Pune, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Sales Performance Management Market Growth Analysis:
“Accorsing to SNS Insider Research, The Sales Performance Management Market size was valued at US$ 2.21 Billion in 2023 and is expected to grow USD 8.16 Billion by 2032, & grow at CAGR of 15.64% over the forecast period of 2024 - 2032.”
Market Analysis/Growing Demand
The Sales Performance Management (SPM) Market growth is expected to be driven by the increased adoption of metric-driven sales tools. The demand for sophisticated solutions that optimizes sales performance is on rise over the fact that organizations are intensively relying on data to refine their sales strategies, leading to a surge in demand for advanced sales performance solutions. These solutions, using Key Performance Indicators (KPI) analysis make the information on market trends or consumer behavior more accessible for your business. By using this data-driven approach, the businesses can create both precise and efficient sales strategies. As a result of the insights provided by this approach, companies are achieving 15-20% improvement in sales performance. Companies with the most advanced uses of sales analytics add an additional 8.2% in quota attainment compared to those without this capability. Metric-driven tools allow organizations to find faults, improve the customer engagement and increase transaction ratios proactively.
The importance of aligning sales goals with business objectives is becoming increasingly recognized. SPM solutions help guarantee that sales targets and the corresponding actions leading up to these are in sync with each other creating an aligned, high impact driven culture for selling. The organizations who manage SPM processes through technology solutions are experiencing 20% with a 15% boost in sales cycle time. But the cost of deployment varies from $150,000 to $500,000, depending on implementation rates and complexity.
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Major Players Analysis Listed in this Report are:
- Anaplan Inc.
- Beqom
- Callidus Software Inc.
- Confidex
- Gryphon Networks Corp
- Iconixx
- NICE Ltd.
- Obero Inc.
- Optymyze
- SAP SE
- Other Players
Sales Performance Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 2.21 Bn |
| Market Size by 2032 | USD 8.16 Bn |
| CAGR | CAGR of 15.64% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The need for improved visibility and the avoidance of calculation inaccuracies drives the demand for automated SPM solutions. • The rising demand for tools that provide metric-driven insights and analytics enhances sales strategies and performance. |
Segment Analysis
By Enterprise Size, Large enterprises dominated the Sales Performance Management market with a share of 68.9%. This dominance is driven by the need for real-time information to make informed decisions and improve efficiency. As such, advanced analytics and insights provided by SPM systems serve as a key function for tracking performance of items among the best sales promotion strategies within larger organizations with more complex sales teams and incentive programs.
Based on Vertical, The Banking, Financial Services and Insurance (BFSI) segment dominated the market with an over 24% share of total revenue. Industry complexity and scrutiny continue to drive this dominance, alongwith the enhanced visibility across financial services for more comprehensive risk views across organizations. BFSI institutions using SPM software for streamlining sales processes, upgrading planning and incentives etc. The industry makes a significant investment in IT and R&D leading to the greater adoption of SPM software, driving technological advancements and competition among vendors. Since organisations with effective incentive plans have seen a 12% increase in sales performance, proving the success of SPM tools within this vertical.
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Sales Performance Management Market Key Segmentation:
By Component
- Solutions
- Incentive Compensation Management
- Territory Management
- Sales Planning & Monitoring
- Sales Performance Analytics & Reporting
- Other Solutions
- Services
- Integration & Implementation
- Consulting
- Training & Education
- Support & Maintenance
By Enterprise Size
- Large Enterprises
- SMEs
By Deployment Mode
- On-Premises
- Cloud
By Vertical
- BFSI
- Telecommunications
- Manufacturing
- IT & ITeS
- Consumer Goods & Retail
- Healthcare & Pharmaceuticals
- Energy & Utilities
- Travel & Hospitality
- Others
North America region dominated the Sales Performance Management Market
Regionally, North America is the biggest revenue contributing region for Sales Performance Management in the world. With 36.5% share. This new region has dominated the SPM market and is home to many large consumer electronics & software titans like Google, Microsoft SAP and Oracle driving a huge part of demand for SPM solutions. The competitive telecom market, with key players like T-Mobile and Verizon, also contributes to the high demand for SPM. Increasing process of measurement and tracking sales metrics for better results, as well reducing time spent in complex Excel spreadsheets to do the same validates market growth. Furthermore, aid from U.S. Small Business Administration (SBA) Program provides funding to small businesses focusing on sales performance technologies, enhancing their growth and capabilities.
Recent Developments
- September 2022 Infosys, a global leader in digital services and consulting has partnered with Microsoft Cloud for Retail cumulatively working together since inception. This partnership is designed to enable retailers to redefine the consumer experience and enhance business performance leveraging cloud and data technologies. This partnership accelerates the transition to Agile cloud and allows retailers to become more efficient in terms of in-store operations, pricing, promotion, sales-and inventory.
- Sales performance typically increases an average of 20-30% for companies that invest in sales training.
- Companies can optimize sales productivity by up to 15 percent through the use of an effective sales incentive program, therefore some 70% organizations-are using incentive compensation for improved performance.
- companies using CRM systems experience a 29% increase in sales productivity.
Key Takeaways
- Sales Performance Management Market is being boosted by the use of metric driven sales tools and data-driven understandings
- The large enterprises and the banking, financial services sectors are most significant among other contributors to the market with excessive investments in SPM technologies for improvising on sales performance as well as managing complex selling processes.
- Strategic partnerships and acquisitions are recent key developments fueling the growth of SPM solutions.
- SPM continues to be the largest market due to large technology companies and a highly competitive telecom sector in driving advanced sales performance solutions North America.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Sales Performance Management Market Segmentation, by Component
8. Sales Performance Management Market Segmentation, by Enterprise Size
9. Sales Performance Management Market Segmentation, by Deployment Mode
10. Sales Performance Management Market Segmentation, by Vertical
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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