Sales Platform Software Market Analysis by Type (On-premise and Cloud based); by Application (Large Enterprises and Small Enterprises); and by Industry Verticals (Manufacturing, Healthcare & Life Sciences, Media & Entertainment, IT & Telecom, BFSI and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031
Buy Now Report ID: 4185 | Published Date: Feb 14, 2023
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.
Growth Drivers
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.
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.
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.
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.
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.
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
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.
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:
Our in-depth analysis of the global sales platform software market includes the following segments:
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HubSpot Inc., a customer relationship management platform for scaling companies, expands its suite of tools with the launch of Operations Hub. The new product aims to revolutionize the role of operations professionals, empowering business leaders to grow their companies.
ActiveCampaign, LLC, the market leader in Customer Experience Automation (CXA), raised USD 240 million in a Series C financing round to further strengthen its global market position in the CXA domain.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The increasing trend of digitalization of organizations along with rising demand to improve sales revenues in companies are estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
Ans: Threats of cyber intrusion and open source availability of alternate sales platform software are estimated to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are ActiveCampaign, LLC, Salesforce, Inc., Zoho Corporation Pvt. Ltd., Constant Contact, Inc., P360, OUTREACH.IO, MindTickle, Inc., Upland Software, Inc., Showpad Inc and HubSpot Inc.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, industry verticals and by region.
Ans: The cloud-based segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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