Market Trends of Sales Enablement Platform Industry
This section covers the major market trends shaping the Sales Enablement Platform Market according to our research experts:
Consumer Goods and Retail Industry to Exhibit Significant Growth
- The rise of mobile devices and access to reliable WiFi has turned the buyer/seller relationship inside out. Cisco estimates that the number of connected devices worldwide will reach 500 billion by 2030. This exponential rise in connected devices has created varied and deeper sales channels, thus creating opportunities for the sales enablement platform market.
- As a result of this massive global shift, buyers are now in control of the buyer's journey and spend a considerable amount of time researching every nuance of a product or service online before reaching out to a salesperson. Therefore, buyers may be more informed than the seller themselves, meaning salespeople must deliver something that buyers can't easily find through a quick Google search. Challenges in consumer goods and retail, such as those above, create a dire need for sales enablement platforms in the market.
- Online retailers risk losing out on their users because of negative customer experience. Hence, retailers worldwide are formulating sales enablement strategies that will help them target customers with personalized content. The sales enablement platform helps retailers attract and engage customers on different digital channels to deliver an Omni-channel experience to their customers.
- The studied market is witnessing developments as more and more start-ups are entering the market with enhanced offerings for sales enablement. For instance, In December 2021, ShopConnect, a sector-agnostic AR-integrated video shopping platform, announced that it had raised funds to offer Integrated Online And Offline Shopping Services For Retailers.
- However, the inconsistent user experience across different access channels may negatively influence the sales enablement platform market's growth during the forecast period.
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North America to Hold Major Share
- Markets, such as North America, have been closer to maturing, and sales in such highly competitive environments need sales enablement platforms to help companies implement, scale, and execute their sales enablement strategies. Automating the sales process to improve the deal closure rate is estimated to be the primary driver for the US sales enablement platform market. In contrast, the deployment of a cloud-based sales enablement platform to get actionable insights from information is expected to fuel Canada's market growth.
- Also, various organizations have gained awareness regarding technology. For instance, in March 2022, Leap, a home contractor sales enablement software provider, announced the acquisition of JobProgress, a workflow and CRM product for home contractors. The acquisition will serve over 2,400 home contractors in North America, meeting the need of both large and small contractors.
- Further, the region consists of prominent market players who actively invest in developing their products with new launches. For instance, in January 2022, Highspot, a sales enablement platform provider, raised USD 248 million in Series F funding. New investors, like B Capital Group and D1 Capital Partners, led the round with participation from existing investors: ICONIQ Growth, Madrona Venture Group, Salesforce Ventures, Sapphire, and Tiger Global Management. The investment would fuel international expansion, product development, and hiring, as claimed by the company.
- Automating the sales process to improve the deal closure rate is the main driver for the United States sales enablement platform market. The deployment of a cloud-based sales enablement platform to get actionable insights from information is to fuel market growth in Canada.
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