Sales Performance Management (SPM) Market Growing at 15.2% CAGR to Hit $7.4 billion by 2031 | Company Profiles
Swift acceptance of advanced solutions for enhanced customer targeting drives the growth of the global sales performance management market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 23, 2023 /EINPresswire.com/ — As per the report, 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. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Sales Performance Management (SPM) involves overseeing and guiding sales personnel to achieve business goals. An all-encompassing SPM process includes training, development, and monitoring individual progress for effective goal setting. The SPM market is driven by factors such as increased market competition and the rise of remote work due to the COVID-19 pandemic, boosting the demand for remote and automated sales performance management solutions.
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The economic shifts and the expansion of large corporations have positively influenced the need for SPM solutions. Nevertheless, concerns about data privacy and sharing associated with third-party SPM solutions may impede market growth. Conversely, integrating advanced tools like machine learning and data analytics with SPM solutions is expected to provide lucrative opportunities for market expansion.
Swift acceptance of advanced solutions for enhanced customer targeting drives the growth of the global sales performance management market. An increase in demand for sales optimization and data enrichment tools will create new growth opportunities for the global market in the years ahead. However, data privacy and risk-sharing related to third-party sales performance services can hinder the growth of the global industry over the years to come.
In terms of deployment models, the on-premise segment dominated the SPM market in 2021 and is projected to maintain its dominance due to custom offerings and enhanced privacy. However, the cloud segment is anticipated to experience the highest growth, driven by its easy deployment capabilities, further contributing to the global SPM market’s expansion.
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In 2021, the solution segment dominated the sales performance management (SPM) market, capturing almost two-thirds of the global market share. This segment is expected to continue its significant contribution to the overall market share by 2031. The segment’s growth throughout the forecast period is driven by the increasing demand for efficient management of sales and marketing campaigns. However, the service segment is projected to experience the fastest Compound Annual Growth Rate (CAGR) of approximately 16.5% from 2022 to 2031. This growth is attributed to the sales performance management services’ capacity to offer analytical and visualization tools.
Regarding the deployment model, the on-premise segment held the highest market share in 2021, accounting for nearly three-fifths of the global SPM market share. Predictions suggest that this segment will continue to be a major contributor to the overall market share in 2031. The expansion of the on-premise segment over the forecast period is driven by organizations’ stringent security and compliance requirements. Conversely, the cloud segment is anticipated to register the highest CAGR of around 16.3% from 2022 to 2031. This surge is attributed to the simplified deployment and operational capabilities of cloud-based Sales Performance Management (SPM) solutions.
Geographically, North America led the SPM market in 2021 and is poised to maintain its position, fueled by high investments in technological solutions. Conversely, the Asia-Pacific region is expected to undergo substantial growth, driven by an increasing number of startups and the expanding business sector, propelling the sales performance management industry in the region in the coming 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.
Major Market Players:
• Oracle Corporation
• SAP SE
• Callidus Software Inc.
• NICE Ltd.
• Xactly Corporation
• Salesforce.com Inc.
• Anaplan, Inc.
• Optymyze
• Iconixx
• Obero Inc.
The report analyzes these key players in the global sales performance management market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances, and joint ventures to enhance market penetration and reinforce their position in the industry. The report helps the target audience in determining the market performance, performance of each segment, product portfolio development in the market, and contributions made by each player to the market expansion.
The report analyzes these key players in the global smart water management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments of every market player.
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