Dublin, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The "Global Sales Performance Management Market by Component (Solutions (Incentive Compensation Management, Territory Management), Services), Organization Size, Deployment Mode, Vertical (BFSI, Telecommunications, & Manufacturing) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The SPM market size is expected to grow from USD 2.3 billion in 2023 to USD 4.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 13.6%
The landscape of the global Sales Performance Management (SPM) market has experienced substantial expansion in recent times, driven by the intricate nature of sales processes, the expansion of sales teams, and the integration of cloud-based SPM solutions along with artificial intelligence and machine learning technologies.
SPM, as a strategic approach, has become pivotal for organizations seeking to optimize their sales operations, enhance the performance of their sales teams, and attain their revenue objectives. This encompasses a range of activities, including the establishment of sales goals, the formulation of compensation plans, the management of territories and quotas, the analysis of sales data, coaching and training initiatives, and sales forecasting.
As the SPM market evolves rapidly, businesses spanning diverse industries are realizing the imperative of refining and elevating their sales operations. SPM solutions serve as automation hubs for crucial sales processes, offering comprehensive analytics and insights that elevate sales effectiveness and steer businesses towards their revenue goals.
Furthermore, the market's dynamism is evident through a comprehensive evaluation of market shares, growth strategies, and service offerings of key players such as SAP (Germany), Oracle (US), NICE (Israel), Anaplan (US), and Xactly (US), among others, that shape the trajectory of the SPM market.
As per organization size, the SMEs segment holds the highest CAGR during the forecast period
The SPM market by organization size is divided into large enterprises and SMEs. The SMEs segment is estimated to hold the highest CAGR during the forecasted period of the SPM market. Due to the lack of awareness and budget constraints, SMEs have been majorly dependent on manual processes to manage their SPM processes.
However, the competitive market has encouraged SMEs to invest in automated solutions to achieve high business efficiency. Being constrained by limited budgets, small IT infrastructure, and little staff, SMEs look for flexible, scalable, and cost-effective solutions.
Hence, SMEs are increasingly adopting cloud-based SPM solutions, as these solutions eliminate data management hassle and maintenance issues. SMEs are incorporating innovative SPM solutions to manage better quotas and territories and sales employee performance and incentives based on global accounting standards, thereby accelerating employee engagement and enhancing their experience.
As per vertical, consumer goods & retail vertical holds the highest CAGR during the forecast period
The verticals are segmented into BFSI, consumer goods & retail, telecommunications, manufacturing, IT & ITeS, energy & utilities, travel & hospitality, healthcare & pharmaceuticals, and others (education, real estate & construction, and media & entertainment).
The retail & consumer goods vertical is expected to hold the highest CAGR of 16.0% during the forecast period. The consumer goods and retail vertical is highly customer-centric, and companies across this vertical are adopting different penetration strategies and leveraging various industry-ready technologies to enhance customer experience and improve customer retention.
Owing to the presence of several players in this vertical, IT budgets are also usually huge as consumer goods and retail companies try to maintain a certain brand image in terms of both employee and customer retention, which is critical to higher revenues. Several retailers and consumer goods companies are leveraging SPM solutions to improve incentive compensation accuracies, eliminate manual management of sales administration tasks, and unify commission data with POS and CRM systems for better visibility.
As per region, Europe holds the second-largest market share during the forecast period
Europe holds the second largest market share in 2023 and is expected to have similar dominance over the forecast period. Europe has diverse business needs, as several large retailers and manufacturing companies demand robust and scalable IT infrastructure solutions. The region has always been a challenging market for cloud providers due to the stringent regulations and security standards regarding user data privacy.
Europe also has strict rules and regulations for data privacy and security, so various SPM providers have improved their solutions to address companies' data localization needs and comply with consumer privacy regulations in the region. The proliferation of cloud-based sales applications has further stimulated organizations to adopt SaaS-based SPM solutions.
The presence of various small and large players in Europe, including Beqom and SAP, is another significant factor for adopting SPM solutions across Europe. In this report, the primary growing economies considered for the analysis are the UK and the rest of Europe.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 277 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.3 Billion |
| Forecasted Market Value (USD) by 2028 | $4.4 Billion |
| Compound Annual Growth Rate | 13.6% |
| Regions Covered | Global |
Premium Insights
- Need to Align Jobs with Sales Strategies, Improve Sales Commission Calculation Accuracies, and Minimize Sales Attrition to Drive Market
- Solutions Segment to Account for Larger Market Share During Forecast Period
- Sales Planning & Monitoring Segment to Account for Largest Market Share During Forecast Period
- Integration & Implementation Segment to Account for Largest Market Share During Forecast Period
- Large Enterprises Segment to Account for Largest Market Share During Forecast Period
- On-Premises Segment to Account for Larger Market Share During Forecast Period
- Bfsi Vertical to Account for Largest Market Share During Forecast Period
Market Dynamics
Drivers
- Growing Automation to Improve Visibility and Avoid Calculation Inaccuracies
- Rising Demand for Metric-Driven Sales Tools
- Rising Enterprise Mobility to Enhance Agent Engagement and Performance
- Increasing Emphasis on Sales Performance
- Favorable Regulatory Compliances
Restraints
- Skepticism Among Smes to Avoid Additional Costs or Altering of Organizational Structure
- Implementation Challenges
- Data Privacy and Security Concerns
Opportunities
- Integration of Audio-Video Conferencing Apis to Increase Productivity
- Ml and Nlp Innovations to Leverage Data-Driven Recommendations
- Rising Demand for Data-Driven Decision-Making to Assess and Evaluate Performance
Challenges
- Prevailing Apprehensions Related to Levels of Intrusion
- Complexity Associated with Compensation Plans
Case Study Analysis
- Case Study 1: Opensymmetry Helped Co-Operators Encompass Spm System from Pre-Deployment to Post-Deployment
- Case Study 2: Anaplan Helped Alkem Laboratories Enhance Bonus and Compensation Calculations and Provide Real-Time Insights
- Case Study 3: Flowserve Achieved Real-Time Visibility to Pivot Sales Plans by Deploying Xactly Incent's Solution
- Case Study 4: Oracle Helped Emirates Nbd Automate Daily Compensation Transactions and Improve Visibility
- Case Study 5: Turkcell Enhanced Sales Planning and Quota and Territories Management with Beqom's Spm
Technological Analysis
- Artificial Intelligence and Automation
- Rpa
- Ml and Nlp
- Customer Relationship Management
- Forecasting and Predictive Analytics
Company Profiles
Major Players
- Sap
- Oracle
- Nice
- Anaplan
- Xactly
- Salesforce
- Varicent
- Optymyze
- Beqom
- Performio
- Incentives Solutions
Other Players
- Axtria
- Iconixx
- Gryphon Networks
- Zs
- Cellarstone
- Board
- Zoho
- Insidesales
- Accent Technologies
- Silvon Software
Startups/Smes
- Captivateiq
- Spiff
- Ascent Cloud
- Adventace
- Plecto
- Spotio
- Salesscreen
- Centrical
- Spinify
- Ambition
- Everstage
- Innovyne
For more information about this report visit https://www.researchandmarkets.com/r/m8synk
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