The global Sales Performance Management (SPM) market size is projected to grow from USD 1.5 billion in 2020 to USD 3.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
The SPM market is expected to grow at a fast pace with growing automation to improve visibility and avoid incentive compensation calculation inaccuracies, rising demand for metric-driven sales tools, and increasing enterprise mobility to increase agent engagement and performance.
Solutions segment to hold a larger market size in 2020
The solutions segment is projected to contribute majorly to the market. The demand for SPM solutions is rising with a growing need for minimizing - commission payout inaccuracies and low quota attainment issues, and the lack of visibility into incentives and employee performance.
Factors such as voluntary sales turnovers, the increase in digitalization, and the rise in enterprise spending on CRM sales applications for providing training to their employees have also contributed to the high adoption of the SPM solutions. The services segment is projected to witness a higher growth rate during the forecast period, owing to the growing demand for hassle-free and proper deployment and integration of the SPM solutions along with the need of organizations to improve the operational efficiency of SPM solutions and understand changing business conditions, client insights, market trends, or service inconveniences.
By vertical, Banking, Financial Services, and Insurance (BFSI) vertical to register the largest market size during the forecast period
BFSI vertical is projected to hold a larger market share during the forecast period. As BFSI companies deal with diverse insurance and banking products, such as debit cards, credit cards, loans, and insurance policies that involve employment of large number of sales representatives, the demand to manage complex incentive compensation calculations and offer representatives with holistic visibility into entire SPM processes has compelled BFSI companies to aggressively adopt SPM solutions.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
Steady income growth, dynamic workforce requirements, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt SPM solutions to manage their sales representatives' commissions and gain holistic visibility in their performance.
4 Premium Insights 4.1 Attractive Market Opportunities in Sales Performance Management Market 4.2 Market: Major Segments 4.3 North American Market, by Vertical and Country 4.4 Market: Major Countries
5 Market Overview and Industry Trends 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 22.214.171.124 Growing Automation to Improve Visibility and Avoid Calculation Inaccuracies 126.96.36.199 Rising Demand for Metric-Driven Sales Tools 188.8.131.52 Increasing Enterprise Mobility to Increase Agent Engagement and Performance 5.2.2 Restraints 184.108.40.206 Skepticism Among Small and Medium-Sized Enterprises to Avoid Additional Costs or Altering of Organizational Structure 5.2.3 Opportunities 220.127.116.11 Integration of Audio-Video Conferencing Application Programming Interfaces to Increase Personalization and Productivity 18.104.22.168 Machine Learning and Natural Language Processing Innovations to Leverage Data-Driven Recommendations 5.2.4 Challenges 22.214.171.124 Prevailing Apprehensions Related to Levels of Intrusion 126.96.36.199 Training Agents to Reap Actual Benefits of Digital Tools 5.3 COVID-19-Driven Market Dynamics 5.3.1 Drivers and Opportunities 5.3.2 Restraints and Challenges 5.4 Technological Outlook 5.4.1 Artificial Intelligence and Automation 188.8.131.52 Robotic Process Automation 184.108.40.206 Machine Learning and Natural Language Processing 5.5 Pricing Analysis 5.6 Value Chain Analysis 5.7 Market Ecosystem 5.8 Patent Analysis 5.9 Regulatory Implications and Industry Standards 5.9.1 General Data Protection Regulation 5.9.2 International Organization for Standardization/International Electrotechnical Commission 27000 Standards 5.9.3 Cloud Security Alliance Controls 5.9.4 System and Organization Control Reports 220.127.116.11 System and Organization Control 1 18.104.22.168 System and Organization Control 2 5.9.5 Health Insurance Portability and Accountability Act 5.9.6 Payment Card Industry Data Security Standard 5.10 Porter's Five Forces Analysis 5.11 Case Study Analysis 5.11.1 Case Study 1: Simplifying Sales Planning, Complex Variable Compensation, and Quota and Territories Management to Improve Data Integrity and Productivity 5.11.2 Case 2: Achieving Real-Time Visibility into Global Markets to Pivot Sales Plans and Ensure Uninterrupted Operational Activities 5.11.3 Case 3: Standardizing Sales Targets and Aligning Sales Roles to Improve Productivity and Rewards and Compensation Management 5.11.4 Case 4: Improving Visibility Across Sales Channels and Achieving Quick Incentive Calculations to Simplify Complex Incentive Plans and Eliminate Manual Processes 5.11.5 Case 5: Eliminating Sales Commission Rules and Payout Disparities to Enhance Employee Confidence and Internal Processes