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Sales Performance Management Market is Predicted to Grow At a Notably High CAGR 16.4% by 2028

Santosh Sargar

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As per the report published by Fior Markets, the global sales performance management market is expected to grow from USD 2.8 billion in 2020 and reach USD 6.75 billion by 2028, growing at a CAGR of 16.4% forecast period 2021-2028.

The global sales performance management market is witnessing significant growth from the past years. Companies seek a configurable, simplified, and flexible system to manage and offer analytics based on their sales success due to the increased requirement for accurate measurement and tracking of sales KPIs, early acceptance of the technology, and mitigation for IT workers. Growing automation to improve visibility and minimize mistakes in incentive compensation computation, increased demand for metric-driven sales tools, and growing business mobility to increase agent engagement and performance drive demand for sales performance management.

Sales Performance Management is a method of leading and supervising resources to improve market competencies and offer items and solutions to customers. Sales performance management manages and guides resources to enhance their ability to promote and sell solutions and products. The purpose of the sales performance management (SPM) procedure is to educate and encourage salespeople to discover and delight their customers. SPM is essential for various components such as goal setting, performance evaluation, and similar others. Sales performance management equips salespeople with the tools and information they need (ensures efficiency and accuracy).

The global sales performance management market is expected to witness significant growth due to increased automation for improved visibility, rising demands for maximizing the value of business data, and the expression of process knowledge and channel efficacy. The problems limiting global sales performance are a lack of understanding about the benefits of SPM solutions and structural changes among organizations and a reluctance to invest in expensive sales tools. The rising desire to limit the risk of inconsistent sales, predict commission patterns within an organization, expand BYOD trends among companies, and adopt integrated vendor services will all present market expansion opportunities.

Some prominent players influencing the market are SAP AG, Salesforce.Com, Inc., Oracle Corporation, Microsoft Corporation, Callidus Software, Inc., Xactly Corporation, Synygy, Inc., CDk Global Inc., and NICE. To achieve an extensive market position in the global sales performance management market, top players are increasingly focused on strategies such as product innovation, mergers and acquisitions, new advancements, joint ventures, collaborations, and partnerships.

  • In January 2019, CDk Global Inc. announced “Client Success,” a comprehensive and improved service model designed to assist dealers in operating more efficiently and developing more exceptional customer interactions while leveraging data to create business advantages.
  • In February 2018, NICE Satmetrix NPX enhanced its cloud-based customer feedback and loyalty (CLS) solution. The release will provide a full view of the customer experience by integrating direct feedback from omnichannel surveys and indirect input from text or voice chats with operational or behavioral data imported from various other customer data sources.

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The on-premises segment dominated the market and held the largest market share of 63.4% in the year 2020

Based on deployment type, the global sales performance management market is segmented into two sub-segments. They are on-premises and cloud. The On-premises segment dominated the market and held the largest market share of 63.4% in 2020. This expansion can be ascribed to the high demand for bespoke solutions based on business requirements, particularly among large enterprises and businesses worried about data security and privacy. On-premises deployment solutions are preferred by large companies with diverse data and design needs and a sufficient sales force.

BFSI segment dominated the market and held the largest market share of 40.75% in the year 2020

Based on vertical, the global sales performance management market is segmented into BFSI, Telecommunications, and Manufacturing. BFSI segment dominated the market and held the largest market share of 40.75% in the year 2020. This expansion is attributed to BFSI firms dealing with a diverse range of insurance and banking products, such as debit cards, credit cards, loans, and insurance policies, which necessitate the employment of a large number of sales representatives. Additionally, the need to manage complex incentive compensation calculations and provide representatives with holistic visibility into entire sales performance management processes has compelled BFSI firms to implement sales performance management.

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