The latest report by IMARC Group, titled “Sales Performance Management Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, finds that the global sales performance management market size reached US$ 3.6 Billion in 2021. Sales Performance Management (SPM) is a set of analytical and operational functions that assist in automating and uniting back-office operational sales procedures. These functions are designed to automate numerous areas of the corporate performance management processes and encourage sales-oriented performance alongside. It focuses on various aspects, including insights, sales performance, forecasting, gamification, advanced analytics, and quota setting. In recent years, sales performance management has gained momentum due to its extensive adoption in various organizations to enhance their operational efficiency and effectiveness.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Sales Performance Management Market Trends:
One of the primary factors driving the market is the widespread application of SPM solutions during the outbreak of the coronavirus disease (COVID-19) and subsequent restrictions imposed in various nations. SPM solutions allow organizations to automate their business operations and adapt to remote working conditions with the least disruption. Additionally, SPM solutions enable enterprises to design roadmaps for the business and implement strategies efficiently. This also helps them to grow and boosts the acceleration in the rapidly changing market conditions. Other than this, SPM aids in increasing revenue, optimizing planning, enhancing decision-making and sales agility, and predicting sales, thus creating a positive market outlook. Apart from this, there is widespread utilization of SPM solutions in the banking, financial services, and insurance (BSFI) sector to cater to the challenges of complex credit assignments, high transaction counts, and developing expense models. Furthermore, the augmenting demand for a symbiotic alliance between sales executives and their prospects has catalyzed market growth. Moreover, the extensive adoption of SPM solutions in hospitals to structure and monitor goals information and the rising need for healthcare services are creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 9.03 Billion by 2027, expanding at a CAGR of 16.70% during the forecast period (2022-2027).
- Based on the solution, the market has been divided into territory management, sales analytics, sales planning and monitoring, incentive compensation management, and others.
- On the basis of the services, the market has been classified into consulting services, managed services, training and support, and others.
- Based on the organization size, the market has been categorized into small and medium-sized enterprises, and large enterprises.
- On the basis of the deployment model, the market has been segmented into, on-premises, and cloud-based.
- Based on the end user, the market has been divided by BSFI, IT and telecom, retail, energy and utilities, travel and hospitality, transportation and logistics, healthcare, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being Anaplan Inc., Axtria Inc., beqom SA, Iconixx Software Corporation, International Business Machines (IBM) Corporation, Microsoft Corporation, NICE Ltd., Oracle Corporation, Salesforce.com Inc., SAP SE and Xactly Corporation.
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