SPM Market Share Growing with 15.2% CAGR Projected to Reach USD 7.4 Billion by 2031

Allied Market Research published a new report, titled, " SPM Market Share Growing with 15.2% CAGR Projected to Reach USD 7.4 Billion by 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global sales performance management market size was valued at $1.8 billion in 2021, and is projected to reach $7.4 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.

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The sales performance management market is segmented on the basis of component, deployment model, enterprise size, solution type, industry vertical, and region. On the basis of component, the industry is divided into solution and service. Depending on deployment model, the market is classified into on premise and cloud. Based on enterprise size, the market is bifurcated into large enterprises and SMEs. Based on the solution type the market is divided into incentive compensation management, territory management, sales planning and monitoring, sales performance analytics and reporting, and others. The industry vertical covered in the study include BFSI, IT and telecom, manufacturing, energy and utilities, healthcare, retail, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on the component, the solution segment contributed to the highest market share in 2021, accounting for nearly two-thirds of the global sales performance management (SPM) market share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The growth of the segment over the forecast period can be attributed to the growing need for effective management of sales and marketing campaigns. However, the service segment is predicted to register the fastest CAGR of nearly 16.5% from 2022 to 2031. The segmental growth over the next ten years can be attributed to the ability of the sales performance management services in providing analytical and visualization tools.

The key players profiled in the sales performance management market analysis are Anaplan Inc., beqom, Callidus Software Inc., Confidex, Gryphon Networks Corp, Iconixx, NICE Ltd., Obero Inc., Optymyze, Oracle Corporation, Salesforce Inc., SAP SE, Spotio, Telensa, Varicent, Velocify, and Xactly Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Covid-19 Scenario-

● The COVID-19 pandemic favorably influenced the growth of the global sales performance management market as governments and businesses asked employees to work from home leading to a rise in acceptance of sales performance management (SPM) solutions.

● Post-COVID-19, firms are focusing on using cloud-driven sales performance management (SPM) solutions in BFSI, IT and telecom, and healthcare industries for performing contactless functions. This will enhance the demand for sales performance management (SPM) solutions.

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