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Sales Performance Management (spm) Market

Sales Performance Management (SPM) Market

by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Solution Type (Incentive Compensation Management, Territory Management, Sales Planning and Monitoring, Sales Performance Analytics and Reporting, Others), by Industry Vertical (BFSI, IT and Telecom, Manufacturing, Energy and utilities, Healthcare, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A00692
Pages: 352
Sep 2022 | 10309 Views
Author(s) : Md K, Keshav K , Vineet K
Tables: 234
Charts: 69
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Sales Performance Management (SPM) Market Research, 2031

The global sales performance management market size was valued at $1.8 billion in 2021, and is projected to reach $7.4 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.

The sales performance management (SPM) market was positively affected by the COVID-19 pandemic and showcased a positive growth rate during the period, owing to dramatically increased digital penetration during the period of COVID-19-induced lockdowns and stringent social distancing policies, which further fueled the demand for remote management and monitoring tools such as sales performance management solutions, which contributed towards the growth of the sales performance management market during the period.

Sales performance management (SPM) solutions are a collection of operational and analytical functions that automate and integrate back-office operational sales operations in order to increase operational efficiency and effectiveness. Incentive compensation management, quota management and planning, territory management, advanced analytics, and gamification are some of the SPM capabilities.

The growing market competition and the demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of the global remote and automated sales performance management solutions during the period, hence empowering the demand for sales performance management solutions. Moreover, the sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for sales performance management industry. However, data privacy and sharing risks associated with third-party sales performance management solutions and services can hamper the sales performance management market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with sales performance management solutions suites are expected to offer remunerative opportunities for expansion of the sales performance management market during the forecast period.

Sales Performance Management Market, Sales Performance Management Industry, Sales Performance Management Market Size, Sales Performance Management Market Share, Sales Performance Management Market Trends, Sales Performance Management Market Growth, Sales Performance Management Market Analysis

The sales performance management (spm) market is segmented into Component, Deployment Model, Enterprise Size, Solution Type and Industry Vertical.

 

Segment Review

The sales performance management market is segmented on the basis of component, deployment model, enterprise size, solution type, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment model, the market is classified into on premise and cloud. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Based on the solution type the market is divided into incentive compensation management, territory management, sales planning and monitoring, sales performance analytics and reporting, and others. The industry vertical covered in the study include BFSI, IT and telecom, manufacturing, energy and utilities, healthcare, retail, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the sales performance management market analysis are Anaplan Inc., beqom, Callidus Software Inc., Confidex, Gryphon Networks Corp, Iconixx, NICE Ltd., Obero Inc., Optymyze, Oracle Corporation, Salesforce Inc., SAP SE, Spotio, Telensa, Varicent, Velocify, and Xactly Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

Sales Performance Management (SPM) Market
By Industry Vertical

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The retail segment is anticipated to grow at a significant rate owing to, the high market competition within the sector

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Depending on industry vertical, the BFSI segment dominated the sales performance management market share in 2021, and is expected to continue this trend during the forecast period owing to the large size of sales teams being maintained by BFSI sector businesses, which are incentivizing banking and financial forms to invest in effective sales performance management solutions for their organization. However, the healthcare segment is expected to witness the highest growth in the upcoming years, owing to the rising technological investments and upscaling of the sector, which is expected to aid in driving investments in sales performance management solutions.

Sales Performance Management (SPM) Market
By Region

2031
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific countries are expected to garner the highest growth owing to, the ongoing digital transformation within the region

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Region wise, the sales performance management market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high concentration of sales performance management solutions vendors. which is expected to drive the market for sales performance management solutions within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the rapid economic and technological transformation of the region, which is expected to fuel the growth of sales performance management solutions in the region in the coming few years.

The report focuses on growth prospects, restraints, and analysis of the global sales performance management market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the global sales performance management market share.

COVID-19 Impact Analysis

The global COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted the adoption of sales performance management solutions due to the lockdown imposed by governments of different countries. Post COVID-19 situation, companies are focusing on emerging technology such as AI-powered solutions, automation, and cloud-based sales performance management (SPM) solution across industries such as BFSI, healthcare, and IT & telecom to perform contactless operations. This factor further creates demand for sales performance management (SPM) solutions, which drives the global adoption of the sales performance management market.

Furthermore, as industries are moving toward digitalization, it is creating the demand for SPM software, as it provides agile efficiency by eliminating manual tasks that slow down business operations as well as provides real-time reporting features. In addition, it reduces human errors and business risks that come with manual data entry, such as required copying and pasting data from one invoice into various spreadsheets for multiple businesses. Due to such benefits, it provides lucrative growth opportunities for market growth during the forecast period. Moreover, the pandemic has introduced considerable challenges for companies, which are trying to execute key processes, report accurately with data spread over multiple locations, operate complex systems, and efficiently communicate with teammates; particularly where there is no infrastructure for such processes. Hence, a greater number of companies are investing in sales performance management. Furthermore, sales performance management solution provides limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, thus boosting the SPM market growth post-pandemic.

Top Impacting Factors

Rapid adoption of advanced solutions for improved customer targeting

The sales performance management market growth is attributed to factors such as a rise in demand for improved customer targeting and customer acquisition tool, sales incentives management, and leads management solutions, which boosts the growth of the sales performance management tools. In addition, growing technological advancements is creating several growth opportunities as it is helping organizations by providing an accurate picture of their customers, which is very important for an effective sales and marketing strategy. Furthermore, it enables businesses to identify sales triggers and present their offers to customers at the right time with the most convincing sales arguments. In addition, sales performance management tools can help businesses to optimize their sales teams and increase their output, which, in turn, drives the growth of the SPM market.

Surge in demand for sales optimization and data enrichment tools

Data enrichment tools of sales performance management platforms can help business enterprises to optimize their sales data with new possibilities for their marketing and sales campaigns and improve customer targeting. In addition, data-enriching tools help businesses to clean their data and keep the enriched list of accurate and usable data on consumers and sales performance. Furthermore, as content optimization is gaining importance in the corporate business world, enterprises are investing in sales optimization solutions, driving the sales performance management industry. According to an article published by Ahrefs Pte Ltd., in June 2020, more than 68% of all online experiences begin with a simple search. Thus, content optimization is one of the best ways for business pages to rank well on search engines. In addition, content optimization tools help pick the right topics and hit relevant keywords for content, contributing to empowering the sales and marketing strategies of an organization.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the sales performance management (spm) market analysis from 2021 to 2031 to identify the prevailing sales performance management (spm) market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the sales performance management (spm) market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global sales performance management (spm) market trends, key players, market segments, application areas, and market growth strategies.

Sales Performance Management (SPM) Market Report Highlights

Aspects Details
Component
  • Solution
  • Service
    • Service Type
      • Professional Services
      • Managed Services
Deployment Model
  • On Premise
  • Cloud
Enterprise Size
  • Large Enterprises
  • SMEs
Solution Type
  • Incentive Compensation Management
  • Territory Management
  • Sales Planning and Monitoring
  • Sales Performance Analytics and Reporting
  • Others
Industry Vertical
  • BFSI
  • IT and Telecom
  • Manufacturing
  • Energy and utilities
  • Healthcare
  • Retail
  • Others
By Region
  • North America  (U.S., Canada)
  • Europe  (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)
  • Asia-Pacific  (South Korea, Australia, India, Rest of LAMEA, China, Japan)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Oracle Corporation, SAP SE, Callidus Software Inc., NICE Ltd., Xactly Corporation, Salesforce.com Inc., Anaplan, Inc., Optymyze, Iconixx, Obero Inc.
 

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Demand for sales performance management solutions has been on a rise for the past few years and the market is expected to continue this trend in the coming years as well, owing to the growing number of businesses and the adoption of advanced technologies such as machine learning and artificial intelligence are promising new opportunities for the growth of the sales performance management solutions, as they can provide efficient sales management techniques for businesses and corporations.

Key providers of the sales performance management market such as Anaplan Inc., Callidus Software Inc., and Oracle Corporation account for a significant share of the market. With larger requirements for sales performance management tools and services, various companies are establishing partnerships to increase their sales performance management capabilities. For instance, in January 2021, Varicent, a leading provider of next-generation sales performance management (SPM) software solutions and services, announced a partnership with the Institute of Sales Management (ISM), an organization representing sales professionals across the world. Varicent’s partnership with ISM is designed to bring thought leadership and innovative solutions in sales performance management, including incentive compensation management, territory, and quota management, revenue intelligence operations, and more.

In addition, with the increase in demand for sales performance management solutions, various companies are expanding their current product portfolio with increasing diversification among customers. For instance, in July 2022, Ascent Cloud, an American sales management solutions provider, announced the launch of their Territory Planner. With Territory Planner by Ascent Cloud, companies save time and better support their sales and customer-facing teams by aligning territories to their go-to-market strategy.

Moreover, market players are expanding their business operations and customers by increasing their acquisitions. For instance, in August 2021, Varicent, a leading provider of next-generation sales performance management (SPM) software solutions and services, announced the acquisition of Concert Finance (Concert). The acquisition of Concert Finance fits into Varicent’s strategy to create the most comprehensive, innovative, and scalable Sales Performance Management portfolio available on the market.

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FREQUENTLY ASKED QUESTIONS?

A. The growing market competition and the demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of the global remote and automated sales performance management solutions during the period, hence empowering the demand for sales performance management solutions.

A. Region wise, the sales performance management market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its high concentration of sales performance management solutions vendors. which is expected to drive the market for sales performance management solutions within the region during the forecast period.

A. The global sales performance management market size was valued at $1.82 billion in 2021, and is projected to reach $7.38 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.

A. The key players profiled in the sales performance management market analysis are Anaplan Inc., beqom, Callidus Software Inc., Confidex, Gryphon Networks Corp, Iconixx, NICE Ltd., Obero Inc., Optymyze, Oracle Corporation, Salesforce Inc., SAP SE, Spotio, Telensa, Varicent, Velocify, and Xactly Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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