Many business owners overlook revenue intelligence solutions and prefer doing things the “old-fashioned way. However, its rapid development might mean that revenue intelligence may become an essential part of businesses. So, what is revenue intelligence and just how big is its influence in the market? Read on to find out!
Simply put, revenue intelligence or sales intelligence is a way to improve your sales methods through data. Artificial intelligence and automation allow marketing teams to see what goes on in every step of the revenue lifecycle to give you insights on what you can do to improve each part. This way, you can make sales decisions based on cold, hard data instead of having to rely on intuition and gut feelings.
So, what does revenue intelligence offer for sales professionals? Here are some advantages of a digital go-to-market transformation when you implement a sales intelligence solution.
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One of the most important benefits of implementing a sales intelligence solution is that it allows your management and sales team to make better decisions and increase market revenues. Gone are the days when revenue professionals had to depend on opinions. With sales intelligence software, all your decisions will be backed by a single source of truth and up-to-date insights.
If you’re selling multiple products or services, sales intelligence software can forecast which products or services are most likely to make you money. This way, you can concentrate support on your highest-earning offerings and improve revenue growth.
Not sure if a revenue intelligence tool is what you need for your business? If you’ve ever found yourself
There are several segments in the sales intelligence market based on what parts of the business the corporate solution optimizes. In general, you can categorize revenue intelligence solutions into three technology categories:
The sales intelligence software market is highly dynamic and fast-moving. Data shows that venture capital funding for revenue intelligence providers jumped from $321 million to $952 between 2020 and 2021. Major players in the industry are also doing numerous acquisitions to gain even more staying power in the sales intelligence software market.
In 2019, the global sales intelligence market size was valued at $2.29 billion. However, this number will continue to increase – in fact, it’s expected to grow at an estimated 10.5% annual growth rate between 2020 and 2027. This large market size and substantial growth come from its impact on the sales industry as well as the increased adoption of sales intelligence.
Like in many other industries, there are several key players in the sales intelligence software business jockeying for position and market share. These key players will perform mergers, acquire other companies, and take other strategic initiatives to ensure their place and take the largest revenue share in this competitive landscape.
Some of these key players include:
Grandview’s 2019 report stated that most of the sales intelligence market is concentrated in North America with a 45% market share. This is likely thanks to companies starting to widely adopt AI and machine learning, increasing the demand for sales intelligence vendors.
Why is sales intelligence software important? These data points should explain why more and more companies are seeking sales intelligence software solutions:
The pandemic and subsequent shutdowns and restrictions have changed how many businesses offer goods and services. With a new way of doing business, there also needs to be an advancement in technology used to measure the efficacy of sales methods.
This need for more accountability across sales teams and better sales cycle monitoring is a net positive for the sales intelligence market. Many revenue intelligence solution providers have seen accelerated growth since the onset of the pandemic.
Allied Market Research reports that in 2020, the sales intelligence market was valued at $2.78 billion. With the pandemic requiring more and more businesses to adopt AI and machine learning solutions, the market continues to experience substantial growth. In fact, this industry is expected to reach $7.35 billion in 2030, almost triple 2020’s market value.
With its increased adoption in companies thanks to a post-pandemic market landscape, the revenue intelligence market is experiencing rapid growth. If this trend continues, expect to see more leaps and bounds taken by the revenue intelligence industry in the future.
Looking to implement revenue intelligence solutions at your company? People.ai is here to help. Book a demo today and see how we can help you improve your revenue cycle!
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