Sales Training and Onboarding Software Market Size & Share, by Deployment Type (Cloud Based, On-premise); Organization (Large Enterprises, Medium Enterprises, Small Enterprises); Industry Verticals (Marketing & Advertising, Retail & Consumer Goods, Healthcare, Travel & Hospitality, IT, Telecommunication, Banking Financial Services & Insurance, Education, Media & Entertainment) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2031

Global Sales Training and Onboarding Software Market Size, Forecast, and Trends Highlights Over 2022 - 2031

The global sales training and onboarding software market is estimated to garner a revenue of ~USD 9 billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 4 billion in the year 2021. The market is estimated to grow on the back of increased use of product based sales training and onboarding software in small and large enterprises. According to estimates, faster onboarding increases the productivity of new reps by up to 50% as well as increases the retention rate by 65%.

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The global sales training and onboarding software market is also estimated to witness growth on account of increasing sales job globally and rising trend of virtual selling. According to estimates, in the coming years, more than 60% of sales professionals report that their team will stay remote or work part-time in the office and about 62% of sales leaders believe that virtual meetings are equal or more effective than face-to-face meetings. Moreover, rising adoption of artificial intelligence, machine learning along with other technological advancements and increasing focus on refining sales strategies are anticipated to propel the market growth during the forecast period.

Global Sales Training and Onboarding Software Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Number of Small and Large Enterprises Globally – The rising number of enterprises worldwide is estimated to fuel the adoption rate of sales training and onboarding software in the coming years. According to estimates, there were around 213 million companies globally in 2019, up from 205 million companies in 2018.

• Growth of Software Product Industry – As per data by India Brand Equity Foundation, by the end of 2025, Indian software product industry is estimated to reach valuation of ~USD 100 Billion.

• Rising Trend of E-Learning – Advanced Sales Training and Onboarding Software features an integrated Learning Management System that enables automated sales related training and coaching which saves companies time and cost. Such a factor is anticipated to boost the market segment in the coming years. As per estimates, e-learning requires approximately 38 to 58% less employee time as compared to learning through traditional methods.

• Growing Adoption of CRM (Customer Relationship Management) Technology – According to estimates, more than 17% of the sales team's time is spent checking insights from CRM.

• Rising Support Through Government Policies – According to the India Brand Equity Foundation, in the Union Budget of 2022-23, around USD 11.58 billion was allocated to the IT and Tele communication sector of India.

Challenges

• Risk of Cyber Intrusion
• Less Awareness about the Benefits of Sales Training and Onboarding Software in the Market
• Availability of Alternate Open Source Sales Training and Onboarding Software

The sales training and onboarding software market is segmented and analyzed for demand and supply by deployment type into cloud based and on-premise. Out of these segments, cloud based segment is estimated to garner the largest market share over the forecast period, backed by the rising adoption of cloud-based deployment model among enterprises. As per estimates, around 100 zettabytes (a trillion gigabytes) of data is projected to be stored on cloud by the end of 2025. In addition, in China, total cloud infrastructure spending in 2020 was around ~USD 18 billion, up from ~USD 11 billion in 2019. Such a factor is therefore anticipated to fuel the segment growth during the forecast period.

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 Training and Onboarding Software Market Regional Synopsis

Regionally, the global sales training and onboarding 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 increasing growth of cloud-based industry along with rising adoption of advanced technology by organizations in the region. According to estimates, cloud spending in the United States is projected to reach ~USD 89 billion by the end of 2022, i.e. an increase of 27% compared to 2021.

Further, the market in the Asia Pacific is estimated to gain the significant incremental growth during the forecast period, backed by the rising adoption of cost-effective sales training methods along with increasing number of SMEs and MNC (Multinational Companies) in the region. As per estimates, in India, there is about 40,000 MNCs with approximately 2,50,000 overseas affiliates. In addition, emerging economies like India and China are on a path to become more digital along with this increasing government support, rising foreign direct investments and growing adoption of technologies are some of the other key factors estimated to drive the market growth in the region.

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The global sales training and onboarding 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 training and onboarding software market includes the following segments:

Top Featured Companies Dominating the Global Sales Training and Onboarding Software Market

• PointForward Software
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Mindmatrix Inc.
• Epignosis Group of Companies
• Qstream Inc.
• SalesHood Inc.
• LevelJump Software Corp. (Salesforce Inc.)
• Brainshark, Inc. (Bigtincan Mobile Pty Ltd)
• Allego, Inc.
• MindTickle, Inc.
• Showpad Inc