Sales Performance Management Market worth $4.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 3, 2023 /PRNewswire/ -- Sales enablement and coaching, improved analytics and visualisation, mobile and remote capabilities, integration with CRM and the sales tech stack are key components of the Sales Performance Management (SPM) market's future growth. In order to improve sales performance and decision-making, user adoption and experience will be emphasised.

The Sales Performance Management Market size is expected to grow from USD 2.3 billion in 2023 to USD 4.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period, according to a new report by MarketsandMarkets™. The rising demand for metric-driven sales tools has driven market growth.

Browse in-depth TOC on "Sales Performance Management Market"

196 - Tables
48 - Figures
228 - Pages

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Scope of the Report

Software segment to capture a large market share during the forecast period

The SPM market, by component, includes solutions and services. The solutions segment is projected to lead the market. SPM solutions optimize and enhance sales processes, improve performance, and drive revenue growth. There are different types of SPM solutions, including ICM, territory management, sales planning and monitoring, sales performance analytics and reporting, and others (sales coaching and gamification). The emerging technologies, such as AI, ML, and advanced analytics, and the integration capabilities of SPM solutions with various business platforms, such as ERP, CRM, and HCM platforms, have facilitated the streamlining of SPM processes and better management of sales representatives' performance.

Integration & Implementation service segment to capture a second largest market share during the forecast period

Integration & implementation services focus on assisting organizations with seamlessly integrating SPM solutions into their existing sales infrastructure and ensuring a successful implementation process. These services encompass various activities to ensure a smooth transition and optimal utilization of the SPM solution. Service providers analyze the organization's sales ecosystem, including existing systems, processes, and data flows. They assess the compatibility of the SPM solution with the organization's infrastructure and business requirements.

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North America segment to capture a large market share during the forecast period

The SPM market has been segmented by region into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global SPM market in 2023, and this trend is expected to continue during the forecast period. North America is the region with the most established SPM adoption due to several factors, including the existence of large enterprises with sophisticated IT infrastructure and the availability of technical expertise. North America's two most significant contributors to the SPM market are the US and Canada. The trend is expected to persist during the forecasting period. It is a region with strict regulations for several economic sectors and advanced technology. Companies in North America prioritize optimizing their sales processes and driving revenue growth. SPM solutions provide the necessary tools and capabilities to enhance sales performance, improve efficiency, and maximize revenue potential. As a result, organizations across various industries actively seek SPM solutions to gain a competitive edge. North America is known for its technological advancements and early adoption of innovative solutions. SPM vendors in the region leverage emerging technologies such as artificial intelligence (AI), machine learning (ML), and data analytics to offer sophisticated SPM platforms.

Top Key Companies in Sales Performance Management Market:

Some of the major vendors offering SPM solutions and services across the globe are SAP (Germany), Oracle (US), NICE (Israel), Anaplan (US), Xactly (US), Salesforce (US), Varicent (Canada), Optymyze (UK), beqom (Switzerland), Performio (US), Incentives Solutions (Israel), Axtria (US), Iconixx (US), Gryphon Networks (US), ZS (US), CellarStone (US), Board (Switzerland), Zoho (India), InsideSales (US), Accent Technologies (US), Silvon Software (US), CaptivateIQ (US), Spiff (US), Ascent Cloud (Switzerland), Adventace (US), Plecto (Denmark),  Spotio (US), SalesScreen (Norway), Centrical (US), Spinify (US), Ambition (US), Everstage (India), and InnoVyne (US).

Recent Developments:

• In March 2023, Salesforce announced new product suites for sales and service teams, bringing together solutions from across the Customer 360 to help any company unlock cost savings and create exceptional customer experiences.
• In February 2023, Performio launched its new product, Analytics Studio. The new analytics capabilities leverage predictive artificial intelligence (AI) to generate insights into payable and attainment trends by team, territory, or products, which informs and improves territory, quota, and comp recommendations. In addition, it reports on estimated compensation payables based on the current pipeline in a customer's CRM system to better plan and manage company-wide commission payouts.
• In June 2022, Beqom opened an office in Tokyo as part of its ongoing Asia-Pacific expansion, naming industry veteran John Kirch as Head of Sales in Japan. The move follows Beqom's recent announcement of global expansion plans fueled by a $300 million investment by Sumeru Equity Partners.
• In April 2022, Xactly announced the addition of Commission Earnings Forecasting to the Xactly Intelligent Revenue Platform. This solution eliminates lengthy manual processes and reduces financial risk related to unexpected commission expenses.
• In March 2022, Xactly announced the Xcelerate Partner Program, focusing on best-in-class enterprise software partners and systems integrators to support customer revenue growth.
• In August 2021, Varicent acquired Concert Finance (Concert), an innovative provider of commission software designed by compensation experts. The move to acquire Concert Finance started in May when Concert sought to scale its rapid growth. Varicent wanted to expand its Incentive Compensation Management (ICM) portfolio into the SMB market. The deal closed on July 9, 2021.

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Sales Performance Management Market Advantages:

• SPM solutions offer complete tools and functions to support sales teams in operating at their peak efficiency. They provide sales managers with real-time visibility into sales performance indicators, enabling them to spot problem areas and take preventative action. SPM solutions contribute to improved overall sales performance by coordinating sales efforts with company goals.
• SPM solutions give businesses the ability to match team and individual goals with sales targets. This keeps sales personnel motivated and focused on attaining goals that advance the strategic objectives of the business. SPM solutions' incentive pay management tools assist in creating and implementing motivating compensation schemes that reward top performers and increase sales output.
• Advanced forecasting capabilities offered by SPM solutions enable organisations to estimate sales performance and revenue outcomes with accuracy. Sales executives are more equipped to make wise judgements and modify their plans when they have access to historical data, market trends, and real-time insights. This improves the efficiency of resource allocation, revenue forecasting, and sales planning.
• SPM systems come with tools for efficient quota and territory management. Based on variables including location, customer segments, and product lines, they assist in defining and allocating sales territory. Organisations may ensure a fair distribution of sales targets and boost the effectiveness of their sales teams by defining realistic quotas and tracking progress against them.
• SPM solutions offer strong analytics and reporting capabilities that give useful information about how well sales are performing. Organisations can spot patterns, opportunities, and bottlenecks by analysing sales data. The capacity to track key performance indicators (KPIs) at different levels, from individual sales agents to the entire sales organisation, is made possible by this.
• Effective sales coaching and training programmes are facilitated by SPM solutions. They offer resources to evaluate sales representatives' performance, spot skill gaps, and conduct customised training. SPM solutions assist sales teams improve their capabilities and provide greater results by enabling continuous learning and development.
• SPM solutions simplify sales procedures while cutting down on administrative costs. Organisations can reduce human error, gain time, and boost operational effectiveness by automating processes including commission calculations, incentive plan administration, and data management.
• SPM solutions are built to scale as organisations expand and change along with the market. They can support growing sales teams, fresh product offerings, and changing sales tactics. To ensure smooth data flow and interoperability, SPM solutions also link with other business systems, such as CRM platforms.

Report Objectives

• To define, describe, and forecast the global SPM market based on components (solutions and services), deployment mode, organization size, verticals, and regions
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments with respect to individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze macro and micromarkets¹ with respect to growth trends, prospects, and their contributions to the overall market
• To analyze industry trends, patents and innovations, and pricing data related to the SPM market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players
• To profile key players in the market and comprehensively analyze their market share/ranking and core competencies^.
• To track and analyze competitive developments, such as mergers and acquisitions, new product developments, and partnerships and collaborations in the market

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