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Sales Performance Management Market | Top Trends and Key Players Analysis Report 2019-2027
Global sales performance management market was valued at US$ 3,061.2 Mn in 2019 and is expected to reach US$ 12,027.4 Mn by 2027, expanding at a CAGR of 18.7% from 2019 to 2027.Sales performance management tools are highly useful for organizations to train and monitor their workforce pertaining to product sales and customer services. Sales performance management also helps in forecasting and achieving quota usually by focusing on processes and utilizes innovative tools to help individual sales and channel personnel. The sales performance management software are also used to track information about territories, sales quotas, incentive compensation, job forecasting and evaluation. Sales performance management software are broadly used in banking and financial service institutions, healthcare, telecom & IT, and retail among others.
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The sales performance management market report provides analysis of the global sales performance management market for the period 2017 - 2027, where in 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
The study on the sales performance management market would help clients understand the analysis of sales performance management based on different industry verticals.
The sales performance management market is driven by various factors such as growing focus on sales performance management procedures and massive investments in predictive analytics. Small and medium enterprises are automating their sales performance management with the help of these tools and software, making their employees more productive and efficient. Apart from this, vendors desire for capability enhancement and streamlining of business processes are some of the other factors that are expected to boost the sales performance management market in forthcoming years. On the other hand, data security concerns, lack of awareness regarding the benefits of sales performance management, and cost of these tools are obstructing the market from attaining its true potential.
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Sales Performance Management Market Taxonomy
The sales performance management market is segmented on the basis of components, solutions, end-use industry and geography. The components segment has been further classified on the basis of Software and Services offered. The software segment is further categorized into on-premise and cloud-based. Among these, cloud-based sales performance management software deployment is the major segment in 2017. This segment is driven by increasing adoption of sales performance management software by organizations to enhance management of end-to-end business processes across each application. The services segment is further sub-segmented into managed services and professional services.
Based on solution type, the sales performance management market is bifurcated into incentive compensation management, sales planning, sales forecasting, sales coaching, quota and territory management, talent management, others including sales analytics, sales reporting, and gamification. Among these, sales forecasting and sales planning solutions are the key segments which are expected to propel the growth of the sales performance management market around the globe.
On the basis of end-use industry, the global sales performance management market is bifurcated into banking, financial services and insurance (BFSI), retail, healthcare, telecom & IT, and others including manufacturing, transportation, and logistics.
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In terms of geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America. As of 2018, North America was the most profitable region for the vendors operating in the global sales performance management market followed by Europe. High adoption rate of sales performance management among end users such as BFSI and telecom and IT is the primary driver of strong demand for SPM from these two regions.
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