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The product-based sales training market size is forecast to increase by USD 2,385.09 million between 2022 and 2027. The report covers Product-based Sales Training Market industry forecast and is segmented into End-user encompassing consumer goods, bfsi, automotive, and others and Geography encompassing APAC, North America, Europe, South America, and Middle East and Africa. The market size, historical market size (2017-2021), and forecasts are provided on the basis of value (USD million) for all the above segments.
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The market size for the Product-based Sales Training Market is projected to experience a CAGR of 7.11% between 2023 to 2027 with a Year-over-year (YoY) growth of 6.1%.
In 2020, the COVID-19 pandemic severely impacted the Asia-Pacific (APAC) region, disrupting trade, investments, and business operations. Workplace closures and supply chain issues forced many companies to pause or alter their production methods due to shifting demand. Consequently, the product-based sales training market in the region faced challenges in the first half of 2021. However, as of June 2021, a decline in COVID-19 cases, increased vaccination rates, and eased lockdown measures led to a gradual recovery in consumer demand and business investments. Sectors like IT and manufacturing expanded their workforces, driving the need for online product-based sales training and projecting market growth in the forecast period.
Increased emphasis on cost-effective training methods is a key factor driving the market growth. The market is growing due to the increased emphasis on cost-effective product-based sales training methods. Businesses are favoring online and blended formats for their affordability. Visual-based technologies and simulation-based training are gaining traction for boosting employee engagement.
Online and blended courses are cost-effective, eliminating travel and relocation expenses. They provide extended support and coordination for geographically dispersed teams, offering a centralized training model. With their flexibility and the rise of BYOD policies, these programs are more budget-friendly than traditional options, driving market growth in the forecast period.
Consumer Goods is the Fastest Growing Segment to Dominate the Market
The consumer goods segment showed a gradual increase in market share with USD 1,651.85 million in 2017 and continued to grow by 2021. With the increase in the volumes of available consumer data, such as consumer purchase patterns along with the customer's tastes and preferences, more companies are using analytics and AI to provide actionable insights on sales training, which provide personalized training modules to sales personnel. There are many vendors operating in the consumer goods sector with an emphasis on sales training and leadership training. In addition to these, employee retention and safety training are some of the major concerns related to the consumer goods sector. Such factors are driving the market growth.
Product-based Sales Training Market - Revenue Share by Consumer Goods Segment, 2017-2027
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APAC Holds a Prominent Position in the Product-based Sales Training Market
APAC is estimated to contribute 35% to the growth of the global market during the forecast period. The product-based sales training market in APAC is expected to record rapid growth during the forecast period. The major factors driving the growth of the market in the region include the rise in the number of small and medium businesses (SMBs) and multinational corporations (MNCs) and the increased adoption of cost-effective training. The major countries contributing to the growth of the market include Australia, China, Japan, Singapore, and India. The comprehensive IT infrastructure and robust Internet services available in advanced or mature markets such as Australia, Singapore, and Japan are likely to encourage companies and organizations to implement blended and online product knowledge training sessions for their sales professionals.
Product-based Sales Training Market Size, By Region, Global, 2017-2027
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The Product-based Sales Training Market is fragmented in nature. Some significant players include Brainshark Inc., CommLab India LLP, Cornerstone OnDemand Inc., Corporate Visions Inc.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
GMetri Inc., HubSpot Inc., Korn Ferry, Learning Technologies Group Plc, Meirc Training and Consulting LTD., RAIN Group, Richardson Sales Performance, Sales Training America Inc., SalesHood Inc., Sandler Systems Inc., Specialized Sales Systems, The Brooks Group, VirtualSpeech Ltd., Wilson Learning Worldwide Inc., Allen Communication Learning Services, and ASLAN Training and Development LLC
The product-based sales training market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2021.
Product-based Sales Training Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.11% |
Market growth 2023-2027 |
USD 2385.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.1 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, Japan, UK, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Brainshark Inc., CommLab India LLP, Cornerstone OnDemand Inc., Corporate Visions Inc., GMetri Inc., HubSpot Inc., Korn Ferry, Learning Technologies Group Plc, Meirc Training and Consulting LTD., RAIN Group, Richardson Sales Performance, Sales Training America Inc., SalesHood Inc., Sandler Systems Inc., Specialized Sales Systems, The Brooks Group, VirtualSpeech Ltd., Wilson Learning Worldwide Inc., Allen Communication Learning Services, and ASLAN Training and Development LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Learning Method
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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