Every organization could use a little acceleration in the pace of its sales. Increasingly, companies aren’t just hoping for it: they are adding technologies that actively speed up the sales cycle. These include solutions such as gamification products that allow for more “video game-like” interaction with sales software, predictive analytics, sales intelligence and pricing, and quoting tools. In fact, the entire sales acceleration technology market is seeing brisk growth, according to a new study.
According to research commissioned by cloud-based sales solutions provider InsideSales.com (News - Alert), North American companies spent $12.8 billion on sales acceleration technology last year. The report, titled the “2014 Sales Acceleration Technology Market Size Study,” defined the total market size of this emerging sales acceleration category, which the company says bridges the gap between established categories, such as marketing automation and customer relationship management (CRM). This translates to about $2,280 annually per sales representative.
“Major technology categories don't just spring up overnight,” said InsideSales.com CEO David Elkington regarding the study. “They gain momentum over time as a diverse group of niche players converge around a common set of business objectives. We've seen this happen with marketing automation and CRM. Now we're seeing history repeat itself with sales acceleration technology, which includes innovations in sales communications, gamification, predictive analytics, data visualization, sales intelligence, contract, pricing and quoting tools, as well as many others.”
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As companies find themselves competing for valuable sales, they are willing to splash out on technologies that will help their sales teams move through the sales cycle more quickly and effectively, ensuring no steps are left out and that sales personnel are following up on leads in the proper way. For this reason, InsideSales.com says the potential market size for sales acceleration solutions is even larger. The study estimates that North American businesses could spend as much as $6,790 annually per representative on sales acceleration technology by 2017 – making the total addressable market in excess of $30 billion.
“The sales acceleration technology category encompasses a large collection of innovative technologies that do not fit neatly under the umbrella of marketing automation or CRM,” said Mick Hollison, chief marketing officer for InsideSales.com. “By definition, this emerging category is devoted to accelerating sales-enabling companies to turn their leads, prospects and opportunities into paying customers faster than ever before.”