ALBANY, N.Y., March 4, 2021 /PRNewswire/ -- Sales performance management (SPM) are a suite of software and tools to automate operational and analytical functions relating to product sales and customer services. They pertain to tracking sales quotas, incentive compensation, job forecasting and evaluation, sales analytics and reporting, and sales coaching. The implementation of SPM is based on the key business propositions of operational efficiency and effectiveness. This is driving the evolution of the demand in various industries. A key industry vertical in the sales performance management market is the banking and financial service sector.
End-use industries are leveraging a range of business automation tools such as enterprise resource planning (ERP) and customer relationship management (CRM) to boost the productivity in back-office processes and overall sales channel. They are available as software and services.
The global sales performance management market was pegged at US$ 3,061.2 Mn in 2019, and is projected to expand at CAGR of 18.7% during 2019–2027.
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Key Findings of Sales Performance Management Market Study
Industry Verticals Leverage Predictive Analytics
Growing relevance of business intelligence tools for channel sales has helped expand the potential in the sales performance management market. A number of solutions are gathering traction among the personnel for sales planning and forecasting. They are leveraging the strength of advanced predictive analytics for quota management, territory planning, and gamification, enabling them to remove any inconsistencies. A growing number of businesses in end-use industries are shifting from premise to cloud particularly SaaS solutions. The ease of implementation and robust security features by the cloud provider are compelling propositions for their adoption. This also streamlines on effective incentive management.
Explore 234 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Sales Performance Management Market (Component - Software (Cloud-based and On-premise) and Services (Managed and Professional); Solution - Incentive Compensation Management, Sales Planning, Sales Forecasting, Sales Coaching, Quota and Territory Management, Talent Management, Sales Analytics, and Sales Reporting; End-Use Industry - BFSI, Retail, Healthcare, and Telecom & IT) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/sales-performance-management-market.html
Data Security Key Concern
The lack of awareness about the potential benefits and data security concerns have been key constraints hindering the adoption of sales performance management tools among small and medium enterprises. Also, small enterprises find it costly to provision dedicated servers or private cloud. Hiccups in implementation also hamper the deployment rate. Complex user-interface, along with steep learning curve, is another significant concern hampering the demand. Nevertheless, vendors are keen on allaying these concerns, which will boost the sales performance management market.
Manifestation of Sales Channel Effectiveness Expanding Avenues
Globally prominent and big cloud providers lean on constantly improvising their solutions and attempt on offering new capabilities to their clients. The sales performance management market has seen an expanding array of tools and services that help maximize the sales channel effectiveness. The adoption of such technologies is gaining momentum from growing popularity of metric-driven sales instruments. Strategy managers thus find these as robust tools for achieving quota and sales territory management.
Analyze Global Sales Performance Management Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Sales Performance Management Market: Key Drivers
- Increasing trend of adoption of business intelligence tools in the banking, financial services and insurance (BFSI) and telecom industries have boosted the prospects
- Adoption of formalized policies for bring your own device (BYOD) in enterprises is boosting the sales performance management market
- Growing traction of SaaS solutions among small enterprises is spurring the prospective demand
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Sales Performance Management Market: Regional Dynamics
On the regional front, Asia Pacific is expected to emerge as next hotbed of opportunities over the forecast period. The evolution of the regional market has been spurred by the rise in awareness about the benefits of business intelligence tools for improving organization structure. China and India have been at the forefront of new revenue streams in the regional market in recent years.
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