SILICON SLOPES, Utah, Feb. 28, 2014 /PRNewswire/ -- New research released today from InsideSales.com, the global leader in cloud-based sales acceleration technologies and solutions, shows that North American companies spent $12.8 billion on sales acceleration technology last year.
The 2014 Sales Acceleration Technology Market Size Study defines the total market size of the emerging sales acceleration category, which bridges the gap between established categories, such as marketing automation and customer relationship management (CRM). The study is the first of its kind to reveal how much companies are spending on technology in this category by type of rep, industry, geography, close rates and other key factors.
"Major technology categories don't just spring up overnight," InsideSales.com CEO David Elkington said. "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."
The study concluded that North American companies already spend $12.8 billion annually on sales acceleration technology -- equating to $2,280 annually per sales representative. The potential market size 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 study's other key findings include:
-- More than 1/3 of sales leaders believe they should be spending more on sales acceleration technology. -- Inside sales teams spend more than outside sales teams on sales acceleration technology but spend significantly less on sales compensation. -- Inside sales teams close deals 109 percent faster than outside sales teams, in part due to the broader adoption of sales acceleration technologies.
"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," InsideSales.com Chief Marketing Officer Mick Hollison said. "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."
CEO Elkington will present the study's findings during his keynote address at the 2014 Sales Acceleration Summit on March 13. You can register for the online summit here, and download study highlights at InsideSales.com.
Key Players in the Sales Acceleration Technology Category
The sales acceleration technology category bridges the gap between marketing automation, with well-known players like Marketo and Eloqua, and CRM, with leading providers like salesforce.com and Microsoft Dynamics.
Below is a list of solution types that make up the newly formed sales acceleration category as well as many of the top vendors providing technologies in this space.
Texting: SMS Magic
InsideSales.com collected the research data from a survey of more than 400 sales leaders at companies across North America during the first quarter of 2014. *CRM market size data provided by multiple 3(rd) party analyst firms. Detailed references may be found in the complete report.
InsideSales.com offers cutting-edge sales acceleration technology. The company provides the sales industry's first comprehensive sales acceleration platform that creates high-performance sales teams with breakthrough technology including communications for immediate response, gamification for sales motivation, predictive analytics for lead prioritization, and data visualization for an immersive experience with sales data. The American Association of Inside Sales Professionals (AA-ISP) recognized InsideSales.com as the SaaS provider of the year for 2013. The company has been listed among the fastest growing companies by Inc. and Deloitte and as one of the top 100 private companies by AlwaysOn. InsideSales.com ranks No. 5 in the nation for jobs created in the software industry and No. 72 in the nation for jobs created in all industries by Inc. InsideSales.com has published leading research in the Harvard Business Review and Forbes. The company has been issued 5 U.S. patents and has 11 patents pending. InsideSales.com enterprise customers include ADP, Dell, Gannett Local, Inc., Marketo, Re/Max Cornerstone, Microsoft, Groupon and more. To try the technology, visit InsideSales.com.