How Fast Is Revenue Intelligence Market Size Growing?
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Published on: 27 January 2023
Last Updated on: 06 May 2024
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Research data shows revenue intelligence has been consistently growing for the last four years. In 2019, its market size in the U.S. was valued at $2.29 billion.
The value increased to $2.78 billion in 2020 and $5.60 billion in 2021, respectively. Experts predict its growth at a CAGR of 11% from the end of 2021 to 2030.
The greatest impact that propelled the revenue intelligence market size in 2021 was the effect of the pandemic that affected the world in 2020. One of the outcomes of the pandemic is a rise in inventions and new technologies.
AI and machine learning helped in the development of revenue intelligence software which is crucial in helping sales reps identify growth opportunities and potential customers.
What Is Revenue Intelligence?
Data is crucial when companies are seeking to drive growth to higher levels. Revenue intelligence helps managers and reps understand, manage, and use data to boost growth.
To gain intelligence, organizations must first engage in collecting data. It comes from multiple sources such as CRM, social media platforms, and sales automation software.
Organizations use revenue intelligence software to transform their sales processes. It helps automate data capture, improve pipeline visibility, and eliminate guesswork with guidance.
The data is then processed, analyzed, and turned into insights that organizations can use to make various decisions.
Revenue intelligence market size
At the global level, Precedence Research reports that the revenue intelligence market size was valued at $27.24 billion in 2022. The report predicts growth will be at 7.26% in 2023 and will consistently grow to reach $54.9 billion in 2032.
The report published in December 2022 shows organizations are adopting technologies such as advanced automation. It is helping them collect, process, and analyze data in the cloud and other big data integration applications.
Due to this development, they get insights from data in real-time and thus make data-based decisions. Due to growing competition, major companies in the market are using revenue intelligence to help them remain in business.
Revenue intelligence platforms: An Overview
Revenue intelligence platforms help organizations to capture data from sales activities as well as provide coaching to sales reps.
They are provided by third-party vendors that integrate them with sales automation platforms such as Salesforce CRM. The data they collect provide signals from sales, customer behavior, and marketing.
Amid turbulent economic growth, the revenue intelligence market size is growing rapidly. For maximum performance, revenue intelligence platforms leverage three things: AI, algorithms, and automation which help improve visibility throughout the sales lifecycle.
Their key features include the following:
- Data capture and transformation into insights
- Reps sales coaching
- Automated revenue forecasting
- Intuitive dashboards that generate insights into the entire customer cycle
Forecast For The Future Of Revenue Intelligence
Sales teams today have access to various types of platforms that help them analyze important customer data points. Unfortunately, many of them lack solutions for accurate intelligence that provide them with an overview of the health of leads or deals.
The teams can improve on intelligence if they expand data collection points to give them greater visibility of the sales pipeline.
The information would be crucial when making decisions on which leads or deals to chase/nurture. The correct solution is in revenue intelligence which captures data from sales reps, marketers, leads, and customers and draws insights from it.
Gartner reports that 75% of B2B organizations will have adopted revenue intelligence by 2025. A Forrester survey shows that companies have 33% greater confidence about the accuracy of revenue intelligence.
Organizations that have adopted revenue intelligence say it provides up to 96% accuracy, which shows how effective and useful it is to organizations. Based on the forecasts, the revenue intelligence market size will continue to grow due to its ability to provide key insights into opportunities, sales forecasts, and segmented analysis.
Related Resource: Lead Generation Databases: Top Tips For More Leads
Summary
Revenue intelligence is one of the latest technologies adopted by organizations to improve revenue generation. It provides data-driven insights to sales teams which they use to make customer outreach decisions.
The data is collected from multiple sources and then analyzed into insights. It’s growing as more B2B organizations migrate from their traditional sales tools to new technology.
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