Sales Enablement Platform Market Size

Sales Enablement Platform Market Analysis

The Sales Enablement Platform Market size is estimated at USD 3.5 billion in 2024, and is expected to reach USD 8.79 billion by 2029, growing at a CAGR of 20.23% during the forecast period (2024-2029).

Organizations across industries are adopting the sales enablement platform, enabling their sales and marketing teams to enhance their efficiencies in various areas, including sales communication, content management, onboarding, and training.

• Internal and external market/competitive forces are driving the need for Sales Enablement within Mid-sized Enterprises as it aligns marketing and sales operations, processes, content, roles, and responsibilities with technology and systems. Depending on the seller's maturity, these platforms envisage enablement right from product-level information to advanced analytics, enabling superior lead conversion ratios.
• Sales enablement tools ensure that any sales representative can find the appropriate content, submit it to prospects, and track prospect engagement within that piece of content by combining intelligent content management, training, contextual guidance, customer engagement, and actionable analytics. For instance, MindTickle provides a sales readiness platform to gain the ability to develop, coach, and improve the performance of sales representatives independent of their location and reduces sales ramp by 60%.
• In recent years, digital sales rooms (DSRs) are gaining traction. Further, it is expected that an increase in awareness regarding the DSRs would result in their significant adoption. They are expected to be offered by sales enablement platform vendors through persistent microsites for internal or external collaboration, embedded video conferencing, and engagement, sentiment, and emotional analysis. Showpad has already made headway in delivering on this vision with its Shared Spaces, dedicated microsites for buyer-seller collaboration, and as the first in the industry to support 3D models and augmented reality for more immersive product demonstrations.
• Due to the outbreak of COVID-19, there is a slowdown across various world economies due to a temporary halt in production. Thus, every industry has a trickle-down effect, including the sales enablement market. Triggered by the COVID19 crisis, sales enablement challenges and opportunities have become more apparent than ever. To survive in such critical times, sales enablement has to be integrated with the digital transformation strategy. In the long run, aligning all internal selling processes to relevant customer journeys is essential to implement a foundation for effective sales enablement.
• Many employers globally began transitioning to remote work in 2020 to keep operations running amid the pandemic. While working from home was initially a result of health and safety concerns, many employees enjoyed the change of pace. For instance, according to the State Of Remote Work In 2021: A Survey Of The American Workforce, by GoodHire, based on 3500 workers, 68% of respondents prefer to work remotely over in-office work.