Product-based Sales Training Market by End-user, Learning Method, and Geography - Forecast and Analysis 2020-2024

  • Published: Jun 2020
  • Pages: 120
  • SKU: IRTNTR40439
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The product-based sales training market size has the potential to grow by $ 4.21 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period because of the steady increase in the year-over-year growth.

This report provides a detailed analysis of the market by end-user (consumer goods, automotive, BFSI, and others), learning method (blended training, online training, and ILT), and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Allen Communication Learning Services, ASLAN Training & Development LLC, Brainshark Inc., Corporate Visions Inc., DoubleDigit Sales Inc., GP Strategies Corp., Korn Ferry, RAIN Group, Sandler Systems Inc., and The Brooks Group.

What will be the Product-based Sales Training Market Size in 2020?

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Who are the Major Product-based Sales Training Vendors?

The market is fragmented with the presence of large international and small domestic players. GP Strategies Corp., Korn Ferry, RAIN Group, Sandler Systems Inc., and The Brooks Group are some of the major market participants. Although the growing emphasis on microlearning will offer immense growth opportunities, lower retention rates will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this product-based sales training market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this product-based sales training market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Allen Communication Learning Services
  • ASLAN Training & Development LLC
  • Brainshark Inc.
  • Corporate Visions, Inc.
  • DoubleDigit Sales, Inc.
  • GP Strategies Corp.
  • Korn Ferry
  • RAIN Group
  • Sandler Systems Inc.
  • The Brooks Group

Which are the Key Markets for Product-based Sales Training?

product-based-sales-training-market-share-by-region

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APAC will offer several growth opportunities to market vendors during the forecast period. The rise in the number of SMBs and MNCs and the increased adoption of cost-effective training will significantly influence the growth of the product-based sales training market share of this region.

32% of the market’s growth will originate from APAC during the forecast period. Australia is one of the key markets for product-based sales training in APAC. Market growth in this region will be faster than the growth of the market in other regions.

What are the Major End-user Segments in the Product-based Sales Training Market?

product-based-sales-training-market-share-by-distribution-channel

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The consumer goods sector is evolving quickly as many companies work to keep up with the changes in consumer behavior and preferences, thereby resulting in a rapidly growing consumer base and the need for efficient delivery channels. Moreover, with the increase in volume of consumer data, such as consumer purchase patterns along with the customers’ preference, more companies are using analytics and AI to provide actionable insights on sales training.

Market growth in this segment will be slower than the growth of the market in the automotive and BFSI segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the product-based sales training market size.

How will Microlearning Influence Product-based Sales Training Market Growth?

The concept of microlearning enables organizations and vendors to offer training in bite-sized formats. Microlearning or bite-sized learning allows sales representatives to engage in just-in-time training in certain specific skills or content, thus providing them with the right product knowledge at the right time. Moreover, the increasing competition among corporates, along with evolving business needs, has led to the need for MNCs and SMBs to introduce new products frequently. Additionally, microlearning courses can be easily accessed through mobile devices, thereby resulting in flexible learning as well as better accessibility. The engaging assessments in microlearning enable managers to have real-time access to the training results and to plan subsequent training programs, thereby reducing the time taken for training. The growing emphasis on microlearning will significantly influence the growth of the market.

  • Business analytical tools and techniques aid in making informed decisions with respect to customer identification and the type of training to be provided.
  • Analytics is used in product-based sales training, one of the key product-based sales training market trends, as it can be applied to four primary sales fields such as lead generation, talent, and people management, maximizing customer lifetime value, and dynamic pricing.
  • Large organizations are increasingly using analytical tools to improve the accuracy of lead generation and the automation of presales processes.
  • Managers are also choosing analytics to track the progress of their employees and provide personalized learning paths to the learner, thereby increasing their productivity.
  • Sales analytics and training analytics are increasingly being used by various companies to enhance their sales training programs.
  • Various vendors such as Brainshark and Cornerstone OnDemand offer training and sales analytical platforms that help organizations improve the overall effectiveness of this training.
  • During 2020-2024, the market will grow at a CAGR of almost 12%.

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What are the Key Factors Covered in this Product-based Sales Training Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive product-based sales training market growth during the next five years
  • Precise estimation of the product-based sales training market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the product-based sales training industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of product-based sales training market vendors

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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.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The product-based sales training market growth will increase by $3694.28 million during 2019-2024.
The product-based sales training market is expected to grow at a CAGR of 11.74% during 2019-2024.
Technavio has segmented the product-based sales training market by end user (Consumer goods, Automotive, BFSI, and Others) ,other1 (Blended training, Online training, and ILT) , and geographic (North America, APAC, Europe, South America, and MEA).
Allen Communication Learning Services, ASLAN Training & Development LLC, Brainshark Inc., Corporate Visions Inc., DoubleDigit Sales Inc., GP Strategies Corp., Korn Ferry, RAIN Group, Sandler Systems Inc., The Brooks Group are a few of the key vendors in the product-based sales training market.
APAC will register the highest growth rate of 31.89% among the other regions. Therefore, the product-based sales training market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the product-based sales training market growth are:
  • Increased emphasis on cost-effective training methods
The product-based sales training market vendors should focus on grabbing business opportunities from the consumer goods segment as it accounted for the largest market share in the base year.
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