The global product-based sales training market is expected to grow by USD 4.21 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Product-Based Sales Training Market 2020-2024 (Graphic: Business Wire).
The concept of microlearning is increasingly becoming popular among enterprises as it offers training in byte-sized formats. This allows learners to engage in just-in-time training in certain specific skills or content, thereby providing the right product knowledge at the right time. The growing competition among corporates and evolving business needs has been encouraging MNCs and SMBs to introduce new products regularly. The sales personnel in such organizations need to be trained on new products in limited timeframes before they are introduced in the market. In such cases, microlearning becomes very effective in fulfilling the organization’s training needs. Therefore, the increasing emphasis on microlearning is expected to fuel the growth of the global product-based sales market during the forecast period.
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As per Technavio, the use of analytics in product-based sales training will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Product-Based Sales Training Market: Use of Analytics in Product-Based Sales Training
Many enterprises are increasingly adopting analytical tools to automate various processes and improve the accuracy of lead generation. The use of analytics allows managers to track the progress of learners and provide personalized paths to increase their productivity. The growing demand for sales analytics and training analytics has encouraged vendors to offer various training and sales analytical platforms that help organizations improve their overall efficiency in sales training. This trend is expected to boost the growth of the global product-based sales training market during the forecast period.
“Increasing use of artificial intelligence in sales training and the emergence of VR as a training tool will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Product-Based Sales Training Market: Segmentation Analysis
This market research report segments the product-based sales training market by end-users (consumer goods, automotive, BFSI, and others), learning method (blended training, online training, and ILT), and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the product-based sales training market in 2019, followed by Europe, APAC, South America, and MEA. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rise in the number of SMBs and MNCs and the increased adoption of cost-effective training.
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Some of the key topics covered in the report include:
- Consumer goods
- Blended training
- Online training
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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