Global sales intelligence market was valued at USD 3.4 billion in 2021, and it is expected to reach a value of USD 6.54 billion by 2028, at a CAGR of 9.78% over the forecast period (2022–2028).
Westford, USA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Despite the recent economic slowdown, the sales intelligence market is booming. This growth is due to the increase in demand for customer data and insights, as well as the increasing use of AI and automation in sales processes. The report also notes that there is a lot of opportunity for growth in this sector, as companies are looking for ways to improve their sales performance.
Today, businesses are investing more in sales intelligence due to the increasing demand for better customer insights. Sales intelligence can help companies identify whether a lead is worth pursuing, how best to reach a target customer, and which products to promote. With the recent advancements in the global sales intelligence market, the tool can also help companies find sales leads and potential customers. Some tools use artificial intelligence (AI) to analyze large data sets to identify patterns that suggest who might be interested in a product or service. Other tools allow executives to track individual accounts, investigate customer behavior, and forecast future needs.
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Some of the most popular sales intelligence tools include those that focus on social media monitoring, web traffic analysis, and market research. These tools allow sales professionals to track what people are saying about your company or product online, collect data about where potential buyers are visiting on the web, and analyze survey results in order to generate insights about customers' buying habits.
In addition to providing valuable insights into customer behavior, these tools also can be used to improved accountability management in the sales intelligence market. Accountability refers to systems within organizations that hold individuals (and teams) accountable for meeting organization goals. Ineffective accountability systems can lead to failed projects, missed targets, and frustrated employees. By using sales intelligence tools as part of an effective accountability system, companies can ensure that all team members are working collaboratively towards common objectives.
Today's salespeople need access to the same level of information that prospective customers have access to. This means, it has become imperative to companies in the sales intelligence market to invest in both CRM and sales intelligence software if they want their sales teams to have an edge.
SkyQuest Analysis of Sales Intelligence Market: Most Organizations are not Using Tools Effectively
Despite the proliferation of big data, most businesses are still missing the key insights they need to make informed decisions about sales and marketing. This is where sales intelligence comes in. In a world where digital channels are constantly changing and customers are increasingly Shirking their responsibility, companies need to ensure that they're getting the right information at the right time so that marketing and sales can work in tandem to achieve their strategic objectives.
Sales intelligence efforts can take many forms, including customer data analysis, understanding lead conversion processes and scripting of follow-up calls based on customer history.
SkyQuest has also made an observation that most organizations in the global sales intelligence market are not using these tools effectively despite the growing sophistication of sales intelligence (SI) toolsets and the benefits they offer. This lack of adoption is due in part to the complexity and amount of data required for successful SI, but also to a perceived lack of ROI. The fact is that even with today’s sophisticated SI tools, there is no one silver bullet that will magically increase sales. Effective use of SI requires a concerted effort from both the sales team and the data analyst who develops insights from the data.
According to a recent report by SkyQuest on global sales intelligence market, sales intelligence will account for $6.54 billion by 2028 globally. This growth reflects both external pressures—such as increasing competition and advancements in technology—and internal factors such as an increased focus on customer engagement within organizations. In light of these trends, it is essential that businesses develop an effective sales intelligence strategy if they want to stay ahead of their competitors and maximize their potential profits.
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These 5 Trends are Shaping Sales Intelligence Market
1. Predictive modeling: Predictive modeling is becoming increasingly important in sales intelligence. Predictive models help sales teams predict customer behavior and future purchases.
2. Collaborative filtering: Collaborative filtering helps sales teams identify potential customers and customers who are likely to be interested in a particular product or service.
3. Data science and AI: Data science is becoming increasingly important in sales intelligence market. Data scientists use algorithms to analyze data and create predictive models. Organizations are using AI and data analytics to create better customer experience models. This allows them to anticipate customer needs and deliver relevant offers more quickly.
4. Natural language processing: Natural language processing (NLP) is used to process and interpret human communication. NLP can help sales teams understand customer sentiment and feedback.
5. Big data and machine learning: Big data and machine learning are used to exploit the enormous amounts of data that are available today. This data can be used to create predictive models and improve marketing campaigns.
SkyQuest Survey Reveals Nearly 65% Organizations are Making Use of Sales Intelligence Tools
As per recent report by SkyQuest on global sales intelligence market, organizations are using more and more data to support sales leads and revenue. More than two-thirds (68%) of organizations are using some form of marketing data to drive sales decisions, up from 61% in 2020.
Additionally, nearly half (47%) of companies now use customer relationship management (CRM) data for lead qualification and targeting, up from 41% in 2020."Cloud-based solutions continue to be the most widely adopted type of sales data," says Swarnima Aeri analyst at SkyQuest. "This is not just because they are convenient; it's also because they provide an integrated view of a customer across all channels. "Sales intelligence typically includes three main components: lead management, marketing research, and dealmaking. These can be delivered through various technologies including cloud-based tools such as Amazon Web Services (AWS), Microsoft Azure, and Yahoo! Finance Blink. Data captured by these tools is analyzed to help identify which leads should be contacted next and what products or services are likely to be the best fit for them.
In order for sales teams to make better decisions about whom to contact next, they need good historical sales data on each potential customer. However, many companies don't have this kind of data easily accessible due to its complexity or expense. Our study suggests many organizations still struggle with understanding their own market dynamics and how best to response.
Nearly two thirds (65%) of companies in the global sales intelligence market are using at least one type of sales analytics solution. Furthermore, almost half (48%) of respondents say that data from their salespeople is the main source of intelligence used to make decisions about product development and pricing. Interestingly, while 43% of companies use machine learning-based solutions to improve sales performance, just over a third (35%) only use traditional statistical methods. Perhaps unsurprisingly, more senior management (75%) than line management (54%) believes that data from salespeople is the most critical information for making informed decisions.
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Top Players in Global Sales Intelligence Market
Dun & Bradstreet (US)
HG Insights (US)
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