The Global AI sales assistant software market is anticipated to grow at a cagr of 13.25% 2020—2027, as per a new research report published by Confianza market research and consultancy. The increasing usage of artificial intelligence for process automation is anticipated to drive the market growth for AI sales assistant software.
The AI sales assistant also is known as AI virtual sales assistant helps companies automate their repeat it to sales-related tasks such as lead qualification, pipeline management, automated follow-up, task management, resource management, data entry, and scheduling meetings. Which software helps the sales team to avoid time wasted on repetitive processes and focus on important and strategic activities. Most of the products available today and integrate with a number of other business software such as customer relationship management (CRM) software, and exchange data in order to create a seamless sales process flow.
This software has a lot of similarities with other related software such as sales intelligence software, conversation marketing software, or sales analytical software, however, all these software mentioned lack the process automation feature using embedded artificial intelligence present in the AI sales assistant software.
There are a few AI sales assistant software available in the market that have chatbot functionality natural language processing and predictive analytics for sales task automation. Search software act as a support system for the sales team and boost their productivity by streamlining the tasks. Companies benefit from such software as they help to reduce the number of sales personnel required through automation. The software can you interact with customers and answer their basic questions related to products or services.
The sales assistant software such as Drift, Hubspot, x.ai has email automation features embedded to assist sales personnel in sending first response mail, automate follow-ups, schedule meetings, save notes, etc. There are few other products such as Zia, Edward, Troops that offer internal support to the sales team by providing features such as reminders, pipeline management, forecasting, etc. interacting via email/chat/pushed messaging in order to improve team productivity and revenue.
On the basis of deployment type, the market can be segmented into on-premise and cloud segments. The cloud segment is dominating the market in 2019, most of the top AI sales assistant software available today is cloud-based, and are offered on a monthly or annual subscription basis. The cloud-based solutions remove the requirement to create large data centers, these are much faster in processing as the computation and processing of data occur at a remote data center with faster processing power. Cloud servers also allow the deployment of much more complex AI solutions, owing to its high storage capacity and configurations.
However, a cloud-based solution is generally suitable for limited storage capacity as these servers are costlier affair and after a certain limit, creating your own data center and deploying an on-premise solution makes much more sense. On-premise solutions are more suitable for companies that are willing to deploy the AI sales assistant solutions at a large scale throughout their branches. Also, for companies that already have a data center in place, shifting to a cloud-based solution makes no sense, therefore they usually prefer using a full-fledge on-premise solution. It is usually advised to deploy your new software to either cloud or on-premise depending upon where all other files are stored.
Based on the organization size, the global AI sales assistant software market can be segregated into small & medium organizations and large enterprises. The large organization segment accounts for the largest market share in 2019, these types of enterprises have large salesforce and therefore it is highly necessary for such organizations to deploy automation solutions such as AI sales assistant software in order to reduce the work pressure on the sales team and focus on an important task. Large organizations have a dedicated budget allocated for such smart solutions, these companies opt for a customized solution to suit their particular requirements.
The small and medium organizations segment is anticipated to emerge as the fastest-growing segment for the virtual assistant software market over the forecast period. The leading AI sales assistant software developing companies are offering a monthly/annual subscription for their products, free trials, and refund facility to attract greater market share in the SME segment. SME has a limited application for these solutions; also there is a lack of knowledge for such solutions among the SME sector. Companies need to create awareness regarding the benefits of AI sales assistant software for SMEs such as standardizing process, reduction in operational cost, and automation.
The North America region is the AI sales assistant software market leader in 2019. more than 60% AI sales assistant software providing companies are based in the North America region, moreover the growing IT sector in the U.S. is driving the regional market growth.
Europe region is growing at a steady growth rate since the last few years, the unstable political situation in Europe has hampered the market growth. The Asia Pacific region is emerging as the fastest-growing market for all types of AI sales assistant software; a growing number of MNC companies in the region and exponential growth in the Indian IT industry is anticipated to boost the market growth.
The global AI sales assistant software market is fairly competitive in nature; however, a lack of awareness among SMEs about such software creates plenty of room for new companies to enter the market with an innovative product. The leading AI sales assistant software companies are focusing on providing added features such as integration with various tools, improvement in user experience, making simple to understand solutions for SMEs in order to gain greater market share.
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