The report "Sales Performance Management Market Growth by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type (On-premises and Cloud), Vertical (BFSI, Telecommunications, and Manufacturing), and Region - Global Forecast to 2026", size is projected to grow from USD 1.5 billion in 2020 to USD 3.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. The demand for SPM is driven by growing automation to improve visibility and avoid incentive compensation calculation inaccuracies, rising demand for metric-driven sales tools, and increasing enterprise mobility to increase agent engagement and performance.
The solutions segment to hold a larger market sizeduring the forecast period
The solutions segment is projected to contribute majorly to the market among the components, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the growing need for minimizing—commission payout inaccuracies and low quota attainment issues, and the lack of visibility into incentives and employee performance. Factors such as voluntary sales turnovers, the increase in digitalization, and the rise in enterprise spending on CRM sales applications for providing training to their employees have also contributed to the high adoption of the SPM solutions.
Sales Planning and Monitoring segment to hold the largest market size in 2020
The growth of sales planning and monitoring segment is mainly attributed to the high demand for planning capacity; allocating budgets; setting long-term goals, sales quotas, and KPIs; and monitoring sales targets, forecasts, and revenues to define and stimulate sales efforts.
North America to hold the largest market size during the forecast period
The North American SPM market is already mature for SPM solutions, owing to North America’s strong economic landscape, early adoption of advanced technologies, high digital adoption at workplaces to improve business processes, and high technology awareness. Furthermore, the region constitutes developed economies, such as the US and Canada, which have fairly adopted SPM solutions, besides incorporating advanced technologies. The region is also home to several small as well as well-established SPM solution providers, such as SAP, Anaplan, Oracle, Xactly, and Varicent, which are among the key driving factors for the growth of the SPM market in the region.
Market Players
Market players profiled in this report include SAP (Germany), Oracle (US), Xactly (US), NICE (Israel), Varicent (Canada), beqom (Switzerland), Performio (US), Incentives Solutions (Israel), Optymyze (UK), Salesforce (US), Iconixx (US), Axtria (US), Gryphon Networks (US), CellarStone (US), ZS (US), Board (Switzerland), Zoho (India), InnoVyne (Canada), and XANT (US) among others. These players offer various SPM solutions to cater to the demands and needs of the market. Major growth strategies that are adopted by the players include new product launches/product enhancements and partnerships/acquisitions.
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Market SynopsisAccording to MRFR, the global sales performance management market forecast is expected to grow at a CAGR of 16.6% during the period and reach USD 9.34 billion by 2023.Market HighlightsThe demand for sales performance management has begun to develop over the past few years and a substantial growth rate is anticipated in the coming years.
Sales performance management supports retail, banking and financial services, manufacturing, IT and telecommunication, and other sectors in their revenue fuctionality.The major factors contributing to the growth of the market are the growing adoption of Bring-your-own-devices (BYOD) by companies and the the demand for improved channel and efficiency of sales.
The limited knowledge of the tools for sales performance management is proving a constraint to this market.
An opportunity for such solutions is the increasing incorporation of integrated platforms/products into enterprise sales functions.SegmentationThe global market for sales performance management is segmented into part, mode of delivery, size of organization, vertical and region / country.The global sales performance management is segmented by part into products and services.
However, the Services section is divided into incentive compensation management, geographic management , business planning and tracking, market analytics and others.
Furthermore, the Services segment is divided into consulting, implementation , training and support and management services.The global monitoring of sales output is segmented into on-premises and cloud by delivery mode.The global sales performance management is segmented by organizational size into small and medium-sized enterprises ( SMEs) and large corporations.The global sales performance management is segmented vertically into telecommunications and IT; retail; health and pharmaceutical; manufacturing; banking, financial and insurance (BFSI); travel and hospitality; transport and logistics; and others.Regional analysisSales performance management business regional research is examined for North America, Europe , Asia-Pacific and the rest of the world (including the Middle East, Africa , and Latin America).North America is projected to have the largest market share during the forecast period amongst the regions listed.
