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The product-based sales training market size is forecast to increase by USD 2.45 billion at a CAGR of 6.91% between 2023 and 2028. The market's growth hinges on a multitude of factors, notably the heightened focus on cost-effective training methods, an escalating emphasis on microlearning, and the integration of analytics into training. This paradigm shift reflects the modernization of learning methodologies, where cost efficiency and targeted, bite-sized learning modules are gaining prominence. Organizations are increasingly adopting microlearning as it allows for quick, focused learning sessions that align with the dynamic nature of modern workplaces. Additionally, the strategic utilization of analytics in sales training enables companies to analyze data-driven insights, optimize training content, and personalize learning experiences for employees. This trend towards more efficient and data-driven training approaches underscores the industry's evolution towards innovative and impactful learning solutions that cater to the evolving needs of businesses and learners alike.
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The Market refers to the provision of instructional programs designed to enhance the skills and knowledge of sales professionals in various industries. These training programs incorporate both classroom instruction and online courses, offering a blend of hands-on learning and advanced technology tools. Key areas of focus include data analytics, digital communication skills, and product knowledge. With the increasing importance of technology in sales, artificial intelligence and virtual reality are becoming integral components of these training programs. The future outlook for the Market is promising, as businesses recognize the value and benefits of effective sales teams. Advanced tools and training processes are being deployed to streamline hiring procedures and improve sales effectiveness. The market is witnessing significant growth, driven by the need for sales professionals to stay updated with the latest trends and techniques. Time and money are critical investments for businesses, making it essential to choose training programs that deliver measurable results and a strong return on investment.
The increased emphasis on cost-effective training methods is the key factor driving the global market growth. One of the major factors that spur the growth of the market is the rising emphasis on cost-effective training methods. Corporate organizations are increasingly shifting to online and blended formats 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 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 is a primary trend shaping 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. 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 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 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 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 behavior 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.
The consumer goods segment showed a gradual increase in market share with USD 1.69 billion in 2018. 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 provides personalized training modules to sales personnel. Hence, such factors are fuelling the growth of the segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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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. Hence, such factors are driving the market growth in APAC during the forecast period.
Companies 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.
Aslan Training and Development LLC- The company offers product-based sales training such as inside sales, call center sales and field sales.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Corporate Training Market: Corporate Training Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, UK, Germany, Canada, China - Size and Forecast
Information Technology (IT) Training Market: Information Technology (IT) Training Market Analysis North America, Europe,APAC, South America, Middle East and Africa - US, India, Australia, UK, Germany - Size and Forecast
Corporate Leadership Training Market: Corporate Training Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, UK, Germany, Canada, China - Size and Forecast
Product-based sales training refers to educational programs designed to enhance the skills and knowledge of sales professionals in handling and promoting specific products. These training sessions focus on product features, benefits, and applications to help sales teams effectively engage with customers and close deals. Key opics may include product knowledge, sales techniques, customer needs assessment, and communication skills. Sales teams learn how to identify customer pain points, tailor product solutions, and build strong customer relationships.
Furthermore, it is essential in today's competitive business landscape. With the increasing complexity of products and services, sales teams need to be well-versed in their offerings to provide value to customers and differentiate from competitors. Effective training can lead to increased sales, improved customer satisfaction, and a stronger sales team. Companies invest in various training methods, such as in-person workshops, online courses, and on-the-job coaching, to ensure their sales teams are equipped with the necessary skills and knowledge. This is a crucial component of sales enablement strategies, helping sales teams effectively engage with customers and close deals. By focusing on product knowledge and sales techniques, sales teams can build strong customer relationships and drive business growth.
Moreover, the Market is experiencing significant growth, driven by various factors such as the increasing emphasis on professional development and the widespread adoption of e-learning solutions. Key players in this market include Ace matrix, Action Selling, Carew International, DoubleDigit Sales, Imparta, Integrity Solutions, and ValueSelling Associates, among others. These companies offer comprehensive sales training programs tailored to meet the needs of different industries, including clothing, Bottom line, Deployment, household items, vehicles, parts, insurance, and banking services. With the current market trends favoring online sales and e-commerce platforms, sales training providers are leveraging digital platforms to deliver effective training modules. They are focusing on deploying innovative technologies and cloud-based solutions to enhance sales efficiency, improve learning paths, and facilitate coaching huddles for sales reps. This approach not only boosts employee productivity but also drives product sales by equipping sales teams with the necessary resources and mobile access to achieve organizational goals.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.91% |
Market growth 2024-2028 |
USD 2.45 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.34 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, UK, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, market trends and analysis, market growth and forecasting, Market forecasting, market report, 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 |
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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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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