Rising demand for data enrichment solutions to improve sales conversion is one of the key factors driving market revenue growth
Vancouver, Sept. 21, 2023 (GLOBE NEWSWIRE) — The Sales Intelligence market size was USD 5.60 Billion in 2021 and is expected to register a revenue CAGR of 11% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for data enrichment solutions to improve sales conversion is a major factor driving growth of the global market. Data enrichment enables businesses to maximize their data, which opens up new marketing opportunities, communication channels, and improved customer targeting.
In addition, content optimization tools aid in selection of appropriate topics and use of appropriate keywords in the content. Moreover, content marketing is used by over 90% of firms to communicate with customers and about 4.4 million blog articles are created every day. Furthermore, with so much new content being created every day, there’s a greater danger of content overload. As a result, sales intelligence assists organizations in achieving top rankings for content pieces that they post each day or week, as 70% to 90% of web traffic visits the first page of search results.
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However, high installation cost and maintenance expense is a major factor that is expected to hamper growth of the global market. Budgets and resources are scarce everywhere, but they are extremely scarce for small firms, hence cost of implementing SI is a major concern for small and medium-sized businesses. Exorbitant expenses of purchasing appropriate software deter SMEs, therefore, concerns about costly infrastructure investments required to run SI software add to these deterrents. Additionally, limited resources make finding skilled personnel, such as data scientists, IT infrastructure professionals, and consulting analysts, impossible and stressful. Previously, expensive enterprise SI systems necessitated a large amount of hardware. Setting up these data warehouses and processors impacted expensive IT staff resources, in turn, increasing cost of deployment.
Scope of Research
|Market Size in 2021||USD 5.60 Billion|
|Revenue Forecast to 2032||USD 17.11 Billion|
|Base Year for Estimation||2021|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2022 to 2030|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Component, deployment mode, application, end-use, and region.|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Leadgenius, Duedil, Gryphon Networks, Everstring Technology, Zoho Corporation Pvt. Ltd., Discoverorg, Infogroup.com, Oracle, Clearbit, and Insideview.|
|Customization Scope||10 hours of free customization and expert consultation|
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Major Companies and Competitive Landscape
The sales intelligence market is fairly consolidated with a few small and medium-sized market players accounting for majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Gryphon Networks
- Everstring Technology
- Zoho Corporation Pvt. Ltd.
- In June 8, 2022, Salesforce Connections, the world’s leading CRM platform, unveiled new customer 360 technologies that combine marketing, commerce, and service data on a single platform, allowing businesses to connect, automate, and customize every encounter while establishing trusted connections at scale.
- On January 9, 2020, Orb Intelligence, digital business identification, and firmographic data supplier, was acquired by Dun & Bradstreet. With this acquisition, the company will accelerate its strategy of connecting physical and digital worlds’ leading digital corporate identity and firmographic data provider, as well as deliver enriched firmographic data to consumer profiles to help customers execute campaigns more efficiently.
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Some Key Highlights From the Report
- The software segment is expected to register a steady growth throughout the forecast period due to some advanced features of SI software such as lead management, data management, analytics & reporting, and messaging & alerts. By merging internal and external data, companies can utilize sales intelligence software to increase sales and optimize sales operations.
- The cloud segment is expected to register significant market revenue growth. Sales cloud could aid businesses in improving forecast accuracy, identifying high-risk deals, and increasing closing rates with help of built-in Artificial Intelligence (AI), that suggests which tasks or interactions should be undertaken to improve forecast accuracy.
- The lead management segment is expected to grow considerably due to introduction of new and advanced lead management tools and software to close business deals at an improved rate.
- The IT & telecom segment is expected to register a steady growth owing to widespread use of sales intelligence tools for various applications throughout the IT & telecom sector.
- The North America market is expected to register considerable growth due to increasing usage of sales intelligence solutions in the retail sector in multiple countries across the region.
- On December 16, 2019, WeConvene, the largest investor access platform partnered with RelPro. Through this partnership, WeConvene’s Investor Access platform now has access to RelPro’s global B2B contact and relationship data. For RelPro customers, it also introduced WeConvene Event Management and Marketing Tools.
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Emergen Research has segmented the Sales Intelligence market based on component, deployment mode, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- Deployment Mode Outlook (Revenue, USD Billion; 2019–2030)
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Lead Management
- Analytics & Reporting
- Data Management
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Banking & Finance
- IT & Telecom
- Goods & Retail
- Media & Entertainment
- Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.
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