Sales Training and Onboarding Software Market size was over USD 4.75 billion in 2023 and is likely to reach USD 13.39 billion by 2036, growing at around 8.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of sales training and onboarding software is assessed at USD 5.07 billion. The market is estimated to grow on the back of increased use of product based sales training and onboarding software in small and large enterprises. According to estimates, faster onboarding increases the productivity of new reps by up to 50% as well as increases the retention rate by 65%.
The global sales training and onboarding software market is also estimated to witness growth on account of increasing sales job globally and rising trend of virtual selling. According to estimates, in the coming years, more than 60% of sales professionals report that their team will stay remote or work part-time in the office and about 62% of sales leaders believe that virtual meetings are equal or more effective than face-to-face meetings. Moreover, rising adoption of artificial intelligence, machine learning along with other technological advancements and increasing focus on refining sales strategies are anticipated to propel the market growth during the forecast period.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
8.3% |
|
Base Year Market Size (2023) |
USD 4.75 billion |
|
Forecast Year Market Size (2036) |
USD 13.39 billion |
|
Regional Scope |
|
The sales training and onboarding software market is segmented and analyzed for demand and supply by deployment type into cloud based and on-premise. Out of these segments, cloud based segment is estimated to garner the largest market share over the forecast period, backed by the rising adoption of cloud-based deployment model among enterprises. As per estimates, around 100 zettabytes (a trillion gigabytes) of data is projected to be stored on cloud by the end of 2025. In addition, in China, total cloud infrastructure spending in 2020 was around ~USD 18 billion, up from ~USD 11 billion in 2019. Such a factor is therefore anticipated to fuel the segment growth during the forecast period.
Our in-depth analysis of the sales training and onboarding software market includes the following segments:
|
By Deployment Type |
|
|
|
|
By Enterprise Size |
|
|
|
|
|
|
By Industry Verticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regionally, the global sales training and onboarding 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 increasing growth of cloud-based industry along with rising adoption of advanced technology by organizations in the region. According to estimates, cloud spending in the United States is projected to reach ~USD 89 billion by the end of 2022, i.e. an increase of 27% compared to 2021.
Further, the market in the Asia Pacific is estimated to gain the significant incremental growth during the forecast period, backed by the rising adoption of cost-effective sales training methods along with increasing number of SMEs and MNC (Multinational Companies) in the region. As per estimates, in India, there is about 40,000 MNCs with approximately 2,50,000 overseas affiliates. In addition, emerging economies like India and China are on a path to become more digital along with this increasing government support, rising foreign direct investments and growing adoption of technologies are some of the other key factors estimated to drive the sales training and onboarding software market growth in the region.
LevelJump Software Corp., a sales enablement and readiness solution built entirely on Salesforce's platform, is today acquired by Salesforce, Inc. Salesforce is a global market leader in the customer relationship management domain, with this acquisition Salesforce will incorporate LevelJump's technology into its Sales Cloud interface and facilitate enhanced engagement in the sales process.
SalesHood Inc., today launched the SkillsHood enablement platform that focuses on onboarding and ongoing learning with prescriptive learning paths. It also aims to increase employee productivity by enhancing the way employees learn, coach and collaborate in their organization. Moreover, it automates the message alignment process and scales organizational readiness for all distributed and remote employees.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?