Sales Performance Management Market Size to Cross USD 7.4 Billion by 2031 due to Growing Industry competition
Increasing adoption of cloud-based SPM solutions driving the sales performance management market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, March 10, 2023 /EINPresswire.com/ — The global Sales Performance Management (SPM) market was anticipated to be worth $1.8 billion in 2021 and is projected to increase at a CAGR of 15.2% from 2022 to 2031, reaching $7.4 billion.
The rapid expansion of the worldwide sales performance management market is driven by the quick uptake of cutting-edge technologies for improved customer targeting. In the coming years, the global industry will experience new growth prospects due to an increase in demand for solutions that may optimize sales and enrich data. Data privacy and risk sharing in relation to third-party sales performance services, however, could impede the future expansion of the worldwide business.
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The Sales Performance Management (SPM) industry has been experiencing steady growth in demand in recent years. The industry is driven by several factors, including:
1. The increasing adoption of cloud-based SPM solutions: With the rise of cloud computing, many organizations are moving away from on-premise software and opting for cloud-based solutions. Cloud-based SPM solutions offer several benefits, including lower upfront costs, ease of deployment, scalability, and flexibility.
2. The need for improved sales performance and productivity: Many organizations are looking for ways to improve their sales performance and productivity. SPM solutions provide organizations with the ability to set and track sales goals, provide incentives and rewards, and monitor sales activities, leading to improved sales performance and productivity.
3. The growing importance of data-driven decision-making: With the increasing volume of sales data being generated, organizations are looking for ways to analyze and use this data to make better-informed decisions. SPM solutions provide organizations with the ability to collect and analyze sales data, providing them with insights into their sales operations and helping them make data-driven decisions.
4. The need for compliance with regulations: With the increasing complexity of regulations, many organizations are looking for ways to ensure compliance with regulations such as GDPR and CCPA. SPM solutions provide organizations with the ability to monitor and control sales activities, ensuring compliance with regulations.
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There are several opportunities for players in the Sales Performance Management (SPM) market, including:
1. Expansion of product offerings: Players in the SPM market can expand their product offerings by providing additional features and capabilities to their existing solutions. For example, they can add artificial intelligence and machine learning capabilities to provide more accurate and personalized insights into sales performance.
2. Targeting specific industries: SPM solutions can be tailored to meet the specific needs of different industries. Players can target industries such as healthcare, financial services, and manufacturing, among others, and offer industry-specific solutions that address the unique challenges and requirements of these industries.
3. Expansion into emerging markets: Players in the SPM market can expand into emerging markets, such as the Asia-Pacific region and Latin America. These markets present significant growth opportunities as organizations in these regions increasingly adopt SPM solutions to improve their sales performance and productivity.
4. Partnerships and collaborations: Players can partner with other companies, such as software vendors, to offer integrated solutions that address a wider range of customer needs. For example, SPM solutions can be integrated with Customer Relationship Management (CRM) solutions to provide a more comprehensive view of sales operations.
5. Adoption of advanced technologies: Players can adopt advanced technologies, such as blockchain and the Internet of Things (IoT), to enhance their SPM solutions. For example, blockchain can be used to secure and track sales transactions, while IoT can be used to collect data on customer behavior and preferences, providing valuable insights into sales operations.
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By Region, North America contributed notably in 2021, and is projected to continue its dominance during the forecast period. The region accounted for nearly two-fifths of the global sales performance management market share in 2021. The growth of the market in the region over the forecast timespan can be credited to the massive presence of social media companies in the region. However, the Asia-Pacific region is anticipated to record the fastest CAGR of 17.4% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to the digital transformation witnessed in the region. The report also analyzes other regions such as LAMEA and North America.
Leading Market Players –
• Oracle Corporation
• SAP SE
• Callidus Software Inc.
• NICE Ltd.
• Xactly Corporation
• Salesforce.com Inc.
• Anaplan, Inc.
• Optymyze
• Iconixx
• Obero Inc.
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Allied Analytics LLP
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