Global Sales Performance Management Market - Segmented by Type (Solution, Services), Solution (Incentive Compensation Management, Territory Management, Sales Monitoring and Planning, Sales Analytics), Deployment (On-premise, cloud), Services (Professional Services, Managed Services), End-user Vertical (BFSI, Manufacturing, Energy and Utility, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
Sales Performance Management Market was worth USD 2.21 billion in 2017 and is projected to reach USD 4.63 billion by 2023 registering a CAGR of 13.09% during the period 2018 - 2023. The scope of the report is limited to type solution, services, solution including incentive compensation management, territory management, sales monitoring and planning, sales analytics, and others, deployment including on-premise and cloud, services, such as professional services and managed services, and end-user vertical including BFSI, manufacturing, energy and utility, healthcare, and others. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The study also emphasizes the benefits of sales performance management in accordance with diverse application and future prospect of the same.
Sales performance management is utilized by various organizations to reduce processing time and error at a significant rate. SPM provides tools and information required by the sales representatives (ensures efficiency and accuracy). USD 1.4 million was saved through 90 reductions in overpayments with incentive compensation management tools. It also resulted in achieving 204% ROI. The increasing need for accurate measurement and tracking of sales metrics, early adoption of the technology, and mitigation for IT staff are expected to drive the sales performance management market growth, during the forecast period. Furthermore, the organizations are increasingly eliminating the idea of using complicated excel spreadsheets to manage the sales performance.
Demand for Improved Sales Channel and Performance
Businesses are relied on homegrown software’s and spreadsheets to manage sales performance. This approach might have been the only choice in the past, but it’s no longer viable in the era of Omni-channel sales channels, mobile sales teams, and intensified competition with the enormous growth in the size and complexity of sales channels. In the world of digital era, manual methods aren’t sufficient to operate at a digital speed, as they do not address the complexities of sales enterprises leading to the increased demand for improved sales channels.
Incentive Compensation Management to Exhibit the Highest Growth
Incentive compensation management system helps in tracking the sales performance by each individual. Further, it also analyzes the alignment of team’s performance with the sales strategy, which is expected to bolster the market growth. The system offers dashboard, wherein the manager can view the reporting and analytics to which one can take decisions and roll out incentive pay in an easier way.
Asia Pacific to Witness the Highest Growth
In India, the Department of Telecommunications (DoT) has approved telecom service providers to issue 13-digit numbered SIM cards for encouraging several commercial IoT applications based on the cellular network. This scenario is expected to increase competition in the telecom vendors potentially leading to high demand for SPM. Apart from intense manufacturing and retail, the region also has considerable demand from BFSI sector. In countries, like India, China, and Japan, the banking and insurance sectors are far more superior to developed countries.
Key Developments in the Market