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Global Sales Training Software Market Size, Share & Industry Trends Analysis Report By Deployment Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028

Global Sales Training Software Market Size, Share & Industry Trends Analysis Report By Deployment Type, By Organization Size, By Vertical, By Regional Outlook and Forecast, 2022 - 2028

  • October 2022
  • 216 pages
  • ID: 6364743
  • Format: PDF
  • KBV Research

Summary

Table of Contents

The Global Sales Training Software Market size is expected to reach $4.5 billion by 2028, rising at a market growth of 14.2% CAGR during the forecast period.

Sales training software is a robust tool that helps representatives to scale up more quickly, enhance their selling abilities, and achieve success within their tasks. Digital sales training, or sales training software, employs video, workflow tools, exams, and CRM capabilities to provide sellers with a self-directed learning experience. This method of sales training allows marketers to learn and develop at their own speed. This strategy is useful for sales managers who aim to educate their personnel while maintaining their interest in leads. Skills may be readily integrated into the job flow.

Digital sales training also allows managers to rapidly align sellers with a new sales process by integrating the principles directly into the CRM system. This style of sales training is also very helpful for coaches. When the entire learning process is digital, instructors can simply monitor a seller’s development and identify any areas where extra teaching is required. Organizations that use this strategy are also able to make rapid adjustments to their curriculum. This adaptability is crucial in the modern sales environment, which is marked by constant change and a dynamic buying process.

Sales training is the process of enhancing seller abilities, knowledge, and characteristics in order to motivate seller behavior modification and optimize sales success. Sales training should be regarded, developed, and implemented as a change management program for maximum effectiveness. Sales training emphasizes genuine behavior modification. Skills must be acquired, internalized, and utilized on the job. When conducted properly, training may assist organizations in achieving their growth objectives, such as higher success rates, expanding strategic accounts, reducing sales cycle time, establishing pipelines, and increasing average transaction size.

COVID-19 Impact Analysis

The COVID-19 pandemic delivered a severe impact on several economies all over the world. A number of businesses, irrespective of their sizes, were significantly demolished due to the abrupt emergence of the pandemic. In addition, governments throughout the world imposed lockdowns within their countries in order to regulate the spread of the pandemic. Due to these lockdowns, various companies as well as their manufacturing facilities were temporarily closed. As a result, the pandemic led businesses to a major downfall. The sales training software market was also significantly impacted due to the pandemic. Various companies and their operations were suspended. The requirement for sales operations also diminished during the initial period of the pandemic.

Market Growth Factors

Offers Increased Employee Retention Rate Along With Precise Forecasting

When the stakes are as high as they are in sales, and without the necessary support, sales teams are frequently prone to significant turnover rates. A lot of people throughout the world have the natural talent for sales, and even those with a high aptitude must undergo training and development as well as a steep learning curve. Not only does sales training provide sales professionals with the core skills necessary for success, but it also develops a supportive atmosphere and provides them with the confidence they require to grow and flourish. All of this indicates that sales training can provide businesses with confident and supportive employees who are more likely to remain in their positions. It allows the company to significantly improve its employee retention rate, which, in long term can be very beneficial to the business. This factor is stimulating the growth of the sales training software 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. Employees can waste a significant amount of time searching for tools or solutions to problems, and in certain instances, consumers may be awaiting a response. This factor is augmenting the growth of the sales training software market.

Market Restraining Factor

Risks Related To Privacy And Confidentiality Of The Company

With the rapid pace of modernization and technological advancement throughout the world, there is a widespread application of new technologies and skills. These technologies can be very beneficial to private as well as public sector organizations and customers. However, it also poses a risk of Hi-tech data breaches and cyber-attacks. As technology is advancing, hackers and cyber-attackers are also becoming more strengthen with new and cutting-edge illegit threats. Due to this, anything connected to the internet is at a very high risk of cyber-attacks and exposure. As data breaches become more frequent, customers realize that their personal information is at the discretion of the firms with whom they do business, leading to a shift in security attitudes. Due to this, the adoption of sales training software is gradually hampered. This factor is impeding the growth of the sales training software market.

Deployment Outlook

On the basis of Deployment, the Sales Training Software Market is bifurcated into Cloud and On-premise. In 2021, the on-premise segment garnered a significant revenue share of the sales training market. The rising demand for on-premise customer relationship management systems and solutions might be ascribed to the requirement for data privacy. With on-premise implementation, sales training software databases or course content are uploaded on particular systems, like hard drives and other devices, and are accessible with a simple click from any device with a valid login.

Organization Size Outlook

Based on Organization Size, the Sales Training Software Market is divided into Large Enterprise and Small & Medium Enterprise. In 2021, the SMEs segment registered a substantial revenue share of the sales training software market. The growth of the segment is rising at an exponential rate as a result of the higher utilization of sales training software as well as sales enablement tools by SMEs in order to improve the competency of their sales representatives in providing the company’s value proposition in a compelling and concise manner to potential audiences.

End-User Outlook

By End-User, the Sales Training Software Market is segregated into BFSI, Automotive, Retail, Healthcare, IT & Telecom, Discrete Manufacturing, Government & Education, and Others. In 2021, the retail segment witnessed the biggest revenue share of the sales training software market. The increasing demand of retail organizations for sales training software for the efficient administration of sales operations and to maintain competitiveness in the retail industry is driving segment expansion. The deployment of sales performance management and training software enables retail businesses to save a substantial amount of time on training new and existing sales staff while providing employees with prospects for career advancement and skill enhancement.

Regional Outlook

Region-Wise, the Sales Training Software Market is analyzed across North America, Europe, Asia-pacific, and LAMEA. In 2021, North America accounted for the largest revenue share of the sales training software market. The expansion of the region may be ascribed to the availability of different programs and adaptable modules provided by Information Technology businesses. In addition, a substantial proportion of students are quickly adopting mobile-based IT education. This allows individuals to access information on their devices from anywhere and at any time.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Salesforce, Inc., Zoho Corporation Pvt. Ltd., Mindmatrix, Inc., Allego, Inc., Brainshark, Inc. (Bigtincan Holdings), Mindtickle, Inc., Qstream, Inc., SalesHood, Inc., and Showpad, Inc.

Scope of the Study

Market Segments covered in the Report:

By Deployment Type

• Cloud

• On-premise

By Organization Size

• Large Enterprises

• SMEs

By Vertical

• Retail

• BFSI

• IT & Telecom

• Discrete Manufacturing

• Government & Public Sector

• Automotive

• Healthcare & Life Sciences

• 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

• Salesforce, Inc.

• Zoho Corporation Pvt. Ltd.

• Mindmatrix, Inc.

• Allego, Inc.

• Brainshark, Inc. (Bigtincan Holdings)

• Mindtickle, Inc.

• Qstream, Inc.

• SalesHood, Inc.

• Showpad, Inc.

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