Sales Platform Software Market size was valued at USD 77.46 billion in 2023 and is poised to cross USD 283.65 billion by 2036, expanding at more than 10.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sales platform software is estimated at USD 83.97 billion. The market is anticipated to grow on the back of increasing adoption of advance technology along with rising demand for reliable tools and software for efficient management and tracking of sales related data. As per estimation, adoption rate of sales platform related software such as CRM (customer relationship management) by businesses organizations is projected to grow by 12% by the end of 2028.
The global sales platform software market is also estimated to witness growth on account of increasing number of small and large enterprises globally. For instance, the number of small businesses in the United States reached 30 million in 2021 with a 24% increase from 4 million in 2019. The advance sales platform software provides a flexible and streamlined system for monitoring and also generate reports based on sales success. Moreover, increasing demand among global enterprises to enhance internal business process and improve sales performance is anticipated to boost the market growth during the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
10.5% |
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Base Year Market Size (2023) |
USD 77.46 billion |
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Forecast Year Market Size (2036) |
USD 283.65 billion |
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Regional Scope |
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The sales platform software market is segmented and analyzed for demand and supply by type into cloud based and on-premise. Out of these segments, the cloud-based segment in expected to garner the largest market share by the end of 2036, owing to the rising adoption of cloud-based services amongst organizations. Cloud provides numerous benefits including scalability, cost efficiency and capacity flexibility. For instance, in 2020, around USD 265 billion was total combined spending of end-user on cloud services and by the end of 2022, projection is estimated to reach ~USD 395 billion. Such a factor, is therefore anticipated to fuel the segment growth in the coming years.
Our in-depth analysis of the global market includes the following segments
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By Application |
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Regionally, the global sales platform software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is predicted to hold largest revenue share by 2036, accredited to presence of strong IT infrastructure and early adoption of new technologies. As per estimates, in 2020, the tech industry devoted about 10% to the gross domestic product (GDP) of the United States. Moreover, increasing access to smart phones, internet and communication devices has resulted in drastic changes in the buying behavior of consumers, which is anticipated to be a key factor driving the market growth in the region.
Further, the sales platform software market in the Asia Pacific is estimated to gain the significant growth during the forecast period, owing to the rising development in the IT industry along with various government investments and initiatives. As per data by the India Brand Equity Foundation, in the Union Budget 2022-23 around USD 11.58 billion was allocated to IT and telecom sector in India.
HubSpot Inc., a customer relationship management platform for scaling companies, expands its suite of tools with the launch of Operations Hub. The new product aims to revolutionize the role of operations professionals, empowering business leaders to grow their companies.
ActiveCampaign, LLC, the market leader in Customer Experience Automation (CXA), raised USD 240 million in a Series C financing round to further strengthen its global market position in the CXA domain.
Author Credits: Abhishek Verma
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