1 Consumer goods
• 1.2 BFSI
• 1.3 Automotive
• 1.4 Others
2. Learning Method
• 2.1 Blended training
• 2.2 Online training
• 2.3 ILT
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Consumer goods-  Product-based sales training is a crucial business investment. It equips sales teams with essential skills to effectively promote and sell products. This training enhances product knowledge, communication abilities, and customer relationship management. By focusing on the unique features and benefits of each product, sales representatives can increase sales and provide superior customer service. Product-based sales training is an ongoing process that ensures sales teams remain up-to-date with the latest product information and market trends.

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Research Analysis

In the dynamic world of sales, continuous professional development is essential for sales professionals to stay competitive in the current market. Classroom instruction and online courses offer valuable opportunities for hands-on learning and mastering advanced tools such as data analytics, digital communication skills, artificial intelligence, and virtual reality. Product knowledge is a crucial aspect of sales effectiveness, and businesses increasingly deploy these training programs to enhance their sales teams' value and benefits. Technology tools play a significant role in sales training processes, enabling deployment of time and money-efficient methods.

Sales professionals can hone their skills in data analytics, digital communication, and product knowledge through these programs. The future outlook of the product-based sales training market is promising, with advanced tools and hiring procedures shaping the industry's evolution. Sales professionals can reap the benefits of these training programs, including improved sales effectiveness and staying updated with the latest trends and technologies. The bottom line is that investing in product-based sales training is an investment in the future success of businesses and their sales teams.

Market Research Overview

The Product-Based Sales Training market refers to the provision of instructional programs designed to enhance the skills and knowledge of sales professionals in handling and promoting specific products or product lines. These training programs cover various aspects such as product features, benefits, positioning, and sales techniques. They aim to equip sales teams with the necessary tools to effectively engage with customers, build strong relationships, and ultimately drive sales growth.

The market encompasses a range of delivery methods including in-person, online, and blended learning solutions. Additionally, it incorporates the use of advanced technologies like artificial intelligence, virtual and augmented reality, and gamification to create more engaging and effective training experiences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Consumer Goods
• BFSI
• Automotive
• Others
• Learning Method
• Blended Training
• Online Training
• ILT
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio