[ad_1]
Global Sales Performance Management (SPM) Market
Dublin, September 05, 2023 (GLOBE NEWSWIRE) — “The global sales performance management market is segmented by component (Solutions (Incentive Compensation Management, Territory Management), Services), Organization Size, Deployment Model, Verticals (BFSI, Telecom and Manufacturing) ) and Regions – Forecast to 2028 report has been added to ResearchAndMarkets.com Dedication.
The SPM market size is expected to grow from US$2.3 billion in 2023 to US$4.4 billion in 2028, with a compound annual growth rate (CAGR) of 13.6%
The global sales performance management (SPM) market landscape has experienced significant expansion in recent years due to the complexity of sales processes, expansion of sales teams, and integration of cloud-based SPM solutions with artificial intelligence and machines. Learn technology.
SPM as a strategic approach has become critical for organizations seeking to optimize sales operations, improve sales team performance, and achieve revenue goals. This includes a range of activities including setting sales targets, developing compensation plans, managing territories and quotas, analyzing sales data, coaching and training programs, and sales forecasting.
With the rapid development of the SPM market, companies in different industries are aware of the necessity of improving and enhancing their sales operations. SPM solutions act as an automation hub for critical sales processes, providing comprehensive analytics and insights that increase sales effectiveness and guide businesses toward revenue goals.
Furthermore, the market’s vitality is evident through a comprehensive assessment of the market shares, growth strategies and service offerings of key players such as SAP (Germany), Oracle (US), NICE (Israel), Anaplan (US) and Xactly (US) . ) and other factors have shaped the development trajectory of the SPM market.
Based on organization size, the SME segment will register the highest CAGR during the forecast period
The SPM market is divided into large enterprises and small and medium-sized enterprises according to the size of the organization. The SME segment is estimated to register the highest CAGR during the forecast period of the SPM market. Due to lack of awareness and budget constraints, SMEs mainly rely on manual processes to manage their SPM processes.
However, the competitive market encourages SMEs to invest in automation solutions to achieve high business efficiency. With limited budgets, small IT infrastructures, and small headcounts, SMBs seek flexible, scalable, and cost-effective solutions.
As a result, SMEs are increasingly adopting cloud-based SPM solutions as these solutions eliminate data management hassles and maintenance issues. SMBs are adopting innovative SPM solutions to manage better quotas and territories as well as sales employee performance and incentives based on global accounting standards, thereby accelerating employee engagement and enhancing their experience.
From a vertical industry perspective, consumer goods and retail will have the highest CAGR during the forecast period
The industry verticals are categorized into BFSI, Consumer Goods & Retail, Telecom, Manufacturing, IT & ITeS, Energy & Utilities, Tourism & Hospitality, Healthcare & Pharmaceuticals and Others (Education, Real Estate & Construction, Media & Entertainment).
The retail and consumer goods vertical is expected to maintain the highest CAGR of 16.0% during the forecast period. The consumer goods and retail industry is highly customer-centric and companies in this industry are adopting different penetration strategies and leveraging various industry-ready technologies to enhance customer experience and improve customer retention.
Since there are multiple players in this vertical, IT budgets are typically large as consumer goods and retail companies try to maintain a certain brand image in terms of employee and customer retention, which is crucial to boosting revenue. Some retailers and consumer packaged goods companies are leveraging SPM solutions to improve the accuracy of incentive compensation, eliminate manual management of sales management tasks, and unify commission data with POS and CRM systems for better visibility.
By region, Europe holds the second largest market share during the forecast period
Europe will hold the second largest market share by 2023 and is expected to hold a similar dominance during the forecast period. Europe has diverse business needs as several large retailers and manufacturing companies require robust and scalable IT infrastructure solutions. The region has been a challenging market for cloud providers due to stringent regulations and security standards regarding user data privacy.
Europe also has strict rules and regulations regarding data privacy and security, so various SPM providers have improved their solutions to meet the company’s data localization needs and comply with the region’s consumer privacy regulations. The proliferation of cloud-based sales applications has further stimulated organizations to adopt SaaS-based SPM solutions.
The presence of various small and large players in Europe, including Beqom and SAP, is another important factor in the adoption of SPM solutions across Europe. In this report, the main growth economies considered for the analysis are the United Kingdom and the rest of Europe.
Key attributes:
Report properties |
detail |
Number of pages |
Chapter 277 |
forecast period |
2023-2028 |
Estimated market value in 2023 (USD) |
$2.3 billion |
Forecast market value by 2028 (USD) |
$4.4 billion |
CAGR |
13.6% |
Coverage area |
Global |
quality insights
-
Need to align efforts with sales strategy, improve sales commission calculation accuracy, and minimize sales staff turnover to drive market growth
-
The solutions segment will occupy a larger market share during the forecast period
-
The sales planning and monitoring segment will hold the largest market share during the forecast period
-
The integration and implementation segment will hold the largest market share during the forecast period
-
Large enterprise segment will hold the largest market share during the forecast period
-
The local segment will hold a larger market share during the forecast period
-
Bfsi Vertical holds largest market share during forecast period
Market dynamics
driver
-
Continuously increasing automation to improve visibility and avoid inaccurate calculations
-
Growing demand for metrics-driven sales tools
-
Improve enterprise mobility to improve agent engagement and performance
-
Increasing emphasis on sales performance
-
Favorable regulatory compliance
limit
-
SMEs are skeptical about avoiding additional costs or changing organizational structures
-
Implementation challenges
-
Data privacy and security issues
Chance
-
Integrate audio and video conferencing API to improve productivity
-
Leveraging machine learning and natural language processing innovations for data-driven recommendations
-
Growing demand for data-driven decisions to assess performance
challenge
case analysis
-
Case study 1: Opensymmetry helps partner operators cover the entire process of SPM systems from pre-deployment to post-deployment
-
Case Study 2: Anaplan helps Alkem Laboratories enhance bonus and compensation calculations and provide instant insights
-
Case Study 3: Flowserve achieves real-time visibility into pivot sales plans by deploying Xactly Incent’s solution
-
Case Study 4: Oracle helps Emirates Nbd automate and improve visibility of daily payroll transactions
-
Case study 5: Turkcell leverages Beqom’s Spm to enhance sales planning and quota and territory management
technical analysis
-
Artificial Intelligence and Automation
-
Rpa
-
Machine learning and natural language processing
-
customer relationship management
-
Forecasting and Predictive Analytics
Company Profile
The main participants
-
sap
-
Oracle
-
OK
-
Anaplan
-
Exactly
-
sales force
-
Mutations
-
Optimiz
-
let’s go
-
Performance
-
Inspiring solutions
other players
-
asteria
-
icon
-
Griffin Network
-
Zs
-
cellar stone
-
board
-
Zoho
-
inside sales
-
Accent Technology
-
Sylvan Software
Startups/SMEs
-
charming
-
Spiff
-
Sheng Yun
-
Adventace
-
through weaving
-
point
-
sales screen
-
central
-
rotate
-
ambition
-
ever stage
-
Innovine
For more information about this report, please visit https://www.researchandmarkets.com/r/m8synk
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market information. We provide you with the latest data on international and regional markets, key industries, top companies, new products and latest trends.
attachment
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
[ad_2]
Source link