ID: MRFR/ICT/6007-HCR | February 2021 | Region: Global | 100 pages
As per MRFRF Analysis, the Sales Performance Management Market is estimated to grow at a CAGR of 17%. It is projected that the value of the market will expand up to USD 10 Billion during the forecast period. The major driving factors are the rising use of Bring Your Own Device (BYOD) around several enterprises. Also, the rising demand for advanced channels for sales and performance is improving its effectiveness.
The Sales Performance Management solution is used for improving sales among various industries. With growing investments by the stakeholders, the speed will increase at a significant rate. The use of the APIs for audio and video conferencing helps the SPM vendors to provide personalized solutions to their customers. It will overall improve productivity and work efficiency. The use of tablets and smartphones are also promoting the components of performance management of sales.
Also, now the enterprises are demanding streamlined, customized, and easy-to-use systems that will further boost the market. It is estimated that North America will dominate the Sales Performance Management Business during the forecast period. With better growth opportunities and advanced infrastructure, the market will thrive exponentially. However, the Asia-Pacific region will record the highest growth due to rapid development in vital countries like India, Japan, and China.
The impact of COVID-19 disease was huge since when it began during the early months of 2020. The world shifted to online platforms to continue their work which led to the demand for sales performance software among the major industries. Several economies and industries faced huge losses as manufacturing units and other institutes were closed for several months. In the upcoming period, the Sales Performance Management industry will further propel due to its massive demand.
Some major drivers are fuelling the sales performance management market such as the increasing adoption of SPM solutions. Also, the growing use of BYOD in several enterprises to improve their sales channels and performance is increasing the market growth.
Some restraining factors such as the low knowledge and awareness of the tools for sales and management process will slow down the market growth. Also, the required time needed for the training and implementation of users can be hassling and restrict its further growth.
With investments in the Application Programming Interfaces (APIs) will increase the engagement of customers. Also, the growing demand for reducing the risk of abrupt sales and correct prediction of patterns will further provide huge opportunities.
One of the major challenges is the high costs and maintenance of complex systems. Also, the adoption of new technology and continuous monitoring can lead to a security breach. This will further increase the challenge to mitigate the risk without affecting the work efficiency.
The Compound Annual Growth Rate of Sales Performance Management Market is estimated to be at 17%. The market will further reach around USD 10 Billion by the end of the forecast period 2021-2028. The growing demand and better opportunities will influence the market positively.
Value Chain Analysis
With the growing Sales Performance Management Market Trends, its value especially among the SMEs will increase. Despite several challenges, the market will reach new heights in the upcoming period. Due to the growth of other industries, the demand and prices of sales performance software will simultaneously increase.
The Sales Performance Management Market Segments are divided into deployment, component, vertical, and organization size. On the basis of organization size, the SPM market is divided into Medium and Small Sized Enterprises and Large Enterprises.
On the basis of components, the Sales Performance Management Industry is again divided into Services and Solutions. The services sub-segment is again divided into Implementation, Support and Training, Managed Services, and Consulting. Further, the solutions segment is again classified into Sales Analytics, Territory Management, Sales Monitoring and Planning, and Incentive Compensation Management.
On the basis of vertical, the Sales Performance Management Business is segmented into Telecommunication and IT, Pharmaceutical and Healthcare, Banking, Financial and Services and Insurance (BFSI), Logistics and Transportation, Manufacturing, Retail, and Others.
Based upon deployment, Sales Performance Management Industry is divided into On-Premise and On-Cloud.
On the basis of Geography, the Sales Performance Management Market Share is divided into North America, Asia-Pacific, the Rest of the World, and Europe. It is projected that the North American region will dominate the Sales Performance Management Market in the forecast period 2021-2028. The rapid demand of growing industries such as the It and Telecom, BFSI, and many more are fuelling the market to a great extent.
After that, the European region will have the second Sales Performance Management Market Share. With the increasing demand for highly advanced channels and expansion of several software companies in this field is the major reason for the effective growth.
The Asia-Pacific region is evaluated to experience the highest growth with around 14.2% CAGR during the forecast period. The growing and developing infrastructure in IT and other industries will improve the Sales Performance Management Market Growth. Especially countries such as China, India, Japan, South Korea, are providing the best options at an affordable rate that attracts major key players.
Along with that, South America and the Middle East, and the African region are also aiming to provide better solutions. The growth will be sufficient in this regions they still lack some advanced technologies and infrastructure.
The growing demand for better services is fuelling the sales performance management market. One of the major pushing factors is the key players that are continuously trying to develop better solutions to increase their portfolio. They use organic and inorganic business strategies such as investments, mergers, acquisitions, partnerships, collaborations, new product launches, and many more. Some of the major Sales Performance Management Market Players are as follows-
The overview of the Sales Performance Management Market Analysis is listed below-
Report Score and Segmentation
The score of the Sales Performance Management Market Report is to provide information about the growth factors and potential of the market. The report is created by taking information about primary and secondary sources. It also provides information about the notable key players in the market.
|Market Size||USD 9.34 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Deployment Mode|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||SAP AG (Germany), Salesforce.Com, Inc. (US), Synygy, Inc. (US), Xactly Corporation (US), IBM Corporation (US), Oracle Corporation (US), Callidus Software, Inc. (US), Microsoft Corporation (US), Iconixx Corporation (US), Nice Systems Ltd. (US), Optymyze (US), Anaplan, Inc. (India), Axtria Inc. (US), and Performio Solutions Inc. (US).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The sales performance management market is poised to mark 16.5% CAGR.
The sales performance management market has been projected to reach USD 9.3 Bn mark by 2023.
The vertical-based segments of the sales performance management market are telecommunication and IT; healthcare and pharmaceutical; retail; manufacturing; travel and hospitality; banking, financial services and insurance (BFSI); transportation and logistics; and others.
The main players in the sales performance management market are SAP AG (Germany), Synygy, Inc. (US), Salesforce.Com, Inc. (US), Xactly Corporation (US), Oracle Corporation (US), IBM Corporation (US), Callidus Software, Inc. (US), Iconixx Corporation (US), Axtria Inc. (US), Microsoft Corporation (US), Nice Systems Ltd. (US), Anaplan, Inc. (India), Optymyze (US), and Performio Solutions Inc. (US)
Asia Pacific has been assessed to strike 16.2% CAGR by 2023.
The sales performance management assists the sales fuctionality of retail, banking and financial institutions, manufacturing, IT and telecommunication, and other industries
The sales performance management assists the sales fuctionality of retail, banking and financial institutions, manufacturing, IT and telecommunication, and other industries.