Sales Performance Management (SPM) Market to Accrue $7.4 Bn, Globally, by 2031 at 15.2% CAGR: Allied Market Research

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Sep 08, 2022, 11:30 ET

Swift acceptance of advanced solutions for enhanced customer targeting drives the growth of the global sales performance management market.

PORTLAND, Ore., Sept. 8, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Sales Performance Management Market by Component (Solution, Service), by Deployment Model (On Premise, Cloud), by Enterprise Size (Large Enterprises, SMEs), by Solution Type (Incentive Compensation Management, Territory Management, Sales Planning and Monitoring, Sales Performance Analytics and Reporting, Others), by Industry Vertical (BFSI, IT and Telecom, Manufacturing, Energy and utilities, Healthcare, Retail, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2031." 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.

Drivers, restraints, and opportunities

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.

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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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The solution segment to dominate the global market in terms of revenue by 2031

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.

The on premise segment to dominate the global market by 2031

In terms of the deployment model, the on premise segment contributed to the highest market share in 2021, accounting for nearly three-fifths 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 expansion of this segment over the forecast timeline is due to the stringent security and compliance needs of organizations. However, the cloud segment is predicted to register the highest CAGR of nearly 16.3% from 2022 to 2031. The segmental surge can be due to the simplified deployment and operational capabilities of cloud-based Sales Performance Management (SPM) solutions.

The large enterprises segment to hold the major market share from 2022-2031

On basis of the enterprise size, the new construction segment contributed to the highest market share in 2021, accounting for more than two-thirds of the global sales performance management industry share. Reportedly, this segment is predicted to contribute majorly toward an overall market share in 2031. The segmental surge over the forecast timespan can be credited to large-scale demand for sales and management (SPM) solutions in large enterprises. However, the SMEs segment is anticipated to record the fastest CAGR of 17.1% over the forecast period. The growth of the segment during the forecast period can be attributed to the growing need for sales performance management (SPM) solutions for optimizing sales performance of SMEs.

The BFSI segment to hold the major market share over 2022-2031

On basis of the industry vertical, the BFSI segment contributed to the highest market share in 2021, accounting for nearly one-fourth 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 segmental surge over the forecast timespan can be credited to the large-scale sales operations in the BFSI sector. However, the retail segment is anticipated to record the fastest CAGR of 18.1% over the forecast period. The growth of the segment during the forecast period can be attributed to the massive application of sales performance management solutions in the retail sector. The report analyzes other segments such as IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, and Others.

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North America to retain global market domination over 2022-2031

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.

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 for enhancing market penetration and reinforcing 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 of 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 is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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