The sales analytics software market is poised for significant growth over the forecast period. This expansion is driven by the increasing demand for cloud-based solutions among small and medium-sized businesses. The market is projected to grow from $5.05 billion in 2024 to $11.39 billion by 2031, reflecting a compound annual growth rate (CAGR) of 12.30%. Several emerging trends, such as social media and text analytics, along with a growing need for insights to aid business planning, are expected to provide ample opportunities for market expansion.
The availability of vast amounts of data and the accessibility of low-cost data center services from cloud vendors have reduced the upfront investment costs for small and medium-sized enterprises. This has lowered the market entry barriers, leading to increased adoption of cloud-based sales analytics software among SMEs. These businesses are increasingly leveraging sales analytics to gain deeper insights and improve operational efficiency. The competitive advantages and revenue growth facilitated by these solutions have driven substantial investments in cloud-based sales analytics software by SMEs.
The ability of sales analytics software to enhance decision-making speed and provide a competitive edge by timely data analysis and action has driven market expansion. The demand for sales analytics software has also increased due to its benefits, such as easy access to critical business metrics, valuable insights into customer behavior, increased revenue, and improved productivity.
Moreover, businesses utilize sales analytics for real-time forecasting and monitoring of various events that might impact organizational performance. The solution's ability to mitigate risks by optimizing complex decisions regarding unforeseen events like cyber-attacks and other crises propels the sales analytics software market forward.
Key drivers of the market include the increasing trend of social media channels, the need for accurate ROI calculation on online marketing efforts, and the necessity of understanding customer behavior. The substantial investment by companies globally in marketing analytics to maximize their Marketing Return on Investment (MROI) and gain a competitive edge is also driving market growth. Furthermore, the need for traffic analysis on specific online marketing channels is contributing to market expansion.
The research provides a comprehensive competitive analysis of top competitors in the market, including company biographies, recent developments, and significant market strategies. It highlights how competitors are leveraging market opportunities.
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Factors Impelling Sales Analytics Software Sales
The surge in adoption of sales analytics software across various organizations, coupled with the rising demand for cloud-based solutions among SMEs, is propelling the market forward. The increased awareness of the numerous benefits offered by sales analytics solutions and the rapid digital transformation of enterprises worldwide further fuel market growth. Additionally, the trend towards social media and text analytics, combined with the need for business insights, is anticipated to open up new opportunities for market expansion.The availability of vast amounts of data and the accessibility of low-cost data center services from cloud vendors have reduced the upfront investment costs for small and medium-sized enterprises. This has lowered the market entry barriers, leading to increased adoption of cloud-based sales analytics software among SMEs. These businesses are increasingly leveraging sales analytics to gain deeper insights and improve operational efficiency. The competitive advantages and revenue growth facilitated by these solutions have driven substantial investments in cloud-based sales analytics software by SMEs.
Lucrative Opportunities for the Sales Analytics Software Market
Organizations can consolidate their data on a single platform using cloud-based sales analytics, ensuring consistent information across all devices while reducing investment costs in multiple sources for each device. This data can be accessed anywhere and at any time. Various end-users, including banking, financial services, insurance (BFSI), retail, healthcare, manufacturing, telecommunications & IT, and media & entertainment, have rapidly adopted cloud-based sales analytics, boosting the market's global growth.The ability of sales analytics software to enhance decision-making speed and provide a competitive edge by timely data analysis and action has driven market expansion. The demand for sales analytics software has also increased due to its benefits, such as easy access to critical business metrics, valuable insights into customer behavior, increased revenue, and improved productivity.
Moreover, businesses utilize sales analytics for real-time forecasting and monitoring of various events that might impact organizational performance. The solution's ability to mitigate risks by optimizing complex decisions regarding unforeseen events like cyber-attacks and other crises propels the sales analytics software market forward.
Challenges Facing the Sales Analytics Software Market
Despite its numerous features, including deeper win insights and better sales targeting efficiency, the sales analytics software market faces certain restraints. High implementation costs and the easy availability of open-source solutions are among the factors hindering market growth. Additionally, a major challenge for vendors is creating awareness about the software and its features among potential customers. The lack of a skilled workforce is another significant concern expected to impede market growth during the forecast period.Key drivers of the market include the increasing trend of social media channels, the need for accurate ROI calculation on online marketing efforts, and the necessity of understanding customer behavior. The substantial investment by companies globally in marketing analytics to maximize their Marketing Return on Investment (MROI) and gain a competitive edge is also driving market growth. Furthermore, the need for traffic analysis on specific online marketing channels is contributing to market expansion.
Segmentation Outlook for the Sales Analytics Software Market
Social Media Marketing as a Primary Application Area
Social media marketing is expected to be the leading application area in the sales analytics software market, with a significant growth rate during the forecast period. Social media analytics tools, such as Brandwatch, track and analyze data from numerous sources, including blogs, forums, and review sites, as well as social networks. These tools provide the data needed to evaluate social media marketing strategies on both macro and micro levels.Cloud-Based Sales Analytics Software Deployment
The cloud segment is anticipated to grow at the highest rate within the sales analytics software market. Cloud-based deployment offers better flexibility, a high degree of security, and control, along with being a cost-effective solution. The cloud deployment facilitates businesses in achieving cross-channel communication with customers, enabling information dissemination via emails, text messages, push alerts, in-app, and web notifications, as well as on-site warnings. It also supports sharing online and offline reviews and feedback reports with customers.Regional Insights
North America: A Growth Hotspot
North America is expected to dominate the market, holding the highest market share during the analysis period. This dominance can be attributed to the high usage of social media and the availability of high-speed internet services in the region. The significant e-commerce ecosystem in North America provides marketers with opportunities to analyze data generated by e-commerce sales, offering insights into customer buying preferences and aiding in designing efficient marketing strategies.Asia Pacific: Significant Gains Expected
The Asia Pacific region is also expected to account for a substantial revenue share during the forecast period. This growth is driven by the vital AI development hubs in countries such as Singapore, Vietnam, and Malaysia. The emergence of new startups offering AI-enabled analytics services further drives the regional market. Additionally, the rapid implementation of digital government initiatives in countries like Singapore, China, and Japan has led to the emergence of numerous startups providing analytics and other advanced technology services, boosting regional market growth.Competitive Analysis
The sales analytics software market is highly competitive, with key players including GoodData, InsightSquared, Datapine, Looker, Alteryx, Oracle, Aviso, Sisense, Cien, Brandwise, CallidusCloud, SalesChoice, Collective[i], and Salesforce, among others. To strengthen their positions, organizations are focusing on industry collaborations, mergers & acquisitions, and partnerships.The research provides a comprehensive competitive analysis of top competitors in the market, including company biographies, recent developments, and significant market strategies. It highlights how competitors are leveraging market opportunities.
- In March 2022, GoodData released dashboard plugins that enable enhanced customization capabilities for dashboards without requiring GoodData support. This feature allows customers to personalize their experience and achieve success tailored to their needs.
- In June 2021, InsightSquared introduced the InsightSquared Platform for Bullhorn, a modern activity reporting and dashboarding solution that helps recruiting firms gain a competitive advantage through data-driven insights. The platform allows firms to go beyond traditional reporting to understand which activities lead to successful placements and why.
- In December 2021, Aviso AI launched the industry's first revenue intelligence-focused Value Estimation Calculator for AI sales platforms. This tool helps companies quantify the value of an integrated revenue intelligence approach to their business, aiding commercial sales leaders, CROs, and productivity leaders in demanding more value from their sales AI investments.
Market Segmentation
By Application
- Social Media Marketing
- E-mail Marketing
- Search Engine Marketing
- Content Marketing
- Other Applications
By Deployment
- On-Premise
- Cloud
By Organization Size
- SMEs
- Large Enterprises
By Industry Vertical
- Retail
- Consumer Goods
- Industrial Use
- BFSI
- Media & Communication
- Healthcare
- Other Industry Verticals
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Table of Contents
1. Executive Summary
2. Market Overview
3. Global Sales Analytics Software Market Outlook, 2019 - 2031
4. North America Sales Analytics Software Market Outlook, 2019 - 2031
5. Europe Sales Analytics Software Market Outlook, 2019 - 2031
6. Asia Pacific Sales Analytics Software Market Outlook, 2019 - 2031
7. Latin America Sales Analytics Software Market Outlook, 2019 - 2031
8. Middle East & Africa Sales Analytics Software Market Outlook, 2019 - 2031
9. Competitive Landscape
10. Appendix
Companies Mentioned
- Accenture
- Adobe Inc.
- Google Inc.
- Funnel
- IBM Corporation
- Oracle Corporation
- Salesforce
- SAS Institute Inc.
- Tableau Software LLC
- Teradata Corporation
Methodology
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