Sales Forecasting Software Market

Sales Forecasting Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Sales Forecasting Software Market: Introduction

Sales forecasting software includes the process of using a forecast by adding historical sales information into the system and having the system examine the data against a mathematical forecasting algorithm, which searches for trends to create a projection.
Sales forecasting software considers historical business data and offers a report of estimated sales based on trends. The software provides detailed information about sales targets, sales achieved, and potential sales.
The software includes various templates to run statistical analyses on records and provide sales forecast reports. Ultimately, forecasting is a process of market assessment, self-assessment, and self-reflection. However, detailed business records and finances are required to obtain accurate forecasts.
The sales forecasting software supports real-time sales forecasts with sales formation metrics and models. The software calculates quota achievement and considered compensation payouts. It also makes adjustments to sales capacity, optimizes territories, and makes quota relief considerations based on data-driven projections and market conditions.

sales forecasting software market size and forecast

Sales Forecasting Software Market: Dynamics

Sales Forecasting Software Market: Key Drivers

Sales forecasting software assists businesses to manage, track, and implement the sales forecast. It stores all the information related to the sales - present and past, and enables use of the data to create a sales forecast.
The software is utilized to review graphs and top-line statistics; however, it also enables companies to view the growth of sales in line with the sales forecast. The software has different custom automation for users to choose from, permitting businesses to simplify the sales workflow.
Sales forecasting software can review all the work done by the sales teams and provide information that enables everyone involved to understand how the team is performing. The software offers access to information and reduces time-consuming seminars while permitting everyone to get involved in sales drives.
A sales forecasting software offers an in-depth report that predicts what a team, salesperson, or company will sell weekly, monthly, quarterly, or annually. Sales forecasting software tracks the data by viewing past performance data.

sales forecasting software market growth trend

Impact of COVID-19 on the Sales Forecasting Software Market

Most companies are adopting the work-from-home module during the pandemic period. Companies are decreasing their investment in new technologies and services to manage their profitability. Several small businesses closed their business processes due to lack of funds to sustain in the market.
Demand for sales forecasting software decreased during the COVID-19 lockdown situation; however, it is expected to increase after the pandemic situation due to the increasing dependency of commercial sectors and services on sales forecasting software.

North America to Hold Major Share of the Global Sales Forecasting Software Market

In terms of region, the global sales forecasting software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America dominated the global sales forecasting software market in 2020. The U.S. is a key market in the adoption of new technologies. Strong financial position enables the country to invest heavily in the adoption of leading tools and technologies to ensure business operations.

sales forecasting software market size by competition landscape

Key Players Operating in Global Sales Forecasting Software Market

Zoho Corporation Pvt. Ltd

Zoho Corporation Pvt. Ltd was incorporated in 2006 and is headquartered in Chennai, India. The company develops a suite of marketing, sales, finance, collaboration, and recruitment applications. Its products include mail, CRM, email marketing, product management, invoicing, and social media management apps for data centers, IT service desks, business data analysis, and log analysis.

International Business Machines Corporation

. IBM Corporation is a leading technology company that produces software and hardware solutions. It is a prominent research company in the U.S. patent market with significant number of patents. The company offers a wide range of services that include analytics, cloud, Watson, customer engagement, Internet of Things, industry solutions, IT infrastructure, mobile, and security. IBM cloud services include cloud managed services, cloud advisory services, and cloud migration services

Other key players operating in the sales forecasting software market include GMDH, Inc., Salesloft, Inc., Data Perceptions Inc., DealCloud, Inc., Aviso, Inc., Capsule, and SalesChoice, Inc.