Examining The Revenue Intelligence Market Size
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!
What Is Revenue Intelligence?
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.
What Is The Value Proposition Of Revenue Intelligence?
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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Improve Decision-Making Processes
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.
Help Your Team Prioritize Better
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.
How Is The Revenue Intelligence Market Segmented?
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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:
- Engagement and customer relationship management optimization: This segment of the sales intelligence market helps you drive conversion, growth, and customer success by improving how your business engages with people.
- Revenue operations and forecast optimization: As the name implies, forecast optimization helps sales team leaders make better management and sales decisions by providing sales forecasts through predictive analytics.
- Sales analytics and optimization: This segment offers a more holistic view of your revenue cycle, analyzing the overall performance of all revenue processes across functions and teams. You can then use the insights gained to improve consistency as well as refine sales strategies.
How Dynamic Is The Revenue Intelligence Market?
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.
Revenue Intelligence Market Size
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.
Key Companies & Market Share Insights
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:
- LinkedIn Corporation
- Zoho Corporation
- Zoom Information
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.
Revenue Intelligence Statistics
Why is sales intelligence software important? These data points should explain why more and more companies are seeking sales intelligence software solutions:
- 48% of marketers make most of their decisions without accurate insights from data, and 22% of them don’t think data management is worth it.
- 44% of data engineers do not have the data needed to create good decisions.
- 42% of marketers say that a lack of good data from customer interactions is one of their top internal pain points.
COVID-19 Impact On The Revenue Intelligence Market
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.
Global Revenue Intelligence Market Size Projection
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!