Sales Engagement Software Market

Sales Engagement Software Market Outlook (2022-2032)

With the growing need for a seamless business process, the market for sales engagement software is expected to augment its revenue from US$ 5 Billion in 2021 to US$ 7.4 Billion in 2022.

Report Attributes	Details
Estimated Base Year Value (2021)	US$ 5 Billion
Expected Market Value (2022)	US$ 7.4 Billion
Predicted Forecast Value (2022-2032)	US$ 29.6 Billion
Anticipated Market Value of the U.S (2032)	US$ 10.3 Billion
Expected Market Value of the U.K (2032)	US$ 1.2 Billion
Projected CAGR of China (2022-2032)	14.3%
Key Players Profiled	Outreach ClearSlide SalesLoft Yesware Groove

The projected Y-o-Y for the aforementioned year is 48%. During the forecast period, from 2022 to 2032, the industry is anticipated to garner US$ 29.6 Billion while exhibiting a CAGR of 14.9%.

The global sales engagement software market is anticipated to secure absolute dollar growth of US$ 22.2 Billion by 2032. Expansion of the market can be attributed to the increasing demand for cloud-based sales engagement software. Also, the increasing popularity of Bring Your Own Device (BYOD) culture has propelled the market expansion over the last few years.

Furthermore, growing demand for automation to enhance visibility and rising enterprise mobility to boost agent engagement and performance are other salient factors driving the industry growth in the forecast period. The Banking, Financial Services, and Insurance (BFSI) sector are anticipated to be a significant consumer of such software.

The sector deals with various banking products like debit cards, credit cards, and insurance policies that demand the employment of a huge number of sales representatives. Thus, to manage complicated compensation calculations and provide integrated visibility, the BFSI organizations are adopting sales engagement software on a large scale.

Players in the sales engagement platform market are taking several efforts to strengthen the market. For instance, in May 2022, Mubadala Investment Company, a UAE-based organization, disclosed its investment in Salesloft, a globally recognized sales engagement platform, along with Vista Equity Partners, a global investment firm focused on organization enterprise software, and technology-based business.

Global Sales Engagement Software Market Revenue Analysis 2015-2021 Vs Future Outlook 2022-2032

During the stint of 2015-2021, the global sales engagement software is expected to have experienced a CAGR of 44.7%. The robust growth of the market can be attributed to the rapid digital transformation across the globe. The growing need of the organizations’ to smoothen the business process is expected to have played an important role in augmenting the market during the aforementioned timeframe.

Also, the incorporation of AI in the software is projected to have boosted the market growth. Players are taking several initiatives to introduce AI into the software and are also receiving funding from other established names. For instance, Curious Thing, a Voice communication platform, announced that it experienced robust Y-o-Y growth of 1340% during 2020-2021.

In 2021, the company processed more than 3 million minutes of AI-human conversations through the platform. In 2022, the player closed a US$ 7 million pre-series A funding by private investment firm Hawkstone with contributions from January Capital, Blacksheep Capital, and return investors Reinventure and Qualgro. With such favorable initiatives, the market expanded significantly from 2015-to 2021.

The growth of the industry can be credited to the active participation of players in the market. For instance, in 2022, Salesloft, a globally renowned sales engagement software maker, unveiled a new AI-powered sales for better forecasting. Also, the IT and telecom sectors are expected to make a notable contribution to strengthening the industry.

The sector is widely adopting the platform to boost their subscriber business value with a creative sales approach. The sales engagement software is empowering organizations with enhanced speed-to-market and the ability to conclude heft deals at a swift pace. Owing to the aforementioned factors, along with others, the industry is predicted to witness a significant rise. From 2022 to 2032, the market is likely to expand 4x.

Major Factors Boosting the Global Sales Engagement Software Market

Increasing Cloud-based Solutions to boost Market Growth

Enterprises are taking initiatives to deploy cloud in software since the cloud offers several benefits such as; flexibility, scalability, increased collaboration, and cost-efficiency. Cloud-based sales engagement platform allows enterprises to focus on their core competencies, rather than IT processes. In addition to this, the integration of AI is also expected to benefit the market.

Owing to such advantages of cloud-based sales engagement software, players are investing huge amounts to strengthen their reach, thus, growing the market size.

In May 2022, Salesforce announced that it had agreed to buy Troops.ai, which offers a revenue communication solution that works with sales velocity, visibility, and collaboration. The acquisition is expected to be concluded in the second quarter of Salesforce’s fiscal year 2023.

In another instance, PYMNTS wrote that Upstart, an AI lending platform plans to debut Upstart AI Lending for Salesforce and offer AI-based lending for the financial services sector. The service would allow Upstart-led banks and credit unions to integrate brick-and-mortar banking and AI services to boost the lending process.

Integration of AI in sales engagement software offers several benefits such as; boosting client loyalty, enhanced lead generation, increases best practices, better forecasting accuracy, and simplifying upselling and cross-selling, among others. With such benefits, players are integrating the cloud, thereby, expanding the market size.

For instance, in May 2022, Mindtickle, a known provider of sales readiness technology, announced a partnership with Boostup.ai, revenue operations, and intelligence platform provider.  With the assistance of such factors, the market is set to flourish in the forecast period from 2022- to 2032.

Increasing Importance of Understanding Customer Behavior

With the rising importance of understanding customer behavior, enterprises are adopting various strategies to enhance sales engagement and offer the best performance in real-time. The growing inclination of business models toward IoT, embedded analytics, AI, and their integration into sales engagement platforms are expected to augment the market size.

With the increasing popularity of digital channels, the market is anticipated to witness significant opportunities for expansion.

In addition, initiatives taken by players to strengthen their position in the market are expected to boost industry growth. For instance, in June 2021, Salesforce.com disclosed capabilities across digital 360 to aid organizations in boosting their digital activities and offer the next generation of digital experience, marketing, and commerce. Such initiatives are likely to boost sales engagement, thereby, benefiting the industry during the forecast period.

Growing demand for on-time delivery of products, rapid development in the retail segment, and the expansion of the IT and Telecom segment are projected to be other important factors strengthening the industry in the assessment tenure. Due to such factors, the market size is expected to expand, and enhance the revenue of the global sales engagement software market in the forecast period.

Factors Impeding the Global Sales Engagement Software Market

Security Issues associated with Sales Management Software to Hamper the Market

Maintaining the Safety and security of such important data is a significant challenge for organizations. The growing number of data breaches through sales engagement software For instance, in 2018, Apollo, a sales engagement startup revealed that it a database of more than 200 million contact records was hacked.

However, with various initiatives to tackle the prevailing challenge, the market is likely to flourish. In May 2022, CyberArk launched a US$ 30 Million investment fund to develop the next generation of disruptors solving complicated security issues with modern methods. Such factors can act as a significant counter to the hampering cause and propel the market.

Country-Wise Analysis

Why is the U.S Projected to Lead the Global Sales Engagement Software Market?

Fast Adoption of Modern Technologies to Boost the Market in the Region

As per the analysis at Fact. MR, the global sales engagement software market is expected to be dominated by North America during the forecast period. In the region, the U.S is expected to dominate the global market in the forecast period.

The States is anticipated to garner a market value of US$ 10.3 Billion while exhibiting a CAGR of 14.6% during the forecast period from 2022- to 2032. The growth of the regional market can be attributed to the increasing adoption of advanced technologies by established players.

Players in the region are taking various initiatives to strengthen their position, which augments the market size in the forecast period. For instance, in April 2022, Seismic, a known player in enablement, launched the Seismic Enablement Cloud, the first of its kind platform to offer customer-facing teams with right content, tools, and insights to engage with customers.

The initiative is likely to offer seamless and centralized workflow sellers. Such initiatives taken by players active in the region are projected to drive the market notably in the forecast period.

Higher penetration of the internet, smartphones, and communication devices have changed customer behavior. This is generated a significant demand for an efficient sales engagement platform, which has offered a required boost to players. Moreover, the benefits offered by the platform are likely to propel the market in the region, thus, favoring the market expansion in the forecast period.

Why is APAC predicted to be the Most Lucrative Market in the Forecast Period?

Rapid Economic Growth in the Region to Boost the Market in APAC

Fact.MR observes that the market in APAC is majorly driven by the presence of developing countries resulting in strong economic growth. Among all, China is projected to lead the market in the forecast period. The country is estimated at US$ 2.2 Billion while exhibiting a CAGR of 14.3% from 2022- to 2032. Japan and South Korea are expected to secure US$ 1.8 Billion and 1.1 Billion respectively.

The ongoing development in customer retention and engagement is projected to play a significant role in driving the market in APAC. Also, with the presence of several startups in the region, APAC is likely to hold various opportunities for the expansion of the market. Moreover, increasing investments and partnerships are predicted to augment the market size in the forecast period.

For instance, in 2021, Sequoia Capital India’s Surge invested US$ 2 Million in the sales engagement platform Outplay.

Other factors such as; digital transformation, cloud deployment, technological development among SMEs, and efforts to develop marketing and sales strategy are other important factors developing the market in the forecast period. Owing to the aforementioned causes, the market in APAC is predicted to expand during the forecast period.

Country	Projected CAGR
U.S	14.6%
U.K	13.8%
China	14.3%
Japan	13.3%
South Korea	12.3%

Category-Wise Analysis

Based on Type, which Segment will lead the Global Sales Engagement Software Market?

As per the analysis, the cloud segment is anticipated to exhibit a CAGR of 14.8% during the forecast period. Development of the segment can be attributed to various benefits offered such as; flexibility, scalability, and better collaboration.

The cloud-based platform offers an integrated way to compile the system and its components with mobile applications and the web and assists organizations in growing their sales performance.

By Application, which Enterprise leads the Sales Engagement Software Market?

Fact.MR reveals that the large enterprise segment is expected to dominate the market and record a CAGR of 14.6% during the forecast period.

Increasing adoption of cloud-based platforms among large enterprises is expected to be the most significant factor in developing the market in assessment time. There has been significant adoption of such software in industry verticals such as; IT & Telecommunication, BFSI, and healthcare.

Competitive Analysis

Players in the market are taking various efforts such as; acquisitions, partnerships, and R&D to strengthen their position in the market. Key developments in the market are:

• In May 2022, P360, a technology developer for the life science industry, announced the launch of its ZING Engagement Suite. It assists pharmaceutical sales teams to engage with healthcare professionals.
• In May 2022, Outreach, the sales execution platform assisting revenue enterprises announced its Outreach Explore ’22 event, the introduction of Outreach Guide, a new revenue intelligence solution designed to assist sellers to enhance deal management.

Key Segments Covered in the Global Sales Engagement Software Market

• Global Sales Engagement Software Market by Application :

  • Sales Engagement Software for Large Enterprises
  • Sales Engagement Software for SMEs

• Global Sales Engagement Software Market by Type :

  • Cloud-Based Sales Engagement Software
  • On-Premises Sales Engagement Software

• Global Sales Engagement Software Market by Region :

  • North America 
  • Europe 
  • Asia Pacific 
  • Middle East & Africa 
  • Latin America