Sales Performance Management (SPM) Market 2021: key Vendors, Trends, Analysis, Segmentation, Forecas
Market Synopsis
According to MRFR, the sales performance management (spm) market is expected to grow at a CAGR of 16.6% during the forecast period and reach USD 9.34 billion by 2023.
Market Highlights
The 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 other considerations are the need for metrics based sales tools, and the need for process experience and channel performance indication. 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.
Segmentation
The 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.
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Regional analysis
Sales 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. The high demand for sales performance management software from technologically advanced industries such as BFSI and Telecom and IT in North America is expected to raise the market size. Europe is expected to follow North America, in terms of market size. The increasing demand for better distribution channel and company results in Europe, as well as the growth of numerous US-based sales performance management software companies in Europe, are key reasons for Europe's second-largest market share. Asia Pacific is projected to have the highest growth rate as demand is expected to increase by 16.2 per cent over the 2018 to 2023 forecast period above the global CAGR. Emerging countries such as India and China are increasingly driving the sales performance management (spm) market across various sectors including BFSI, IT and Telecom, manufacturing, and retail. Rest of the World — Latin America and Middle East & Africa are projected to give vendors various opportunities as sales success management systems are yet to be implemented in most countries.
Competitive Dynamics
Some of the major players are Salesforce.Com, Inc. (US), SAP AG (Germany), Synygy, Inc. (US), Xactly Corporation (US), Oracle Corporation (US), IBM Corporation (US), Callidus Software, Inc. (US), Microsoft Corporation (US), Axtria Inc. (US), Optymyze (US), Iconixx Corporation (US), Nice Systems Ltd. (US), Anaplan, Inc. (India), and Performio Solutions Inc. (US). The major strategies adopted by most of the players are collaborations, partnerships and agreements, and new product releases.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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