PUBLISHER: The Business Research Company | PRODUCT CODE: 1392877
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392877
“Sales Performance Management Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on sales performance management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for sales performance management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The sales performance management market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Sales performance management (SPM) involves a range of operational and analytical capabilities that automate and integrate back-office sales operations, aiming to enhance operational efficiency and effectiveness. Its purpose is to monitor sales performance and establish strategies to meet or surpass the company's revenue objectives.
SPM comprises two main categories such as solutions and services. Solutions in SPM entail a sales methodology where salespeople consider a prospect's needs comprehensively. Among the solutions employed in sales is incentive compensation management (ICM), which is utilized to devise, implement, and optimize a strategic plan for sales commissions and incentives. These solutions are deployed across various organization sizes, including large enterprises and small and medium-sized enterprises (SMEs), either on-premises or in the cloud. SPM finds application in diverse sectors such as BFSI, telecommunications, manufacturing, consumer goods and retail, healthcare and pharmaceuticals, energy and utilities, and other verticals.
The SPM market research report is one of a series of new reports from The Business Research Company that provides SPM market statistics, including SPM industry global market size, regional shares, competitors with an SPM market share, detailed SPM market segments, market trends, and opportunities, and any further data you may need to thrive in the SPM industry. This SPM market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The sales performance management market size has grown rapidly in recent years. It will grow from $6. 34 billion in 2023 to $7. 27 billion in 2024 at a compound annual growth rate (CAGR) of 14. 7%. The growth observed in the historical period can be ascribed to the adoption of customer relationship management (CRM) systems, a focus on enhancing sales team productivity and efficiency, the proliferation of sales force automation technologies, the demand for precise measurement of sales performance, and the escalating complexity in sales processes.
The sales performance management market size is expected to see rapid growth in the next few years. It will grow to $13. 51 billion in 2028 at a compound annual growth rate (CAGR) of 16. 8%. The anticipated growth in the forecast period can be credited to an increased emphasis on predictive analytics for sales forecasting, the rise of remote and virtual sales teams, the adoption of gamification to motivate sales efforts, the ongoing evolution of sales enablement tools, and a shift towards real-time performance feedback and coaching. Key trends expected in the forecast period encompass the integration of artificial intelligence in sales performance management, the incorporation of sales performance management with other business systems, a focus on data-driven insights for optimizing sales strategy, the development of mobile-centric sales performance solutions, and the adoption of agile methodologies in sales operations.
The anticipated surge in automation is poised to drive the growth of the Sales Performance Management (SPM) market in the future. Automation encompasses a range of operational and analytical functions aimed at automating and integrating back-office sales activities. Major players in the SPM market are embracing automation processes to enhance operational efficiency and effectiveness. For instance, as reported by Eagle Technologies in May 2022, approximately 60% of all occupations have the potential to automate at least 30% of their tasks. This automation is projected to boost global productivity by 0. 8% to 1. 4% annually. The increased adoption of robots is expected to result in broader employment opportunities across various sectors, with automation contributing to a net growth of 12 million jobs by 2025. Thus, the growing trend of automation in business processes is set to propel the SPM market.
The upswing in spending on marketing and advertising activities is anticipated to fuel the growth of the Sales Performance Management (SPM) market in the coming years. Effective marketing and advertising strategies can swiftly increase product awareness and prompt responsive consumer purchases, driving demand for robust sales performance management solutions. These tools play a crucial role in optimizing sales processes, enhancing efficiency, and maximizing the impact of marketing initiatives. For instance, according to Yelp for business, global spending on ads and digital advertising exceeds $600 billion annually and is expected to reach $876 billion by 2024. Additionally, in 2021, Oberlo reports that total social media advertising spending by US companies is projected to surpass $44 billion, indicating a 16. 34% increase from 2020. Consequently, the escalating expenditure on marketing and advertising activities is poised to generate increased demand for the Sales Performance Management market.
In the Sales Performance Management (SPM) market, a notable trend gaining traction is the emergence of new product innovations. Leading companies in the SPM sector are actively engaged in developing innovative products to fortify their market positions. For example, in January 2021, Salesforce, a US-based cloud-based software company, introduced Loyalty Management, a solution enabling companies to create intelligent loyalty programs for both B2B and B2C customers. This flexible and configurable solution caters to specific industry needs, including retail, consumer goods, manufacturing, travel, and hospitality. The aim is to facilitate the development of personalized customer experiences, adapt loyalty programs to evolving customer expectations, and generate business value by cultivating loyal, lifetime customers.
Major companies operating in the Sales Performance Management market are intensifying their focus on integrating advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML) into the sales process to gain a competitive edge. The infusion of AI and ML presents a substantial opportunity for companies to automate pre-sales and sales processes and enhance lead generation. For example, in September 2022, NielsenIQ BASES, a US-based new product and innovation development company, introduced BASES Creative Product AI, designed to test, screen, and optimize product formulations. This AI engine, equipped with 100 models and algorithms, predicts performance and identifies ways to optimize products, enabling clients to develop exciting new offerings for consumers.
In July 2021, ZoomInfo Technologies Inc., a US-based software and data company, acquired Chorus. ai for $575 million. This strategic acquisition aligns with ZoomInfo's goal of supporting salespeople by aiding them in finding, connecting with, and selling to decision-makers likely to purchase their goods and services. Chorus. ai, a US-based company specializing in sales analytics and management, is expected to enhance ZoomInfo Technologies Inc. 's capabilities in achieving these objectives.
Major companies operating in the in the sales performance management market report are SAP SE, Oracle Corporation, Xactly Corporation, Anaplan Inc., Varicent Software Inc., Beqom UK Limited, Salesforce Inc., Iconixx Software Corporation, International Business Machines Corporation, Callidus Software Inc., Gryphon Networks Corp., Cellarstone India Pvt Ltd., Zoho Corporation Pvt. Ltd., Microsoft Corporation, Optymyze Pte Ltd., NICE Ltd., Compensation Management Software, Synygy India Private Limited, Zoltners and Prabhakant Sinha, Merced Systems Ltd., Opensymmetry Private Limited, Aviso Inc., Altify Limited, Accent Technologies Inc., Revegy Inc., SalesLoft Inc., SalesHood Inc., Ambition Services Pvt. Ltd., Level Eleven LLC
North America was the largest region in the SPM market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sales performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the sales performance management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The sales performance management market includes revenues earned by entities by providing services such as incentives compensation management, quota management and planning, territory management, advanced analytics, and gamification. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.