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The product-based sales training market is estimated to grow at a CAGR of 7.11% between 2022 and 2027 and size of the market is forecast to increase by USD 2385.09 million. Furthermore, the report includes historic market data from 2017 to 2021. This report extensively covers market segmentation by End-user such as consumer goods, BFSI, automotive, and others.
APAC is estimated to contribute 35% to the growth of the global market during the forecast period. The product-based sales training market is poised for rapid growth in the coming years. With the boom in the number of small and medium enterprises (SMEs) and large multinational corporations (MNCs) and cost-effective training, solutions have become increasingly popular. in this region. Driving the growth of key players such as Australia, China, Japan, Singapore, and India, making the future look bright for the industry in the region.
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Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allen Communication Learning Servics - The company offers product-based sales training such as new product knowledge, value selling skills, advanced sales leadership, channel sales enablement, and new sales executive training. Also, this segment offers services by gathering the right information to build training that connects employees with brands. This segment consists of relatable stories and real-life examples of different brands to increase brand consistency and boost brand strength.
Aslan Training and Development LLC- The company offers product-based sales training such as inside sales, call center sales and field sales.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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.
In the Asia Pacific region, the educational industry is characterized by a healthy balance of local and international players, resulting in moderate vendor concentration. The exciting news is that the growth of the market is set to be boosted by a rising number of start-ups and local players entering the scene. A shining example of this trend is CommLab India, a specialist in product knowledge and sales and services training for industries such as retail, fast-moving consumer goods (FMCG), banking and financial services (BFSI), manufacturing, pharmaceuticals, and healthcare. With such dynamic players leading the charge, the future of the educational industry in the region looks bright
Some government organizations in the region support the growth of various end-user segments of the market. For instance, in December 2018, the Government of India articulated its objectives for the development of the automotive industry in the country through the Automotive Mission Plan 2016-2026. Through the plan, the Government of India is focusing on increasing investment by global automotive companies in the country. A rise in investments can increase the production of automobiles, which will necessitate sales training. All these factors will increase the demand for product-based sales training in the region during the forecast period.
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The Asia Pacific region was hit hard by the COVID-19 pandemic in 2020, with devastating effects on trade, investments, and businesses. The temporary workplace closures and supply chain disruptions mandated by some governments forced many enterprises to temporarily suspend operations, while changing demand patterns prompted others to pivot their production processes. As a result, the product-based sales training market in the region experienced a decline in the first half of 2021. However, the good news is that since June 2021, with the decline in COVID-19 cases, increasing vaccination rates, and easing of lockdown measures, there has been a resurgence in consumer demand and investments in businesses. Furthermore, companies in the IT and manufacturing industries have ramped up their hiring efforts, leading to an increase in demand for online product-based sales training. This bodes well for the future growth of the product-based sales training market in the region during the forecast period.
The market share growth by the consumer goods segment will be significant during the forecast period. The market in the consumer goods industry is expected to record phenomenal growth during the forecast period. The consumer goods industry is evolving quickly as many companies work to keep up with the changes in consumer behaviour and preferences, thereby resulting in a rapidly growing consumer base and the need for efficient delivery channels. Consumer goods refer to those goods purchased and used by consumers, including consumer electronics and other non-durable and durable goods, such as furniture and food.
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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 consumer data available, such as consumer purchase patterns and customer tastes and preferences, more companies are using data 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 industry, which focus 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 industry. Furthermore, our report provides a brief analysis of the historical and forecast market share and their segments along with the reasons for growth from 2017 to 2027.
The growth of this segment is primarily attributed to the increasing adoption of Product-based Sales Training, which is driven by an increase in the global demand for the Product-based Sales Training Industry.
The increased emphasis on cost-effective training methods is notably driving the market growth, although factors such as budgetary constraints may impede the market growth. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a decrease in demand for the market during the COVID-19 pandemic, a holistic analysis of drivers will help companies refine marketing strategies to gain a competitive advantage.
The increased emphasis on cost-effective training methods is the key factor driving the global product-based sales training market growth. One of the major factors that spur the growth of the market is the rising emphasis on cost-effective product-based sales training methods. Corporate organizations are increasingly shifting to online and blended formats in product-based sales training owing to their cost-efficiency and other benefits. In addition, corporate organizations are increasingly opting to implement visual-based technologies and simulation-based sales training as these technologies enhance employee participation in product-based sales training.
Online and blended courses are less costly than classroom-based training, as most of the content is provided online. Moreover, these online courses also eliminate other costs, such as travel costs and relocation costs. Online and blended learning sales training programs are comparatively less expensive than full-fledged training programs owing to their flexibility and the increasing adoption of BYOD policies in organizations. Such factors are expected to drive the market in focus during the forecast period.
The growing use of artificial intelligence in training will fuel the global product-based sales training market growth. Due to the abundance of data in the market, AI algorithms can easily identify the purchase patterns of customers and provide insights into the best sales approach that can be used for customer conversion and retention. In terms of product-based sales training, AI can identify employee learning patterns and, through adaptive learning, can create personalized learning paths for individual learning experiences for employees. This, in turn, aids the sales management teams in companies to tailor and adapt the training content as per the needs of each individual sales representative, thereby driving the motivational level of the employees and resulting in higher knowledge retention rates.
Vendors such as People.ai and STRIVR are some of the vendors that offer such AI-based modules for this market. In addition, corporate organizations are entering into collaborations with AI vendors for effective AI training. For instance, ScaleX.ai and Specialized Sales Systems offer a coaching program as a service partner for sales and business development representatives. Also, Corporate Visions offers virtual fluency coaching products. Such innovations and developments are expected to boost market growth during the forecast period.
Budgetary constraints are a major challenge to the global product-based sales training market growth. A major factor that poses a challenge to the market's growth relates to the budgetary constraints faced by companies and organizations for training and development activities. Every organization has a limited budget allotted to training activities. In the case of some SMBs, the funds set aside by the company are so minimal that vendors cannot provide quality sales training to their employees using modern technological advances such as visual technologies and blended learning formats. Moreover, these modern solutions require the organization to make huge investments in purchasing software, systems and solutions, which adds further to the high cost of training.
The setup costs incurred on setting up IT infrastructure and resources to implement sales training are comparatively higher for organizations with limited budgets. Thus, such budgetary constraints and inadequate funding compel companies to compromise on the overall product knowledge and product-based sales training offered to employees, thereby having a negative impact on the growth of the market. This is likely to restrict the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Product-based Sales Training Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Product-based Sales Training Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.11% |
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Market growth 2023-2027 |
USD 2385.09 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
6.1 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 35% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Allen Communication Learning Services, ASLAN Training and Development LLC, 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., and Wilson Learning Worldwide Inc. |
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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 |
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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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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