Sales Performance Management (SPM) Market Reach USD 7.4 Billion by 2031 | Growing at a CAGR of 15.2%

According to the report published by Allied Market Research, Sales Performance Management (SPM) Market Reach USD 7.4 Billion by 2031 | Growing at a CAGR of 15.2%. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Sales Performance Management (SPM) is the process of supervising and mentoring sales personnel in order for them to meet business goals and objectives. A comprehensive SPM process includes training, development, and tracking an individual's progress so they can plan and establish their own objectives.

The global Sales Performance Management (SPM) industry was estimated at $1.8 billion in 2021, and is set 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.

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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On the basis of deployment model, the on-premise segment dominated the overall sales performance management market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the custom offerings and higher privacy of on-premise sales performance management solutions. However, the cloud segment is expected to witness the highest growth owing to its easier deployment capability which is anticipated to grow in the coming years and is expected to further fuel the growth of the global sales performance management market.

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.

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Based on enterprise size, the new construction segment held the largest market share in the sales performance management industry in 2021, accounting for over two-thirds of the global market. This segment is expected to continue playing a significant role in the market's growth by 2031. The increase in this sector can be attributed to the substantial demand for sales and management solutions (SPM) in large enterprises. Meanwhile, the SMEs segment is projected to experience the fastest compound annual growth rate (CAGR) of 17.1% during the forecast period. The segment's expansion over this period can be linked to the increasing necessity for sales performance management solutions to enhance the sales performance of small and medium-sized enterprises (SMEs).

Region wise, the sales performance management market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. which is expected to drive the market for sales performance management solutions within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growing number of startups and the expanding business sector of the region, which is expected to fuel the growth of sales performance management industry in the region in the coming few years.

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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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