Increase in adoption of advanced solutions for improved customer targeting and demand for content optimization and data enrichment tools drive the growth of the global Sales Intelligence Market. However, variations in industry-specific requirements restrain the market growth. On the other hand, incorporation of AI and ML capabilities to automate pre-sales processes create new opportunities in the coming years.
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Based on component, the software segment accounted for the largest share in 2020, contributing to more than two-thirds of the global sales intelligence market, and is expected to maintain its leadership status during the forecast period. This is due to ability offered to businesses to implement sales plans more effectively and faster than before. However, the services segment is expected to manifest the highest CAGR of 12.4% from 2021 to 2030, owing to ability offered to businesses to handle a large number of customers while maintaining a relatively small sales and support team.
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Based on industry vertical, the IT & Telecom segment held the highest share in 2020, contributing to around one-fourth of the global sales intelligence market, and is expected to maintain its lead in terms of revenue during the forecast period. This is attributed to businesses being able to optimize their customer relationship management (CRM) portals to support sales executives in finalization of a sale by helping them determine solid leads much faster than before. However, the media & entertainment segment is estimated to portray the fastest CAGR of 12.8% from 2021 to 2030, owing to ability provided to effectively profile and target their customers to gain more viewership and widen the scope of their platforms.
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Based on region, North America contributed to the largest share in 2020, accounting for nearly half of the global sales intelligence industry, and is projected to continue its dominant share by 2030. This is attributed to high adoption of sales intelligence solutions across end-user segments such as BFSI, retail, and healthcare and rise in investments in new technologies such as data analytics, big data, and machine learning. However, Asia-Pacific is projected to manifest the largest CAGR of 12.5% during the forecast period, owing to evolving consumer trends in the region and high population density leading businesses toward better sales conversion.
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Covid-19 Scenario
- The Covid-19 pandemic impacted the sales intelligence market positively as there has been increase in investments by different companies in emerging technologies such as AI & machine learning and surge in need for sale intelligence software among enterprises to determine potential customers and tap on growth opportunities.
- Sales intelligence software and services were widely adopted by small and medium-sized enterprises (SMEs) to take strategic decisions, address customer issues on a priority basis, and avail results in real-time.
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