MarketsandMarkets expects the global Sales Enablement Platform Market size to grow from USD 1.1 billion in 2019 to USD 2.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 19.8% during the forecast period. Growing need to enhance efficiency of sales processes and sales representatives have fueled the growth of sales enablement platform across the globe. Sales enablement platform are gaining traction globally as it enables organizations to enhance efficiency of their sales and marketing teams. Furthermore, sales enablement platform enables organizations to offer the best-in-class customer experience by empowering its sales representatives with relevant content.
Sales enablement platform can be easily integrated with the existing systems of an organization, thereby providing enhanced ability to adapt to changes and increase the efficiency of sales processes. Growing focus of organizations to improve and automate sales processes is driving the demand for sales enablement platform across industries in the global market. Services also play a crucial role in efficiently carrying out various tasks performed in the entire sales enablement process of an organization. These services enable enterprises to make most of the sales enablement platform which is required to enhance their sales and marketing operations.
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Sales enablement platform are needed by both large enterprises and Small and Medium-sized Enterprises (SMEs) to enhance performance of their sales processes. Among organization size, the SMEs segment is expected to grow at a higher CAGR during the forecast period. SMEs face some specific challenges, such as the requirement of domain-specific personnel and skilled workforce, budget constraints, and limited economies of scale. SMEs are investing in sales enablement platform to enhance efficiency of their sales processes and compete with large organizations.
The consumer goods and retail industry vertical is expected to be the fastest-growing vertical in terms of adoption of sales enablement platform and services during the forecast period. This industry has multiple sales channels supplemented with large sales forces present across different segments which require full transparency in maintaining sales performance. This makes the adoption of sales enablement platform imperative among the retail sector. The sales enablement platform helps retail organizations communicate efficiently and market personalized offerings as per consumer behavior. The sales enablement platform empowers direct and indirect sellers with powerful consumer insights and personalized content to enable them to close a larger number of deals in a fast and effective manner. Furthermore, the sales enablement platform empowers retail enterprises with enhanced agility to adapt to the changes in this fast-moving industry with the help of content automation and buyer engagement analytics capabilities offered by the platform.
Organizations are investing strategically by implementing sales enablement platform and services to enhance performance of their sales and marketing teams. Moreover, sales enablement platform are looking forward to capitalizing new opportunities by leveraging various advanced technologies, such as analytics, machine learning, and artificial intelligence.
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The major sales enablement platform vendors include SAP (Germany), Bigtincan (US), Upland Software (US), Highspot (US), Seismic (US), Showpad (Belgium), Brainshark (US), ClearSlide (US), ClientPoint (US), Accent Technologies (US), Quark Software (US), Bloomfire (US), Qorus Software (US), Pitcher (Switzerland), Mediafly (US), Rallyware (US), MindTickle (US) and Qstream (US). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, collaborations, and acquisitions, to further expand their presence in the global sales enablement platform market. These strategies have helped them innovate their offerings and broaden their customer base.
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