The global sales force automation market was valued at over $7 billion in 2016 and is expected to surpass $11 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on sales force automation for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global sales force automation market during the forecast period. Some of the top vendors listed in this industry analysis include Salesforce.com, Microsoft, Oracle, SAP, and SugarCRM.
In terms of geographical analysis, the Americas are the largest shareholder in the global market, with a market share of around 55%. North America was the key revenue generating country in this region by accounting for almost 48% of the market in the Americas.
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According to Angad Singh, a category specialist at Technavio for research on category spend intelligence, “The vendors in the market are developing applications with a predictive analytics capability which utilizes data mining and machine-learning algorithms to identify potential customers. This tool helps sales team to identify prospective leads by analyzing their behavior and increase their conversion rates. The use of predictive analytics in sales and marketing decisions can improve the MROI by almost 15% to 20% and focuses on potential leads only.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increased need to reduce the length of the sales cycle
The implementation of a sales force automation (SFA) software helps automate most tasks involved in the sales process and thus reducing the average sales cycle by at least 30%. These solutions also help in optimizing the effort spent on the sales and administrative process. Some of these tasks include scheduling a sales appointment, tracking contacts, and updating sales opportunities, thereby reducing the manual effort required. This tool helps the organization turn costs into revenue quicker and in a more efficient way.
Need for data centralization and instant data access
The SFA tools offer improved content access and centralization of data which allow the sales representatives to access data from anywhere and at any time. This software eases operational follow and allows the management to keep track of the sales activities since they have visibility into all the sales data. The availability of centralized data storage offers easy access to the lead details, and product information reduces the time of the sales personnel in looking for information.
Growing importance of sales forecasting
The growing requirement for accuracy of sales forecast has a positive impact on the growth of the market. Precise forecasting help in determining the profit margin and offers the organizations a chance to improve their marketing and sales strategies to increase profits based on the forecasted sales details. The SFA software assists buyers to analyze their past and current sales trends and projects the available opportunities in the pipeline. The adoption of sales forecast will provide the organizations with a clear insight about its future revenues and will enable them to decide the sales strategy to improve the team’s sales performance.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Sales Force Automation Market – Procurement Market Intelligence Report 2017-2021.’
