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Market Overview
The global sales performance management market was valued at USD 2,503.3 million in 2018 and is expected to register a CAGR of 13.09% over the forecast period, 2019-2024. Sales performance management provides tools and information required by the sales representatives (ensures efficiency and accuracy). According to IBM, USD 1.4 million was saved through a 90% reduction in overpayments with incentive compensation management tools. It also resulted in achieving a 204% ROI.
The increasing need for accurate measurement and tracking of sales metrics, early adoption of the technology, and mitigation for IT staff are expected to drive the market growth over the forecast period.
The companies are demanding a customizable, streamlined, and flexible system to manage and offer analytics based on their sales performance, which is likely to boost the market growth over the next six years.
Smartphones and tablets are increasingly incorporated as sales performance management components to easily offer the aforementioned facilities and ascend the functionality, which is projected to augment the market.
Scope of the Report
Sales performance management is utilized by various organizations to reduce processing time and error at a significant rate. This tool helps in tracking the opportunities created and the number of client conversations made by a respective salesperson. It also offers extensive analytics associated with business evaluation and sales anticipation, which are crucial for business development and forecast sales.
Key Market Trends
Sales Monitoring and Planning to hold Major Share
Sales monitoring and planning allow the company to view the current status of each day with minimal effort, which mitigates the time taken through conventional monitoring and planning.
The companies with high sales volume usually have distributed sales planning across diverse systems, which is time-consuming and offering reports on the same is a challenging task. This may lead to unrealistic data, delayed activities, and hindered decision making.
By incorporating sales planning and monitoring software, the data can be processed and visualized precisely and in a simple manner. With the bolstering growth of sales data, the solution is expected to witness growth over the next six years.
North America to Hold Major Share
North America is the largest economy in the world. The newly found investments from the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024 in the United States are presenting new opportunities. The program is expected to allow offshore exploratory drilling in about 90% of the OCS acreage, which brings a positive outlook to all the secondary markets, like BFSI, logistics, and manufacturing in the region, increasing opportunity for the sales force to compete for providing required machinery and, in turn, increasing the demand for SPM. The region is well known as the hub for major consumer electronics and software giants in the world, like Google, Microsoft, SAP, and Oracle. These companies actively contribute to the demand for SPM in the region as they invoke severe marketing strategies to gain clients from all over the world.
Competitive Landscape
The sales performance management market has gained a competitive edge in recent years. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. In Feb 2017, Xactly acquired sales performance management provider, Oberoa. With the acquisition, Xactly added ASC 606 / IFRS 15, sales planning, and incentive-management (ICM) capabilities, to its enterprise SPM portfolio.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The global sales performance management market was valued at USD 2,503.3 million in 2018 and is expected to register a CAGR of 13.09% over the forecast period, 2019-2024. Sales performance management provides tools and information required by the sales representatives (ensures efficiency and accuracy). According to IBM, USD 1.4 million was saved through a 90% reduction in overpayments with incentive compensation management tools. It also resulted in achieving a 204% ROI.
The increasing need for accurate measurement and tracking of sales metrics, early adoption of the technology, and mitigation for IT staff are expected to drive the market growth over the forecast period.
The companies are demanding a customizable, streamlined, and flexible system to manage and offer analytics based on their sales performance, which is likely to boost the market growth over the next six years.
Smartphones and tablets are increasingly incorporated as sales performance management components to easily offer the aforementioned facilities and ascend the functionality, which is projected to augment the market.
Scope of the Report
Sales performance management is utilized by various organizations to reduce processing time and error at a significant rate. This tool helps in tracking the opportunities created and the number of client conversations made by a respective salesperson. It also offers extensive analytics associated with business evaluation and sales anticipation, which are crucial for business development and forecast sales.
Key Market Trends
Sales Monitoring and Planning to hold Major Share
Sales monitoring and planning allow the company to view the current status of each day with minimal effort, which mitigates the time taken through conventional monitoring and planning.
The companies with high sales volume usually have distributed sales planning across diverse systems, which is time-consuming and offering reports on the same is a challenging task. This may lead to unrealistic data, delayed activities, and hindered decision making.
By incorporating sales planning and monitoring software, the data can be processed and visualized precisely and in a simple manner. With the bolstering growth of sales data, the solution is expected to witness growth over the next six years.
North America to Hold Major Share
North America is the largest economy in the world. The newly found investments from the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024 in the United States are presenting new opportunities. The program is expected to allow offshore exploratory drilling in about 90% of the OCS acreage, which brings a positive outlook to all the secondary markets, like BFSI, logistics, and manufacturing in the region, increasing opportunity for the sales force to compete for providing required machinery and, in turn, increasing the demand for SPM. The region is well known as the hub for major consumer electronics and software giants in the world, like Google, Microsoft, SAP, and Oracle. These companies actively contribute to the demand for SPM in the region as they invoke severe marketing strategies to gain clients from all over the world.
Competitive Landscape
The sales performance management market has gained a competitive edge in recent years. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. In Feb 2017, Xactly acquired sales performance management provider, Oberoa. With the acquisition, Xactly added ASC 606 / IFRS 15, sales planning, and incentive-management (ICM) capabilities, to its enterprise SPM portfolio.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
