Global Sales Coaching Software Market Size, Forecast, and Trends Highlights Over 2022 - 2031
The global sales coaching software market is estimated to garner a revenue of ~USD 86 billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022–2031. Further, the market generated a revenue of ~USD 45 billion in the year 2021. The market is estimated to grow on the back of growing competitiveness amongst organizations to maximize the level of sales performance through the adaptation of sales coaching software. Sales coaching software provides managers and salespersons with an enhanced sales conversion rate and implements best practices with the help of artificial intelligence by analyzing sales calls. As per estimates, organizations providing dynamic sales coaching enjoy a 26% higher win rates.
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The global sales coaching software market is also estimated to witness growth on account of rising number of small and large enterprises. For instance, in 2020, around 4 million new businesses were started which is an increase of 24% from 2019. Sales is a crucial part in every business as it helps in building the loyalty and trust between the customer and business. Moreover, rising number of sales jobs is also estimated to propel the growth of the market in the coming years. As per recent data, globally there are more than 5.5 million sales representatives, of around 40% work from office.
Global Sales Coaching Software Market: Growth Drivers and Challenges
Growth Drivers
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Adoption of Artificial Intelligence and Machine Learning in Sales Coaching Software– As per estimation, adoption of artificial intelligence by sales teams is projected to rise by 130% in the coming years. AI can evaluate interactions between customers and sales representatives and provide a more practical template for sales conversions to salespeople.
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Expansion of Software Product Industry – According to data from the India Brand Equity Foundation, by the end of 2025, the Indian software products industry is estimated to reach valuation of ~100 billion USD.
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Increasing Sales of Smartphone and Laptops – Various online channels such as smartphone or tablets provides direct and easy access to sales coaching software solutions. For instance, globally around 1.4 billion smartphones were sold in 2021, up from 1.3 billion in 2019. Furthermore, by the end of 2026, it is estimated that around 7.42 billion people worldwide will have access to a smartphone.
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Rising Adoption of CRM Software – Customer relationship management technology (CRM) helps businesses to improve their agility. As per recent data, sales team spends around 17% of their time of checking insights from CRM. Moreover, 63% of companies believes CRM tools are very impactful for their business growth.
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Notable Investments by Organizations – According to estimates, in the United States, organizations spend about USD 68 billion every year on sales training of their employees.
Challenges
- Virtual Training Programs are less prone to Understand Capabilities of Salesperson
- Sales Coaching Software are not Completely Reliable
- Low Awareness About the Benefits of Sales Coaching Software
The sales coaching software market is segmented and analyzed for demand and supply by deployment type into cloud and on premise. Out of these segments, cloud-based segment is anticipated to garner the largest market share over the forecast period, owing to the increasing adoption of cloud based coaching software. Cloud based services enable sales coaches to manage client’s data in centralized location while keeping training plans to training histories at one place. For instance, in 2019, around 68% of the organizations used hybrid cloud solutions for a variety of solutions including sales and coaching. In addition, the cloud-based segment is also expected to grow as companies are providing real time feedback and information through online channels such as tablets and smartphones.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Sales Coaching Software Market Regional Synopsis
Regionally, the global sales coaching software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited accordingly to the growing SaaS industry in the region. In addition, companies are majorly providing flexible working hours to their employees and enhancing the capabilities and productivity of the employees by providing SaaS coaching tools. As per estimation, in United States, SaaS sector is estimated to reach valuation of ~USD 223 billion by the end of 2025, up from ~USD 108 billion in 2020.
Further, the market in Asia Pacific is estimated to register fastest growth in sales coaching software market during the forecast period, owing to the constant development in IT industry and technological advancement along with rising expansion of online e-commerce business and retail sales. According to data from the India Brand Equity Foundation, the Indian e-commerce market is projected to reach around USD 188 billion by the end of 2025, up from USD 46 billion in 2020. By 2030, it is expected to reach approximately USD 350 billion. Moreover, the increased demand for better customer service and training are also estimated to create a volume for sales coaching software market in the upcoming years.
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The global sales coaching software market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global sales coaching software market includes the following segments:
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Top Featured Companies Dominating the Global Sales Coaching Software Market
- Salesloft, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ASCENT CLOUD LLC
- Brainshark, Inc.
- Chorus.ai
- Lessonly, Inc.
- MindTickle, Inc.
- Showpad Inc
- OUTREACH.IO
- ExecVision Inc.
- SalesHood Inc.
