Sales Performance Management Software Market
Sales Performance Management Software Market Analysis by Component (Services, Software), by Solution (Incentive Compensation Management, Sales Coaching, Sales Forecasting, Sales Planning, Talent Management), by End User, by Region - Global Forecast 2022-2032
Sales Performance Management Software Market Outlook
The sales performance management software market is predicted to grow at a fair CAGR of 11.6% during the projected period of 2022 to 2032.
The sales performance management software market share is estimated to worth more than US$ 16.3 Billion by 2032, increasing from US$ 4.8 Billion in 2021.
Sales Performance Management Software Market Size (2021)
US$ 4.8 Billion
Sales Performance Management Software Market Value (2022)
US$ 5.4 Billion
Sales Performance Management Software Market Value (2032)
US$ 16.3 Billion
Sales Performance Management Software Market Growth Rate (2022-2032)
Sales Performance Management Software Market Key Players
In recent years, various firms have been employing sales performance management (SPM) software to significantly cut down the processing time of sales data and errors incurred therein. Application of this software also aids in tracking future opportunities and client discussions, if any, leading to higher adoption of sales performance management software in such sectors.
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Global Sales Performance Management Software Market Historical Analysis (2015-2021) Vs. Forecast Outlook (2022-2032)
According to the new market research report on sales performance management software released by Fact.MR, the sales performance management software market growth, is predicted to drop marginally from 2022 to 2032.
During the previous analysis period of 2015 to 2021, the sales performance management software market share saw a net worth of US$ 4.8 Bn in 2021, with a year-on-year growth rate of 12.7%.
This decline in sales performance management software adoption trends is attributed to the impact of the Covid-19 pandemic in the previous corresponding years and the economic slowdown that followed it.
However, there are also some positive implications of the worldwide pandemic noted down by the global market study on sales performance management software.
The global market system is observed to have undergone a major shift in consumer and employee orientation. Following the adoption of digital or online modes of transactions, business have proved beneficial for the emerging trends in the sales performance management software market in the post-pandemic years.
What are the Different Market Dynamics driving the Global Sales Performance Management Software Market?
“Emerging trends of adopting automation in several business verticals for higher returns are anticipated to drive the sales performance management software market key trends and opportunities.”
What are the Driving Factors for the Global Sales Performance Management Software Market during the Forecast Years?
Sales performance management or SPM software helps integrate and automate the back-office operational activities to improve the sales and profile of any business entity.
With the surge in population around the world, intense consumerism has accelerated the total volume of sales of every other commodity. Under such circumstances, appropriate digital innovations are emerging as the new trend for managing business operations.
The years of research and development in this domain have resulted in immense advancements, such as sales planning and monitoring, incentive compensation management (ICM), sales reporting or sales quota management, and even territory management (TM) have proved quite instrumental for the business owners.
The adoption of sales performance management software provides detailed analytics for business enterprise appraisals and sales forecasting, both of which are quintessential for the growth and prediction of sales of any business.
As a result, the demand for sales performance management software is increasing day by day and is projected further to drive the global economy in the coming days.
Other major factors having some considerable impacts on the future emerging trends in the sales performance management software market include compensation planning for improving sales performance and business development, sales automation for increasing sales, and lead visibility.
As this system also helps track and guide salespeople to help them achieve their sales target quickly, the sales performance management (SPM) software market outlook is predicted to remain positive during the forecast years of 2022 to 2032 and ahead.
What are the Major Challenges Experienced by the Sales Performance Management Software Market Players?
“Inconvenience for reforming the established working practices and environment is anticipated to be the major limiting factor for future sales performance management software market trends.”
Deploying and operating sales performance management or SPM software necessitates a significant amount of time and administrative labor with substantial training and career up-gradation at several levels. These requirements are assumed to be costly and have resulted in lesser demand for sales performance management software among the small and medium scale industries.
The amount of time it needs for proper installation is also a major concern for the big corporate houses having very limited opportunities to halt the business operations, which has restrained the adoption of sales performance management software.
To make this point clear, the Wisdom of Crowds SPM study 2020 revealed that nearly one-quarter of the respondents said they had no plans to install SPM software in the near future, which also requires alternating working practices.
What is the Sales Performance Management Software Market Outlook for the U.S.?
Pertaining to North America’s strong economic landscape and early adoption of modern technologies in the workplace, the regional sales performance management software market of the U.S. dominated the global market by contributing nearly US$ 1.9 Billion to the total revenue in 2022. The regional market is also expected to experience a higher growth rate than any other country.
Higher technology awareness and fair acceptance of SPM solutions by business enterprises to improve their operations and performance have made the U.S. market more mature.
With an estimated CAGR of 11.4%, the U.S. sales performance management software market is predicted to reach a value of more than US$ 5.6 Billion by the end of the year 2032.
What is the Sales Performance Management Software Market Outlook for Asia Pacific?
Asia Pacific is the other major region with significant growth prospects for sales performance management software market key trends and opportunities growing in parallel with the booming information technology and communication (ITC) sector.
The emergence of many modest and well-established SPM solution providers and outsourcing business facilities has resulted in a robust sales performance management software market in China and India.
This region has also emerged as the most lucrative region for the sales performance management software market growth with the introduction of other emerging economies such as Japan and South Korea.
China accounted for almost US$ 400 Million worth of the sales performance management software market share, making it the second-largest market in the world.
By the end of this forecast period, the China sales performance management software market is projected to turn out into a US$ 1.2 Billion market, followed by Japan and South Korea at US$ 1 Billion and US$ 577 Million, respectively.
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What is the Growth Outlook for the Sales Performance Management Software Market According to Different Segments?
“The benefit of getting holistic visibility into the market process for sales representatives has pushed the global market to adopt SPM solutions rapidly.”
Over the projected period of 2022 to 2032, the banking, financial institutions, and insurance (BFSI) sector are anticipated to emerge as the biggest contributor to the sales performance management software market growth. As this sector happens to provide a wide range of products to its customers, the data incurred is huge and diverse.
The need to effectively manage complicated incentive compensation calculations is also gaining traction in other end-user verticals such as the Telecom & IT sector, which can be regarded as one of the favorable segments for the sales performance management software market trends and forecast.
Which is the Top Performing Component for the Global Sales Performance Management Software Market?
The strong demand for customized solutions to meet the guidelines and requirements of data privacy and security concerns has fuelled the expansion of on-premises sales performance management software at various end-use verticals. This sub-segment is performing better than in previous years and is projected to drive the software component at a higher CAGR than the service segment for the sales performance management software market share at about 11.4% through 2032.
Large enterprises with a higher volume of sales data are also attracted to cloud-based SPM solutions as they reduce the adoption cost and workspace. The services segment is also poised to experience some positive growth owing to the growing development and adoption of distinctive sales performance management software according to the need of the business units.
Incentive compensation management solution has remained the most popular segment of the global SPM software market and is predicted to grow by 11.2% from 2022 to 2032. Nevertheless, the CAGR for this segment is expected to be mildly lower than 12.4%, recorded in the sales performance management software market survey for 2015 to 2021.
How Strong is the Competitive Landscape for the Sales Performance Management Software Market?
Accent Technologies, Inc., Altify, Anaplan, Inc, Axtria India Pvt Ltd, Beqom, Board International S.A., SAP, Cellarstone India Pvt Ltd., Gryphon Networks Corp, Iconnix Software Corporation, Incentive Solutions Ltd, InnoVyne Technologies, International Business Machines Corporation, Microsoft Corporation, and Nice Ltd are some of the key players of the global sales performance management software market.
What are the Recent Developments in the Field of Sales Performance Management Software Market?
- Oracle’s 21 A got updated and released in December 2020 by adding some new and improved features to its previous versions. This development was part of its quarterly SPM update strategy.
- With the aim of broadening its SPM portfolio, Xactly released a new solution by the name of operational sales management (OSM) in November 2020. All the important variables are integrated with this new solution that can improve the company’s global position in the coming days.
- NICE inContact of NICE limited company announced in October 2020 about releasing its NICE inContact CXone. It has been integrated with some new features like business intelligence (BI), and auto-detection of trends across numerous digital and voice interaction that can boost the popularity of the company further in the global sales performance management software market
- Beqom Company announced a new edition of its mobile app and individual pay estimator in October 2020, which would provide a more flexible view of the compensation pay-outs and its performance.
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By Component :
- Managed Services
- Professional Services
By Solution :
- Incentive Compensation Management
- Sales Coaching
- Sales Forecasting
- Sales Planning
- Talent Management
By End User :
- Telecom & IT
- Transportation and Logistics
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)