Global Sales Engagement Software Market Overview
The Sales Engagement Software Market Size was estimated at 13.32 (USD Billion) in 2022. The Sales Engagement Software Market Industry is expected to grow from 17.9(USD Billion) in 2023 to 256.75 (USD Billion) by 2032. The Sales Engagement Software Market CAGR (growth rate) is expected to be around 34.44% during the forecast period (2024 - 2032).
Key Sales Engagement Software Market Trends Highlighted
Sales engagement software is leveraging AI to automate repetitive tasks, freeing up sales teams to focus on high-value activities like customer engagement. These platforms are enabling businesses to personalize customer interactions across multiple channels, improving engagement and conversion rates. Integration with other business applications like CRM and marketing automation tools is becoming increasingly important, allowing seamless data flow and enhanced sales workflows.
Sales teams are increasingly working on the go, necessitating mobile-optimized sales engagement software that provides easy access to customer data and communication tools.Advanced analytics capabilities provide sales managers with valuable insights into team performance, customer behavior, and sales pipelines, enabling data-driven decision-making.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sales Engagement Software Market Drivers
Increased Need for Sales Automation and Efficiency
The implementation of sales processes to optimize sales performance and sales engagements drives the demand for sales engagement software. Sales engagement software supports activities such as lead generation and qualification, contact management, email marketing, sales forecasting, and others. One of the key features of the software is the automation of various sales tasks, which facilitates the work of sales teams and allows them to focus on more strategic tasks.Furthermore, the software allows businesses to enhance their understanding of the needs and preferences of their customers, which will help the companies to apply the relevant sales strategies. The rising demand for the product emerged from the ability of sales engagement software to streamline the sales process and increase sales team productivity and customer engagement.
Rising Adoption of Cloud-Based Sales Engagement Software
A notable factor that has enabled the growth of the sales engagement software market is the increasing adoption of cloud-based solutions. The adoption of cloud-based sales engagement software has been facilitated by the several advantages that are associated with such solutions. For instance, cloud-based sales engagement solutions are easy to deploy, as businesses can start using them after signing up. Furthermore, cloud-based sales engagement software is also advantageous in that it can be scaled with ease to support growing business operations.Another advantage of cloud-based solutions is that businesses are not required to purchase hardware or IT infrastructure to implement them. In addition, cloud-based sales engagement software enables users to access their sales data and information from any location, provided there is an internet connection. The increasing application of cloud-based sales engagement software is expected to remain influential in the growth of the market in the years to come.
Growing Demand for Personalized Customer Engagement
The demand for sales engagement software will be fuelled by the need for businesses to provide unique and personalized customer experiences. Sales engagement software has several functionalities that enable businesses to deliver personalized and unique customer experiences, such as lead-scoring features and the segmentation of customers into discrete groups. Workflows are also automated, promoting tailored product updates and follow-ups. Timely and personalized communications, therefore, contribute to enhanced customer satisfaction and loyalty.The role of sales engagement software will increase such that it will expand the market in the future.
Sales Engagement Software Market Segment Insights
Sales Engagement Software Market Deployment Model Insights
The Global Sales Engagement Software Market is segmented based on deployment model- cloud, on-premises, and hybrid. The cloud segment is projected to hold the largest market share in the upcoming years due to the increasing adoption of cloud-based solutions by businesses of all sizes. The cloud-based deployment offers several benefits, such as scalability, flexibility, and cost-effectiveness. The on-premises segment is projected to demonstrate a stable growth rate in the near future period. On-premises deployment enables businesses to have more control over their data and applications.The hybrid segment is also projected to demonstrate a significant growth rate- the hybrid deployment offers the benefits of cloud and on-premises deployment. This growth is attributed to the ever-increasing adoption of sales engagement software by businesses to enhance the productivity and performance of their sales.
Sales engagement software enables businesses to automate their sales processes and sales activities, track customer interactions, and manage their sales pipelines with ease. It can also be integrated with other applications such as business management, CRM, and ERP systems.The Global Sales Engagement Software Market key players are Salesforce, Microsoft, Oracle, SAP, and Adobe. These companies offer a broad range of sales engagement software solutions to meet the needs of businesses of all sizes, and the market is also currently witnessing the emergence of numerous new players who are offering innovative and affordable solutions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sales Engagement Software Market Organization Size Insights
The Global Sales Engagement Software Market segmentation based on Organization Size offers valuable insights into the market dynamics. The market is primarily categorized into Small and Medium-Sized Enterprises (SMEs) and Large Enterprises. SMEs, with limited resources and smaller sales teams, are expected to drive significant growth in the market. They seek cost-effective solutions to streamline their sales processes and boost productivity. In 2024, the SME segment is projected to account for approximately 45% of the Global Sales Engagement Software Market revenue.On the other hand, large enterprises with complex sales cycles and global operations are also embracing sales engagement software to enhance collaboration, improve customer engagement, and optimize sales performance. Their focus on advanced features and integration with other business systems is expected to contribute to the growth of the large enterprise segment, which is estimated to hold a substantial market share in the coming years.
Sales Engagement Software Market Industry Vertical Insights
The Global Sales Engagement Software Market is segmented by Industry Vertical, and within this segment, key verticals include IT and Telecom, Healthcare and Life Sciences, Manufacturing, Retail, and Financial Services. The IT and Telecom vertical held the largest market share in 2023, owing to the increasing adoption of sales engagement software by technology companies to improve customer engagement and sales productivity. The Healthcare and Life Sciences vertical is also expected to witness significant growth due to the rising demand for patient relationship management and customer engagement solutions.The Manufacturing vertical is another key segment, driven by the need for efficient sales force automation and lead management. The Retail vertical is expected to grow at a steady pace as retailers seek to improve customer experience and boost sales conversion rates. The Financial Services vertical is also witnessing increasing adoption of sales engagement software as financial institutions look to enhance customer relationships and streamline sales processes.
Sales Engagement Software Market Functionality Insights
The Functionality segment plays a critical role in shaping the Global Sales Engagement Software Market landscape. Lead Management emerged as the dominant functionality, accounting for a revenue share of 34% in 2023 and projected to reach 42% by 2032. The rising demand for efficient lead tracking, qualification, and nurturing drives the growth of this segment. Contact Management follows closely, holding a 28% revenue share in 2023 and anticipated to reach 32% by 2032. This functionality streamlines contact organization, segmentation, and communication, enhancing sales productivity.Email Marketing stands out with a 15% revenue share in 2023, driven by the increasing adoption of automated email campaigns and personalized messaging. Social Media Integration, with a 12% revenue share in 2023, allows businesses to leverage social media channels for lead generation and relationship building. Analytics and Reporting, capturing a 10% revenue share in 2023, empower sales teams with data-driven insights to optimize their strategies and improve performance.
Sales Engagement Software Market Regional Insights
The Global Sales Engagement Software Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional segment, accounting for over 40% of the global market in 2023. Europe is the second-largest segment, followed by APAC, South America, and MEA. The APAC region is expected to experience the highest growth rate over the forecast period, driven by the increasing adoption of sales engagement software by businesses in the region. The growing adoption of cloud-based sales engagement solutions is also contributing to the growth of the market in APAC.The growth of the market is attributed to the increasing adoption of sales engagement software by businesses of all sizes to improve their sales performance. Sales engagement software helps businesses automate their sales processes, track customer interactions, and manage their sales pipelines, which can lead to increased sales and improved profitability.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Sales Engagement Software Market Key Players And Competitive Insights
Major players in the Sales Engagement Software Market industry are constantly innovating and introducing new features to stay ahead of the competition. They are also focusing on building strategic partnerships and acquisitions to expand their market reach and enhance their product offerings. Leading Sales Engagement Software Market players are investing heavily in research and development to improve the functionality and user experience of their software. They are also investing in marketing and advertising campaigns to increase brand awareness and generate leads.Salesforce is a leading provider of cloud-based sales engagement software. The company has a wide range of products and services that help businesses manage their sales pipelines, track customer interactions, and close deals. Salesforce has a strong global presence and a large customer base.Another leading player in the Sales Engagement Software Market is HubSpot. The company offers a suite of marketing, sales, and customer service software tools. HubSpot's software is designed to help businesses attract, engage, and close customers. The company has a strong focus on inbound marketing and provides a variety of resources to help businesses generate leads and grow their customer base.
Key Companies in the Sales Engagement Software Market Include
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XANT
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Allegro
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Seismic
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SalesLoft
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Chorus.ai
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MindTickle
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Clari
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Gong
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Outreach
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HubSpot
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Salesforce
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PandaDoc
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Zoho
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Highspot
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Sales Assembly
Sales Engagement Software Market Industry Developments
The Sales Engagement Software Market is projected to grow from USD 17.9 billion in 2023 to USD 256.75 billion by 2032, exhibiting a CAGR of 34.44% during the forecast period. The increasing adoption of cloud-based solutions and the growing need for personalized customer engagement are driving the market's growth.Recent news developments in the market include:- In February 2023, Salesforce launched Sales Cloud Einstein, an AI-powered sales engagement platform that provides personalized recommendations and insights to sales teams.- In January 2023, Microsoft announced the integration of LinkedIn Sales Navigator with Dynamics 365 Sales, enabling sales teams to access social insights and build stronger relationships with prospects.- In December 2022, SAP acquired Emarsys, a leading provider of omnichannel customer engagement solutions, to enhance its customer experience offerings.These developments indicate the growing importance of AI, personalization, and omnichannel engagement in the Sales Engagement Software market.
Sales Engagement Software Market Segmentation Insights
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.32(USD Billion) |
| Market Size 2023 |
17.9(USD Billion) |
| Market Size 2032 |
256.75(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
34.44% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2022 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
XANT, Allego, Seismic, Salesloft, Chorus.ai, MindTickle, Clari, Gong, Outreach, HubSpot, Salesforce, PandaDoc, Zoho, Highspot, Sales Assembly |
| Segments Covered |
Deployment Model, Organization Size, Industry Vertical, Functionality, Regional |
| Key Market Opportunities |
1 Data-driven insights for improved decision-making2 Streamlined workflows and increased productivity3 Integration with CRM platforms for better data management4 Improved ROI through analytics and reporting5 Enhanced customer engagement and satisfaction |
| Key Market Dynamics |
Increased adoption of cloud-based solutions Growing need for improved sales productivity AI-powered automation emergence of low-code and no-code platforms Expanding demand from small and medium-sized businesses |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Sales Engagement Software Market was expected to reach a valuation of 17.9 Billion USD in 2023.
The Global Sales Engagement Software Market is expected to reach a valuation of 256.75 Billion USD in 2032.
The Global Sales Engagement Software Market is expected to register a CAGR of 34.44% from 2024 to 2032.
North America is expected to hold the largest market share in the Global Sales Engagement Software Market in 2023.
Asia-Pacific is expected to grow at the highest CAGR in the Global Sales Engagement Software Market from 2024 to 2032.
Key applications of Sales Engagement Software include lead generation, lead qualification, contact management, opportunity management, and sales forecasting.
Key competitors in the Global Sales Engagement Software Market include Salesforce, Microsoft, Oracle, SAP, and HubSpot.
Key growth drivers of the Global Sales Engagement Software Market include the increasing adoption of cloud-based solutions, the growing need for improved sales productivity, and the increasing demand for data-driven insights.
Key challenges faced by the Global Sales Engagement Software Market include the high cost of implementation, the lack of skilled professionals, and the integration challenges with legacy systems.
Key trends in the Global Sales Engagement Software Market include the adoption of AI and machine learning, the integration of social media, and the emergence of mobile-first solutions.
