The Latest B2B Software Industry Statistics Explained
In 2020, the global B2B software market size was valued at $157.26 billion.
The statistic states that in 2020, the total market size of Business-to-Business (B2B) software worldwide was estimated to be $157.26 billion. This figure represents the cumulative value of all B2B software sales and services provided throughout the year in various sectors such as enterprise resource planning (ERP), customer relationship management (CRM), project management, and many others. The large market size indicates a strong demand for B2B software solutions among businesses globally, reflecting the increasing adoption of digital technologies and the growing importance of software tools in optimizing operations, enhancing productivity, and facilitating business growth in the digital age.
The global B2B software market is projected to grow at a CAGR of 14.0% between 2021 and 2028.
This statistic indicates that the global business-to-business (B2B) software market is expected to experience significant growth at a Compound Annual Growth Rate (CAGR) of 14.0% from the year 2021 to 2028. This rate of growth suggests a potentially rapid expansion in the demand for B2B software solutions over the specified time period. A high CAGR reflects a strong and sustained upward trend in the market, likely driven by factors such as increasing digital transformation initiatives among businesses, the rise of cloud-based services, and the need for efficient and scalable software solutions to support various business operations. This projection highlights the potential for substantial opportunities and market expansion within the B2B software sector in the coming years.
North America dominated the B2B software market in 2020, accounting for a market share of 34.8%.
The statistic that North America dominated the B2B software market in 2020, accounting for a market share of 34.8%, indicates that this region had the largest presence and influence in the industry compared to other global regions during that period. This suggests that a significant portion of B2B software sales, adoption, and innovation occurred in North America, giving companies in this region a competitive advantage and positioning them as key players in the market. The high market share also suggests that North America is likely a lucrative market for B2B software providers, attracting investments and partnerships due to its strong demand and potential for growth in the sector.
The retail & consumer goods sector accounted for the highest market share in 2020, with 16.4% in the B2B software market.
The statistic indicates that the retail and consumer goods sector held the largest market share within the B2B software market in 2020, with a significant portion of 16.4%. This implies that businesses operating within the retail and consumer goods industry were the most prominent customers or users of B2B software solutions during that year. The high market share suggests that companies within the retail and consumer goods sector heavily rely on B2B software technology to manage their operations, improve efficiency, and enhance their competitiveness in the market. This statistic underscores the importance of B2B software solutions for businesses in this sector and highlights the growth potential and opportunities for software providers targeting retail and consumer goods companies.
About 77% of B2B purchasers said that they wouldn’t even speak to a salesperson until they’d done their own research.
The statistic that about 77% of B2B purchasers stated they would not engage with a salesperson until completing their own research highlights the increasing importance of self-directed research and information gathering in the B2B buying process. This indicates a shift in buyer behavior towards more independent decision-making, relying on readily available information online before engaging with sales representatives. It underscores the need for businesses to ensure they have a strong online presence, provide relevant and comprehensive information, and engage in content marketing strategies to effectively reach and influence potential buyers during their research phase. Understanding and adapting to this trend is crucial for businesses looking to engage with B2B purchasers and drive successful sales conversions.
Today, around 64% of B2B organizations have a formal marketing plan in place.
The statistic that around 64% of B2B (business-to-business) organizations have a formal marketing plan in place indicates that a majority of B2B companies are proactive in their approach to marketing strategy. Having a formal marketing plan in place suggests that these organizations are likely to have clear goals, objectives, and strategies outlined for their marketing efforts, which can help them effectively reach their target audience, differentiate themselves from competitors, and achieve their business objectives. This statistic highlights the importance that B2B companies place on strategic marketing planning to drive growth and success in today’s competitive market.
B2B e-commerce will reach $1.8 trillion and account for 17% of all B2B sales in the U.S. by 2023.
This statistic indicates that business-to-business (B2B) e-commerce is expected to grow significantly, reaching a total market size of $1.8 trillion by the year 2023 in the United States. This reflects a sizable increase in the adoption and utilization of online platforms for B2B transactions. Furthermore, the statistic suggests that B2B e-commerce is poised to represent a substantial portion of overall B2B sales, accounting for 17% of the total sales volume in the U.S. by 2023. This trend highlights the increasing importance of digital channels in facilitating transactions between businesses and underscores the shift towards online platforms as a key component of B2B sales strategies.
75% of B2B procurement spending is projected to be done online by 2025, up from 32% in 2020.
The statistic suggests a significant shift in the nature of B2B procurement spending towards online channels, with an expected increase from 32% in 2020 to 75% by 2025. This trend indicates a growing preference among businesses for conducting their procurement activities digitally, likely driven by the convenience, efficiency, and accessibility offered by online platforms. The projection highlights the increasing importance of e-commerce and digital technologies in the B2B sector, emphasizing the need for businesses to adapt and optimize their online presence and capabilities to remain competitive in the evolving marketplace.
79% of B2B marketers credit email as the most effective distribution channel for demand generation.
The statistic indicates that 79% of Business-to-Business (B2B) marketers believe that email is the most effective distribution channel for generating demand. This suggests that a significant majority of B2B marketers view email as a crucial tool for reaching and engaging with their target audience to drive interest and sales. The high percentage of marketers crediting email underscores its effectiveness in delivering targeted messages, nurturing leads, and ultimately driving conversion rates. Email marketing allows B2B companies to personalize content, track performance metrics, and engage with potential clients directly in their inbox, making it a strategic and influential channel for demand generation efforts in the B2B sector.
Nearly half (47%) of all B2B companies carried out more digital marketing than traditional marketing.
The statistic indicates that within the B2B sector, a substantial proportion of companies, specifically 47%, have shifted or allocated a greater emphasis on digital marketing compared to traditional marketing methods. This suggests a significant trend towards leveraging digital platforms and technologies in reaching and engaging with their target audience within the business-to-business market. The rise in digital marketing activities could be driven by the increasing penetration of digital channels, changing consumer behavior patterns, and the potential benefits of digital marketing approaches such as cost-effectiveness, wider reach, and measurability. As a result, B2B companies are adapting their strategies to prioritize digital marketing techniques to stay competitive and achieve their marketing objectives in today’s dynamic and technology-driven business environment.
In 2019, US B2B travel companies invested $1.81 billion into digital advertising.
The statistic that in 2019, US B2B travel companies invested $1.81 billion into digital advertising signifies a significant financial commitment and strategic focus on leveraging digital platforms for promotional and marketing purposes within the business-to-business travel sector. This substantial investment reflects industry recognition of the growing importance and effectiveness of online advertising channels in reaching and engaging with business travelers and other corporate clients. The figure also suggests the competitive landscape within the B2B travel industry, as companies seek to capture market share and enhance brand visibility through targeted digital campaigns. Overall, the statistic underscores the shift toward digital marketing strategies in the travel sector and the willingness of B2B companies to allocate significant resources to capitalizing on these opportunities.
The CRM applications market is projected to grow at a CAGR of 14.2% from 2020 to 2027.
The statistic indicates that the customer relationship management (CRM) applications market is expected to see significant growth over the period from 2020 to 2027, with a Compound Annual Growth Rate (CAGR) of 14.2%. This means that the market size for CRM applications is forecasted to increase by an average of 14.2% annually during this time frame. Such a high CAGR suggests a strong demand for CRM solutions among businesses, likely driven by factors such as the increasing focus on customer retention, data-driven decision-making, and the adoption of digital technologies for managing customer relationships. This projection implies potential opportunities for businesses operating in the CRM software space and highlights the importance of staying competitive in this evolving market.
91% of businesses with more than 11 employees use CRM software.
The statistic ‘91% of businesses with more than 11 employees use CRM software’ indicates a high adoption rate of customer relationship management (CRM) software among medium to large businesses. This data suggests that a vast majority of businesses with more than 11 employees have recognized the value of CRM software in managing customer relationships, improving sales and marketing processes, and optimizing business operations. The high utilization of CRM software in these organizations could be attributed to its ability to enhance customer interactions, boost customer satisfaction, and ultimately drive business growth and profitability. This statistic highlights the importance of CRM software as a key tool for businesses looking to effectively manage and leverage customer relationships in today’s competitive market landscape.
Expected to increase to $24.6 billion in market value for Marketing Automation Software by 2025.
The statistic “Expected to increase to $24.6 billion in market value for Marketing Automation Software by 2025” predicts a significant growth trajectory in the market value of marketing automation software over the next few years. This projection indicates a strong market demand and increased adoption of marketing automation tools by businesses looking to streamline their marketing efforts, improve efficiency, and drive better results. The substantial increase in market value suggests that companies across various industries are recognizing the benefits of automation in their marketing strategies, creating a lucrative opportunity for software providers in this market segment.
By 2025, the global ERP software market is expected to reach $78.40 billion.
The statistic indicates that the global Enterprise Resource Planning (ERP) software market is forecasted to grow significantly and reach a market value of $78.40 billion by the year 2025. This suggests a promising future for the ERP software industry, reflecting the increasing adoption of ERP solutions by businesses worldwide to streamline operations, enhance efficiency, and improve decision-making processes. The projected growth in the ERP software market aligns with the trend of digital transformation taking place across various industries, where organizations are seeking advanced technologies to manage their business processes effectively. This statistic serves as a key insight for stakeholders, businesses, and decision-makers to understand the evolving landscape of the ERP software market and the opportunities it presents for future investment and innovation.
An estimated 84% of businesses that attempt to implement AI for B2B sales achieve increased efficiency and revenue.
The statistic provided suggests that a significant majority, approximately 84%, of businesses that have implemented artificial intelligence (AI) for business-to-business (B2B) sales have experienced positive outcomes in terms of increased efficiency and revenue generation. This indicates that AI technology has had a beneficial impact on the sales processes of these organizations, resulting in improved operational effectiveness and financial performance. The statistic underscores the potential of AI in driving business growth and success in the B2B sales domain, highlighting it as a valuable tool for enhancing sales performance and achieving competitive advantages in today’s rapidly evolving business landscape.
In Q1 of 2021, over 40% of total B2B product searches started on Amazon.
The statistic indicates that during the first quarter of 2021, a significant portion, specifically over 40%, of all business-to-business (B2B) product searches originated on the e-commerce platform Amazon. This suggests that Amazon has established itself as a prominent source for businesses looking to acquire goods or services, highlighting its role as a key player in the B2B market. The data implies that many businesses turn to Amazon as their initial point of reference when searching for products, underscoring the platform’s influence and reach in the business sector.
References
0. – https://www.www.leadsquared.com
1. – https://www.www.superoffice.com
2. – https://www.www.statista.com
3. – https://www.www.emarketer.com
4. – https://www.www.mckinsey.com
5. – https://www.www.gminsights.com
6. – https://www.contentmarketinginstitute.com
7. – https://www.www.forrester.com
8. – https://www.www.zionmarketresearch.com
9. – https://www.www.fortunebusinessinsights.com
10. – https://www.pureb2b.com
11. – https://www.www.marketsandmarkets.com
