Sales Performance Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type (On-premises and Cloud), Vertical (BFSI, Telecommunications, and Manufacturing), and Region - Global Forecast to 2026
The global Sales Performance Management (SPM) market size is projected to grow from USD 1.5 billion in 2020 to USD 3.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. The SPM market is expected to grow at a fast pace with growing automation to improve visibility and avoid incentive compensation calculation inaccuracies, rising demand for metric-driven sales tools, and increasing enterprise mobility to increase agent engagement and performance.
Solutions segment to hold a larger market size in 2020
The solutions segment is projected to contribute majorly to the market. The demand for SPM solutions is rising with growing need for minimizing—commission payout inaccuracies and low quota attainment issues, and the lack of visibility into incentives and employee performance. Factors such as voluntary sales turnovers, the increase in digitalization, and the rise in enterprise spending on CRM sales applications for providing training to their employees have also contributed to the high adoption of the SPM solutions. The services segment is projected to witness a higher growth rate during the forecast period, owing to growing demand for hassle-free and proper deployment and integration of the SPM solutions along with need of organizations to improve the operational efficiency of SPM solutions and understand changing business conditions, client insights, market trends, or service inconveniences.
By vertical, Banking, Financial Services, and Insurance (BFSI) vertical to register the largest market size during the forecast period
BFSI vertical is projected to hold a larger market share during the forecast period. As BFSI companies deal with diverse insurance and banking products, such as debit cards, credit cards, loans, and insurance policies that involve employment of large number of sales representatives, the demand to manage complex incentive compensation calculations and offer representatives with holistic visibility into entire SPM processes has compelled BFSI companies to aggressively adopt SPM solutions.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
Steady income growth, dynamic workforce requirements, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt SPM solutions to manage their sales representatives’ commissions and gain holistic visibility in their performance.
By Company Type: Tier 1 – 18%, Tier 2 – 44%, and Tier 3 – 38%
By Designation: C-level executives– 32%, Director Level – 36%, and Others – 32%
By Region: North America – 38%, Europe – 26%, APAC – 18%, Middle East and Africa (MEA) – 10%, and Latin America – 8%
Major vendors offering SPM solutions are SAP (Germany), Oracle (US), Xactly (US), Anaplan (US), NICE (Israel), Varicent (Canada), beqom (Switzerland), Performio (US), Incentives Solutions (Israel), Optymyze (UK), Salesforce (US), Iconixx (US), Axtria (US), Gryphon Networks (US), CellarStone (US), ZS (US), Board (Switzerland), Zoho (India), InnoVyne (Canada), and XANT (US).
The market study covers the SPM market size across segments. It aims at estimating the market size and the growth potential of the market across segments by component, organization size, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall SPM market and its subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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