According to the latest report by IMARC Group, titled “Sales Force Automation Software Market: Global Industry, Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global sales force automation software market reached a value of US$ 6.7 Billion in 2021. Sales force automation software refers to tools and information operating systems used for automating and streamlining various sales processes. It is widely used to manage account information, orders and invoices, customer databases, and track software activities on a real-time basis. Sales force automation software includes unique features such as call logging, appointment scheduling, inventory monitoring, sales projections, voicemails, call routing, reports and employee evaluation. It further helps in fostering smart sales forecasts, increasing accuracy and productivity, and boosting employee engagement and retention.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Sales Force Automation Software Market Trends:
The significant growth in the banking, financial services, and insurance (BFSI) industry across the globe is creating a positive outlook for the market. Sales force automation software is widely used in the sector for streamlining sales processes, tracking mechanisms, analyzing customer interactions, and capturing targeted audiences. In line with this, the widespread product adoption in small- and medium-sized enterprises (SMEs) and new startups to consolidate customer communication from various channels, such as online portals, blogs, and social media, is favoring the market growth.
Apart from this, the integration of advanced solutions, including machine learning (ML), artificial intelligence (AI), and cloud technology to enable smart recommendations for all the offered products and services, are providing an impetus to the market growth. The increasing product demand across several industrial verticals can also be attributed to its various advantages and features, such as inventory monitoring, managing client contact information, information sharing among sales personnel, and tracking of orders, which is positively impacting the market growth. Other factors, including the rising data security and privacy concerns, the introduction of two-factor authentication automation solutions, and the increasing adoption of 4G and 5G (fourth and fifth generation) mobile technology, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.5 Billion by 2027, growing at a CAGR of 12.14% during 2022-2027.
- On the basis of the application, the market has been classified into lead management, sales forecasting, order and invoices management, opportunity management, and others. Amongst these, lead management dominates the market.
- Based on the deployment type, the market has been bifurcated into cloud-based and on-premises. Currently, cloud-based deployment holds the largest market share.
- On the basis of the enterprise size, the market has been bifurcated into small and medium enterprises, and large enterprises. Presently, large enterprises represent the leading segment.
- Based on the industry vertical, the market has been divided into BFSI, healthcare, retail, telecom, food and beverages, and others. Amongst these, BFSI leads the market, holding the biggest market share.
- Based on region, the market is dominated by North America (the United States and Canada), followed by Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.??
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Aptean Inc., Consensus Sales Inc., Infor Inc. (Koch Industries Inc), Microsoft Corporation, Oracle Corporation, Pegasystems Inc, Salesforce.com Inc., SAP SE, SugarCRM Inc and Zoho Technologies Private Limited.
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