Global Sales Platform Software Market Size, Forecast, and Trends Highlights Over 2022 - 2031
The global sales platform software market is estimated to garner a revenue of ~USD 190 billion by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 64 billion in the year 2021. The market is anticipated to grow on the back of increasing adoption of advance technology along with rising demand for reliable tools and software for efficient management and tracking of sales related data. As per estimation, adoption rate of sales platform related software such as CRM (customer relationship management) by businesses organizations is projected to grow by 12% by the end of 2028.
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The global sales platform software market is also estimated to witness growth on account of increasing number of small and large enterprises globally. For instance, the number of small businesses in the United States reached 30 million in 2021 with a 24% increase from 4 million in 2019. The advance sales platform software provides a flexible and streamlined system for monitoring and also generate reports based on sales success. Moreover, increasing demand among global enterprises to enhance internal business process and improve sales performance is anticipated to boost the market growth during the forecast period.
Global Sales Platform Software Market: Growth Drivers and Challenges
Growth Drivers
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Rising Growth of Software Product Industry – According to data by India Brand Equity Foundation, by the end of 2025, Indian software product industry is estimated to reach valuation of ~USD 100 billion.
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Trend of Spending on Sales Enablement – For instance, according to the study in 2021, about 58% of US business companies are increasing their sales enablement budgets every year.
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Global digitalization of Businesses Companies – As per data, spending on digital transformation technologies is estimated to reach ~USD 2.6 trillion by 2025. Moreover, small businesses and large enterprises are increasingly inclined towards digitization, which is expected to fuel the growth of the market.
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Increasing Adoption of SaaS Based Services – For instance, in 2021, about 75% of small enterprises are using SaaS based solutions, meanwhile the adoption of SaaS services in the healthcare industry is increasing by 19% every year.
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Rising Importance to Understand Customer Behavior – For instance, about 80% of customers expects an immediate answer for their sales questions. Sales platforms software enables sales persons to understand customers behavior accordingly.
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Increased Penetration of Smartphones & Tablets – These devices are increasingly used as components of sales platform software to gain access to sales-related services and expand capabilities. As per estimation, globally there were around more than 1 billion tablet users in 2021.
Challenges
- Threat of Cyber Intrusion
- Open Source Availability of alternate Sales Platform Software
- Inconsistent User Experience Across Different Channels is estimated Hamper Market Growth
The sales platform software market is segmented and analyzed for demand and supply by type into cloud based and on-premise. Out of these segments, the cloud-based segment in expected to garner the largest market share by the end of 2031, owing to the rising adoption of cloud-based services amongst organizations. Cloud provides numerous benefits including scalability, cost efficiency and capacity flexibility. For instance, in 2020, around USD 265 billion was total combined spending of end-user on cloud services and by the end of 2022, projection is estimated to reach ~USD 395 billion. Such a factor, is therefore anticipated to fuel the segment growth in the coming years.
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 Platform Software Market Regional Synopsis
Regionally, the global sales platform 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 to the presence of strong IT infrastructure and early adoption of new technologies. As per estimates, in 2020, the tech industry devoted about 10% to the gross domestic product (GDP) of the United States. Moreover, increasing access to smart phones, internet and communication devices has resulted in drastic changes in the buying behavior of consumers, which is anticipated to be a key factor driving the market growth in the region.
Further, the market in the Asia Pacific is estimated to gain the significant growth during the forecast period, owing to the rising development in the IT industry along with various government investments and initiatives. As per data by the India Brand Equity Foundation, in the Union Budget 2022-23 around USD 11.58 billion was allocated to IT and telecom sector in India.
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The global sales platform 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 platform software market includes the following segments:
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Top Featured Companies Dominating the Global Sales Platform Software Market
- HubSpot Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- ActiveCampaign, LLC
- Salesforce, Inc.
- Zoho Corporation Pvt. Ltd.
- Constant Contact, Inc.
- P360
- OUTREACH.IO
- MindTickle, Inc.
- Upland Software, Inc.
- Showpad Inc
