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Sales Performance Management (SPM) Software Market is Expected to progress at a CAGR of 12.9% from 2022 - 2032 | FMI
Sales Performance Management (SPM) Software Market
The report also forecasts that the market will surpass a valuation of ~US$ 6,301.3 Mn by the end of 2032. Sales performance management can be utilized by different organizations to optimize sales lead management. The sales performance management (SPM) tool helps in extensive analytics associated with industry evaluation and sales expectancy, which are essential for business development and sales forecasting.
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Sales performance management (SPM) software allows the respected salesperson to develop their sales strategies that cover all sectors of the sales cycle and impact all parts of the sales process. The market is projected to witness significant growth during the forecast period, due to several factors such as increased operational efficiency and motivating sales teams, managing a transparent incentive compensation process, and others sales related workflows.
Key Takeaways: Sales Performance Management (SPM) Software Market
By type, the standalone software segment is anticipated to account for the leading share in the global sales performance management (SPM) software market. Moreover, the standalone software segment is also estimated to grow at a robust CAGR of 13.8% through 2032.
By industry, the adoption of sales performance management (SPM) software in the BFSI segment is anticipated to increase at a CAGR of 17.2% between 2022 & 2032.
The sales performance management (SPM) software focuses on various strategies such as a unified platform, scale, flexibility, territory management, quota, and compensation transparency to improve sales performance and business revenue.
Among regions, South Asia & Pacific sales performance management (SPM) software market is estimated to register a high CAGR, owing to the increasing awareness and implementation of sales performance management (SPM) software at various industry verticals by SMEs in the region.
In India, sales are expected to increase at a CAGR of close to 20.7% over the next ten years.
Advent of Sales Performance Management (SPM) Software in IT & telecom Industry to Shape Future Outlook
Sales Performance Management offers advanced tools for the IT & telecom industry for quota management, incentive compensation, and territory management. The demand for sales performance management (SPM) software is driven by accelerated sales planning cycles, focused on intelligent sales planning and incentive compensation management, and improved productivity.
There are AI/ML-powered sales planning solution to provide various benefits for IT and telecom industries such as identifying high propensity sales accounts, integrated internal sales data with external business workflows, optimizing sales territories, and building and managing sales compensation plans, among others. The reliability of such benefits drives the growth of the sales performance management (SPM) software market during the forecast period.
Accuracy, constancy, and speed of accrual and auditing can all be improved with sales performance management (SPM) solutions. In the telecommunications industry, plan designs are evolving, and companies are turning to SPM solutions to assist them to implement a more effective and efficient process for creating and modeling sales compensation plans.
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Sales Performance Management (SPM) Software Outlook By Category
By Type:
Integrated Software
Standalone Software
Incentive Compensation Management (ICM)
Territory Management
Sales Planning and Monitoring
Sales Performance Analytics and Reporting
Others
By Deployment Mode:
On-premise SPM Software
Cloud-based SPM Software
By Enterprise Size:
Small and Medium-sized Enterprises (SMEs)
Large Enterprises
By Industry:
IT & Telecom
Retail
Government
Healthcare
BFSI
Manufacturing
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
The Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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