from 2022 to 2032, the industry is anticipated to garner US$ 29.6 Billion while exhibiting a CAGR of 14.9%.
The global sales engagement software market is anticipated to secure absolute dollar growth of US$ 22.2 Billion by 2032. Expansion of the market can be attributed to the increasing demand for cloud-based sales engagement software. Also, the increasing popularity of Bring Your Own Device (BYOD) culture has propelled the market expansion over the last few years.
Furthermore, growing demand for automation to enhance visibility and rising enterprise mobility to boost agent engagement and performance are other salient factors driving the industry growth in the forecast period. The Banking, Financial Services, and Insurance (BFSI) sector are anticipated to be a significant consumer of such software.
The sector deals with various banking products like debit cards, credit cards, and insurance policies that demand the employment of a huge number of sales representatives. Thus, to manage complicated compensation calculations and provide integrated visibility, the BFSI organizations are adopting sales engagement software on a large scale.
Players in the sales engagement platform market are taking several efforts to strengthen the market. For instance, in May 2022, Mubadala Investment Company, a UAE-based organization, disclosed its investment in Salesloft, a globally recognized sales engagement platform, along with Vista Equity Partners, a global investment firm focused on organization enterprise software, and technology-based business.