Sales Enablement Platform Market size is set to grow by USD 4.23 billion from 2023-2027, Increasing need to enhance digital experience of customers boost the market, Technavio

NEW YORK, July 17, 2024 /PRNewswire/ -- The global sales enablement platform market size is estimated to grow by USD 4.23 billion from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 15.35% during the forecast period. Increasing need to enhance digital experience of customers is driving market growth, with a trend towards exponential growth of marketing intelligence. However, increased risks related to data security and privacy poses a challenge. Key market players include Accent Technologies Inc., Bigtincan Holdings Ltd., ClientPoint Inc., Dropbox Inc., GetAccept Inc., Gong.io Inc., Highspot Inc., Mediafly Inc., Mindtickle Inc., Nippon Telegraph and Telephone Corp., PAPERFLITE, Pitcher AG, QorusDocs Ltd., Qstream Inc., Quark Software Inc., Rallyware Inc., Salesforce Inc., Seismic Software Inc., Showpad Inc., and Upland Software Inc..

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Market Driver

The use of marketing intelligence is increasingly popular among businesses in various sectors. This trend is driven by the need for automated software to gather crucial information for analysis, enabling informed decision-making. Marketing intelligence also facilitates targeted data collection for key customers, streamlining B2B processes. The growing demand for insightful data and marketing intelligence platforms is fueling the adoption of sales enablement platforms. These factors create significant opportunities for the global sales enablement platform market in the forecast period. 

Sales Enablement Platforms are essential tools for businesses looking to streamline their sales processes and better engage with clients. These platforms combine Marketing Automation Tools and CRM systems to provide data-driven insights into buyer behavior and digital channels. They offer training materials and learning management features to upskill distant sales teams, ensuring they're always prepared. Customization, data security, and software licenses are crucial considerations, especially when dealing with sensitive customer data and sales data. Content management systems and sales training tools help keep teams informed, while analytics dashboards provide real-time data for informed decision-making. Consulting services, cloud-based or on-premise solutions, and IT resources cater to the needs of large enterprises and various industry segments, including consumer goods, retail, IT and telecom. Sales Enablement Platforms automate sales processes, enhance customer engagement, and adapt to consumer preferences, making them indispensable for inbound and customer-facing teams. 

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Market Challenges

• A cloud-based sales enablement platform is a practical and economical tool for managing sales teams within organizations. However, transferring confidential data to the cloud comes with risks, including potential unauthorized access and data breaches. These concerns are particularly relevant for small and medium-sized enterprises (SMEs). During implementation, vendors hold the data, increasing the risk of security violations. Sales enablement platform providers are addressing these issues by implementing robust security measures to protect client data and maintain trust. Despite these efforts, the perceived risks may deter some organizations from adopting cloud-based sales enablement platforms, potentially hindering market growth during the forecast period.
• Sales enablement platforms help businesses streamline their sales process by providing real-time data, automated workflows, and customer engagement tools. In today's fast-paced business environment, sales teams need access to up-to-date consumer preferences and product-level information to close deals effectively. Inbound sales teams and customer-facing teams benefit from digital sales rooms, CRM systems, and SaaS sales enablement services. Large organizations and the cloud segment, including consumer goods, retail, IT and telecom, face unique challenges such as legacy systems, data breaches, and data center outages. Sales enablement platforms offer sales onboarding programs, training, content creation, sales coaching, and sales tools to help sales representatives stay ready. Advanced analytics and microlearning enable personalized content and sales gamification for better buyer engagement. Mid-sized enterprises can leverage sales readiness platforms like Showpad for individualized interactions and improved sales communication. Online retailers, media and entertainment, manufacturing, and sales teams all stand to gain from these innovative solutions.

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Segment Overview 

This sales enablement platform market report extensively covers market segmentation by

1. End-user 
• 1.1 Consumer goods and retail
• 1.2 IT and telecom
• 1.3 Media and entertainment
• 1.4 Healthcare and Life Sciences
• 1.5 Others
2. Component 
• 2.1 Platform
• 2.2 Services
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Consumer goods and retail- The consumer goods and retail segment dominates the global sales enablement platform market due to the large and geographically dispersed sales teams in this industry. These teams require access to current product details, sales materials, and customer insights to close deals effectively. Sales enablement software acts as a centralized hub for distributing and managing this information, making it simpler for sales teams to access and share necessary content with prospects and customers. In the retail sector, delivering a positive customer experience is crucial to prevent consumers from switching to competitors. Sales enablement platforms enable retailers to engage customers on various digital channels, providing an omni-channel shopping experience. These factors are expected to fuel the expansion of the consumer goods and retail segment in the global sales enablement platform market.

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The global market for product-based sales training is expanding, driven by the need for enhanced sales effectiveness across industries. This training focuses on equipping sales teams with specific product knowledge and selling techniques to improve performance and customer engagement. With increasing competition and evolving consumer expectations, companies are investing in comprehensive training programs to empower their salesforce. Key trends include personalized learning experiences, integration of digital platforms for remote training, and emphasis on continuous skill development. As businesses prioritize sales growth and customer satisfaction, the demand for tailored product-based sales training solutions continues to rise globally.

Research Analysis

Sales Enablement Platforms are digital solutions designed to streamline and optimize the sales process in real-time. These platforms automate various sales functions, including customer engagement, sales management, and onboarding, to help sales teams provide individualized interactions based on consumer preferences. They integrate with marketing automation tools, CRM systems, and content management systems to provide data-driven insights on buyer behavior and digital channels. Sales Enablement Platforms are essential for both inbound sales teams and customer-facing teams in large organizations and mid-sized enterprises. They offer advanced analytics and product-level information to improve sales readiness and communication. Digital sales rooms facilitate collaboration between distant sales teams, enabling them to work together effectively. These platforms are crucial components of digital transformation projects, helping sales representatives stay informed and prepared for client interactions.

Market Research Overview

Sales enablement platforms are digital solutions designed to streamline sales processes, enhance customer engagement, and provide real-time data to sales teams in various industries. These platforms automate sales processes, offer advanced analytics, and provide sales tools to help teams better understand consumer preferences and buyer behavior. They cater to large organizations in the cloud segment, including consumer goods, retail, IT and telecom, media and entertainment, manufacturing, and more. Sales enablement services include sales onboarding programs, training programs, content creation, sales coaching, and sales readiness platforms. These tools help sales representatives deliver personalized content and individualized interactions through digital sales rooms and marketing automation tools. Mid-sized enterprises also benefit from sales enablement platforms, which offer customization, data security, and data-driven insights to improve sales cycle and communication. Sales teams can access product-level information, analytics dashboards, and consulting services to optimize their performance. Sales enablement tools also include sales communication, content management, and learning management features to ensure sales teams are always ready for buyer engagement. Despite the benefits, challenges such as data breaches and data center outages can impact sales data and sensitive customer information, highlighting the importance of robust data security measures.

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 And Retail
• IT And Telecom
• Media And Entertainment
• Healthcare And Life Sciences
• Others
• Component
• Platform
• Services
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

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

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SOURCE Technavio