Sales Training and Onboarding Software Market Size (2023 - 2030)

The global Sales Training and Onboarding Software Market is estimated to be worth USD 4.37 Billion in 2022 and is projected to reach a value of USD 8.46 Billion by 2030, growing at a CAGR of 8.6% during the forecast period 2023-2030.

Sales training and onboarding software is devised to assist newly hired salespeople in acquainting themselves with their organization's sales processes and gradually refining their selling skills. When a new sales representative commences employment, sales managers can utilize sales training and onboarding software to provide them with tailored learning paths based on various assessments. As the team member progresses, they can engage in further learning opportunities through short courses, virtual role-playing, and certifications in specific areas of expertise. This software is principally used in sales departments, and administered by managers to foster continuous learning, streamline onboarding, and eliminate the need for printed materials and in-person training. It provides a centralized platform for distributed sales teams to learn, coach, and navigate intricate selling scenarios effectively.

Certain sales training and onboarding tools offer learning materials and video lessons to complement sales enablement software. They integrate with sales coaching software to analyze sales calls and provide feedback for pitch improvement. For structured learning content, these tools may also share features with course authoring software. Sales performance management software assists managers in tracking new hires' progress and identifying skill gaps. Performance analytics tools measure training ROI and content effectiveness. Sales training and onboarding software may integrate with sales gamification software to engage the team, helping in tracking progress and rewarding achievements.

Global Sales Training and Onboarding Software Market Drivers:

The increasing demand for customized, role-based learning software is fueling the growth of the Global Sales Training and Onboarding Software Market.

In a sales organization or team, distinct roles exist, such as SDRs (Sales Development Representatives), AEs (Account Executives), customer success representatives, and sales managers. Each role has specific responsibilities and necessitates targeted sales training. For instance, SDRs may require guidance on crafting effective sales briefs and engaging prospects, while AEs may benefit from development training on objection handling and closing deals. Customer support agents may need additional resources on managing interactions with disgruntled customers. Generic training programs fail to be effective as they don't address individual learning needs. An effective sales training and onboarding platform enables the creation of personalized curricula and resources based on each team member's role, which helps in ensuring tailored learning experiences. Therefore, this factor propels the demand for sales training and onboarding software.

The growing need for bridging skill gaps is another factor contributing to the growth of the Global Sales Training and Onboarding Software Market.

Bridging skill gaps within sales teams is increasingly being recognized as a vital aspect of attaining sales success. Sales Development Representatives who excel in initial outreach may struggle with consistent follow-up, which may lead to missed opportunities. Similarly, Account Executives proficient in objection handling may face challenges in active listening and product knowledge, which may result in lower sales closures. To address these issues, there is an augmenting demand for well-designed sales training and onboarding software that can identify areas for improvement, perform individualized assessments, and offer tailored learning programs. By enhancing the skills of each team member, these platforms propel sales performance and success.

Global Sales Training and Onboarding Software Market Challenges:

The Global Sales Training and Onboarding Software Market is encountering challenges, primarily in terms of data privacy and security. Concerns regarding privacy and data security pose a potential constraint on the utilization of sales training and onboarding software. Regulations regarding data and hosting also pose restrictions. Since many cloud-based services entail third-party involvement, there is a risk of user information being shared with others, presenting a security threat. Thus, these challenges inhibit the growth of the Global Sales Training and Onboarding Software Market.

Global Sales Training and Onboarding Software Market Opportunities:

Industry expansion strategies present a lucrative opportunity in the Global Sales Training and Onboarding Software Market. The demand for sales training and onboarding software is augmenting owing to its advantages, including consistent employee performance, adaptability to changing market conditions, personalized training and feedback, and better employee engagement. Businesses specializing in the development of sales training and onboarding software can attain considerable benefits from this opportunity by expanding their solutions to other industry verticals, encompassing automotive, real estate, and hospitality. By pursuing this expansion, companies can broaden their customer base and drive a notable increase in their overall revenue.

COVID-19 Im pact on the Global Sales Training and Onboarding Software Market:

The COVID-19 pandemic positively impacted the growth of the Global Sales Training and Onboarding Software Market. Starting in early 2021, the sales training and onboarding software industry witnessed considerable growth. This was ascribed to organizations shifting their focus towards amplifying product sales and broadening clientele, taking advantage of eased safety measures implemented by governments. Many companies in diverse sectors reinforced their advertising and marketing efforts to elevate their overall sales and maintain competitiveness. Established associations in sectors like automotive, healthcare, retail & e-commerce, and logistics & transportation organized sales training programs to raise awareness regarding industry-specific products.

Global Sales Training and Onboarding Software Market Recent Developments:

• In April 2023, Imarticus Learning, a professional education firm, completed its third acquisition by acquiring HeroMindmine, the training arm of the Hero Group. This acquisition strives to strengthen Imarticus Learning's presence in B2B training and expand sales training solutions. 
• In December 2022, Mindtickle, a renowned organization specializing in sales enablement and training technology, unveiled a noteworthy affiliation with Tech Mahindra. Through this collaboration, clients will gain access to an integrated platform empowered by technology, which will effectively boost sales performance and effectiveness.
• In August 2021, sales enablement leader Seismic acquired Lessonly, a training and enablement solution, striving to create a comprehensive sales enablement platform. Seismic's Series G funding round has secured USD 170 million. This funding brings Seismic's valuation to USD 3 billion, supporting the expansion of its platform, research, and global reach.

SALES TRAINING AND ONBOARDING SOFTWARE MARKET REPORT COVERAGE:

Global Sales Training and Onboarding Software Market Segmentation:

Global Sales Training and Onboarding Software Market Segmentation: By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

The large enterprise segment held the highest market share in the year 2022. The growth can be ascribed to the rising emphasis of large enterprises on adopting sales training and onboarding software to amplify their growth opportunities. The utilization of sales training and onboarding software enables these enterprises to devise and implement their strategies more efficiently and effectively. This software aids in managing sales performance through goal setting, planning, feedback, skill development, and performance analysis, eventually improving the overall industry statistics.

Global Sales Training and Onboarding Software Market Segmentation: By Deployment Mode

• On-Premises
• Cloud-Based

The cloud-based segment held the highest market share in the year 2022. The growth can be ascribed to the advantages that the cloud-based sales training and onboarding software offers in contrast to the on-premises software, including easy and quick data accessibility, large storage availability, data-sharing capabilities, scalability, and the utmost data security. They firmly store data on remote servers instead of maintaining it on physical data storage devices like hard disks and USB flash drives. They proffer cost savings in contrast to on-site data centers and provide advanced security compared to storing data on personal computers.

Global Sales Training and Onboarding Software Market Segmentation: By End-Use Industry

• Banking, Financial Services, and Insurance (BFSI)
• IT and Telecommunications
• Retail and Digital Services
• Education
• Healthcare
• Others

The retail and digital services segment held the highest market share in the year 2022. The growth can be ascribed to the rising adoption of sales training and onboarding software by retail companies to effectively manage their sales operations and stay competitive in the industry. By implementing sales performance management and training software, retail businesses tend to save valuable time spent on training both new and existing sales employees, while also providing opportunities for career advancement and upskilling.

Global Sales Training and Onboarding Software Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

The region of North America dominated the Global Sales Training and Onboarding Software Market in the year 2022. The growth can be ascribed to the early and vast adoption of cutting-edge technologies like sales training and onboarding software by numerous enterprises to provide effective customized training, improve performance, and drive sales success and the presence of high-established technological infrastructure in nations, such as the United States and Canada Furthermore, North America is home to several prominent market players, including Salesforce, Inc., Mindtickle Inc., Allego Inc., SalesHood Inc., and WorkRamp, Inc.

The region of Asia-Pacific is anticipated to expand at the quickest rate over the forecast period 2023-2030 owing to the growing awareness among managers and employees regarding the importance of sales training and onboarding software, increased corporate investment in digital transformation projects, and the augmenting demand from emerging economies like China and India.

Global Sales Training and Onboarding Software Market Key Players:

1. Salesforce, Inc. (United States)
2. Mindtickle Inc. (United States)
3. Second Nature AI (Israel)
4. Allego, Inc. (United States)
5. SalesHood Inc. (United States)
6. WorkRamp, Inc. (United States)
7. Wonderway GmbH (Germany)
8. Trainual, Inc. (United States)
9. LearnUpon Ltd. (Ireland)
10. Appnovation Technology Solutions Pvt. Ltd. (India)