Online sales training can be personalized and tailored to the needs of the business, and sales enablement, which includes a variety of tools, processes, and knowledge, is streamlined by sales training software, making it simple for leaders and sales experts to create training content. All of these factors are promoting growth in the global sales training software industry.
Covid-19 Impact & Market Status
Despite how challenging it has been to adjust to Covid - 19, the sales training and onboarding software market has increased its market share globally. The APAC market for sales training and onboarding software is anticipated to grow more quickly than the industry in other countries. A rise in the number of small and medium-sized businesses (SMBs) and multinational corporations (MNCs) as well as increased adoption of cost-effective training would support the growth of the product-based sales training market in APAC throughout the forecast period. The pandemic's effects have been quickly addressed in order to foster the growth of a mature sales training and on-boarding software market.
Cloud-based Services to Increase Revenue by Bigger Percentage
In 2021, the cloud-based deployment category accounted for 51.2% of total revenue, which was the biggest percentage. A good prognosis for the market is anticipated as cloud-based software gains popularity due to its higher stability and greater adaptability than on-premise software. The segment's expansion is also attributable to the cloud-based deployment's low maintenance costs and capacity for remote teaching. To draw different sales training software enterprises and grow their market share, cloud service providers are implementing innovations in their cloud platforms.
Large Enterprises to Increase Overall Revenue
The large enterprise segment dominated the market in 2021, accounting for a revenue share of more than 63.000%. The huge increase can be attributed to large businesses changing their attention to implementing sales training software to improve their growth chances. Solutions for sales training software help them create the roadmap and carry out their plans more successfully. In addition to improving industry statistics, these software solutions aid in the administration of sales performance through goal-setting, planning, feedback, skill development, and performance analysis.
Growth in Retail Industry is Increasing due to the Competition in this field by Players
20.5% of the total revenue was earned by the retail sector in 2021. Growth in the segment is being driven by the increased desire of retail businesses for sales training software for the efficient administration of sales operations and to maintain competitiveness in the retail sector. Retail firms can save a lot of time educating new and seasoned sales staff by implementing sales performance management and training software, which also gives staff members options for career advancement. For instance, in March 2020, the learning management system supplier Docebo expanded its collaboration with the Coca-Cola company-supported IGA Coca-Cola Institute to offer LMS services to food stores all around the world.
Availability of Diverse Program is Governing North America Market
In 2021, North America dominated the market globally, accounting for 42.8% of total sales. The availability of a variety of programmes provided by Information Technology (IT) companies, combined with adaptable modules, can be credited with the region's success. Additionally, a sizeable portion of students is quickly converting to mobile-based IT learning. Additionally, expanding company prospects and ongoing technological advancements have significantly impacted regional market expansion.
Sales representatives can ramp up more quickly, develop their selling abilities, and thrive with the help of sales training software. Employers may save money by investing in better workers who work harder, stay longer, and complete more transactions by utilizing this tool to create an employee training programme that includes online sales training that is interesting to sellers and valuable to them. It helps seasoned sales reps by providing ongoing training and enablement to keep their knowledge and abilities up to date, and it helps new sellers by teaching them the ins and outs of their new roles.
The growing software product industry, growing adoption of CRM (customer relationship management) technology, and growing adoption of sales training and on-boarding software are all driving the market. A learning management system that is incorporated into the advanced sales training and on-boarding software offers automatic coaching and training for sales, saving businesses time and money, all these factors are propelling the market growth.
The growth of the sales training software market is being driven by rising demand for reduced time spent on repetitive tasks, rising time spent on employee engagement and relationship-building activities, and rising acceptance of the newest technology in businesses. The ease of use of the software for new workers is what is driving the demand for sales training programmes. The integration of the tool with other enterprise resource planning software (ERPS), such as hiring procedures, training resources, and other ERPS, is anticipated to increase demand for employee onboarding software during the course of the projection period. Utilizing employee onboarding software greatly reduces waste and paper costs.
The escalating corporate competitiveness and shifting business requirements are to blame for the industry's rise. Small- and medium-sized businesses (SMEs) and major corporations often spend money on training their sales staff and other teams. Additionally, there is significant development potential due to the growing use of Customer Relationship Management (CRM) software, which offers sales enablement tools to promote effective collaboration with other sales professionals. In order to provide cutting-edge solutions that would draw in potential company clients and boost profits, key firms are investing in R&D. The market for sales training software was estimated at USD 2.92 billion in 2022, and it is expected to reach 7.00 billion by 2029 anticipating to expand at a 15.0% CAGR from 2022 to 2029.
Software for training and onboarding new salespeople is known as sales training and onboarding software. This software often has a number of features that assist new salespeople in learning about goods, services, and business procedures, such as online classes, tests, and simulations. Software of this kind can be used to instruct sales personnel in certain sales methods, product expertise, or industry laws. Additionally, firms may monitor the development and effectiveness of new salespeople with the aid of sales training and onboarding software.
Sales training is getting more and more popular among businesses because it provides information in digestible portions, according to market research on sales training and onboarding software. In order to ensure that they have the appropriate product knowledge at the appropriate time, learners can receive just-in-time training in specific skills or topics. MNCs and SMBs have been urged to regularly introduce new products because of ened corporate competitiveness and shifting business needs. Before they are introduced to the market, salespeople in these firms must be taught new things quickly.
The low adoption rate of this software among small and medium-sized firms due to poor budgeting may be a hindrance to the market for sales training and onboarding software. While the market for sales training and onboarding software has recovered greatly from the pandemic's negative effects, managing the market's intense competition is becoming more challenging.
However, the growth of the ICT industry has significantly affected GDP growth, worker productivity, and R&D spending, among other changes to economies around the world. Additionally, the production of goods and services by the ICT industry promotes economic growth and advancement.
The major companies ranking on top in Sales Training Software Market- Commercial Tribe, Point Forward, Mindmatrix, TalentLMS, Qstream, Sales Hood, Level Jump, Bridge, Brainshark, Allego, Lessonly, Mindtickle and Show Pad are among all the well-established and emerging players.
Sales Training Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2029||USD 7.00 billion|
|Growth Rate||CAGR of 15.0% during 2021-2029|
|Segment Covered||Deployment, Enterprise Size, End User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Commercial Tribe, Point Forward, Mindmatrix, TalentLMS, Qstream, Sales Hood, Level Jump, Bridge, Brainshark, Allego, Lessonly, Mindtickle and Show Pad are among|
Key Segments of the Global Sales Training Software Market
Deployment Overview, 2019-2029 (USD Billion)
Enterprise Size Overview, 2019-2029 (USD Billion)
- Large Enterprises
End User Overview, 2019-2029 (USD Billion)
- Discrete Manufacturing
- Government & Education
- IT & Telecom
- Others (Hospitality, Consumer Goods, and Logistics & Transportation among others)
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
- South Africa