Sales Performance Management (SPM) Market Was Worth USD 1.5 Billion In 2020 And Is Poised To Register A CAGR Of 14.9% Over 2022-2030, Thereby Amassing A Valuation Of USD 6.02 Billion By End Of The Assessment Timeframe.
Sales performance management (SPM) is software for functional and logical activities that robotize and coordinate administrative center functional deals cycles to support functional proficiency and adequacy. SPM programming has center abilities that incorporate motivating force pay the board (ICM), deals arranging and observing, an area the executives (TM), deals execution investigation, deals revealing, and standard administration (QM).
Sales teams are continuously under pressure to automate compensation and reward programmes, performance assessments, sale targets, and area mapping due to the ongoing digitization and automation throughout workplaces. According to Xactly’s 2019 Sales Compensation Administration Best Practices Study, payment problems still plagued 83 percent of the businesses analysed, occurring at an average rate of more than 5 percent. In these circumstances, implementing SPM solutions helps supervisors and representatives gain a quick and accurate understanding of the entire SPM operations, as well as supporting them in proactively reducing variable pay errors and increasing productivity. As an illustration, Cox Automotive implemented a well-known ICM solution and achieved a commission pay-out accuracy rate of 99%.
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Global Sales Performance Management (SPM) Market: Segmental Assessment
By Solution:
• Sale analytics
• Territory management
• Incentive compensation management
• Sales planning and monitoring
• Others
Sales planning and monitoring segment is poised to amass notable gains over 2022-2030. This is driven by the rising demand to automate sales operations so as to enable stakeholders make informed decisions.
By Deployment:
• On Premise
• Cloud Based
The on premise segment is anticipated to garner notable returns over the assessment timeframe attributing to the high demand to customize solutions as per business needs.
By Service:
• Consulting services
• Training and support services,
• Managed services
• Others
By End User:
• SMEs
• Large enterprises
The SMEs segment is likely to grow with a high CAGR over the stipulated time period due to the rising emphasis of small scale organizations to automate their functions so as to reduce the overall operational expenditure.
By Industry Vertical:
• BFSI
• Healthcare
• Retail
• Travel & hospitality
• IT and Telecom
• Energy & utilities
• Transportation & logistics
• Others
The BFSI segment is expected to capture a high revenue share over the estimated duration owing to the surging requirement to manage complicated incentive compensation calculations.
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Competitive Hierarchy
The prominent companies operating in the industry are SAP SE, IBM Corporation, Varicent, Oracle Corporation, NetSuite, Nice Systems Ltd., Anaplan, InnoVyne, Iconixx, Incentive Solutions, Ascent Cloud, and Salesforce.com, Inc.
Frequently Asked Questions
- Which region is expected to showcase high growth in the sales performance management (SPM) software market?
- Who are some of the leading companies offering sales performance management (SPM) software?
- Which are the leading Industries in the sales performance management (SPM) software market?
- How much is the global sales performance management (SPM) software industry worth?
- At what CAGR did this market grow in the last 5 years?
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