Sales Performance Management (SPM) Market Expected to Reach $7.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Sales Performance Management (SPM) Market," The Sales Performance Management Market Size was valued at $1.8 billion in 2021, and is estimated to reach $7.4 billion by 2031, growing at a CAGR of 15.2% from 2022 to 2031.

Sales Performance Management (SPM) is the process of supervising and mentoring sales personnel in order for them to meet business goals and objectives. A comprehensive SPM process includes training, development, and tracking an individual's progress so they can plan and establish their own objectives. Furthermore, key factors that drive the SPM market are growing market competition and the demand for work from home and remote working policies during the period of the COVID-19 pandemic aided in propelling the growth of the global remote and automated sales performance management solutions during the period, hence empowering the demand for sales performance management solutions. Moreover, the sudden economic imbalance and large corporations increasing their market share during the period positively impacted the need for sales performance management solutions. However, data privacy and sharing risks associated with third-party sales performance management solutions and services can hamper the sales performance management market forecast. On the contrary, the integration of advanced tools such as machine learning and data analytics with sales performance management solutions suites are expected to offer remunerative opportunities for expansion of the sales performance management market during the forecast period.

On the basis of deployment model, the on-premise segment dominated the overall sales performance management market in 2021 and is expected to continue this trend during the forecast period. This is attributed to the custom offerings and higher privacy of on-premise sales performance management solutions. However, the cloud segment is expected to witness the highest growth owing to its easier deployment capability which is anticipated to grow in the coming years and is expected to further fuel the growth of the global sales performance management market.

Region wise, the sales performance management market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to its higher expenditure on technological solutions. which is expected to drive the market for sales performance management solutions within the region during the forecast period. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the growing number of startups and the expanding business sector of the region, which is expected to fuel the growth of sales performance management industry in the region in the coming few years.

Governments and businesses are increasingly asking employees to work from home or are shifting work to employees in less affected areas to maintain business continuity during the pandemic, aiding in the development of the sales performance management industry. However, the situation has accelerated the adoption of advanced technologies such as AI-powered solutions, automation, big data, and analytics to control costs while improving the customer experience. Furthermore, organizations may now transform unstructured and semi-structured data into structured and relevant data due to the advent of big data and analytics. This data can be used by business sales performance management to help enterprises speed up data management, process & analyze data, and improve the efficiency of the sales operation. In addition, AI integration aids in the extraction of new insights from existing data to improve credit decisions, financial risk management, and consumers experience via intelligent chatbots. As a result, the growing requirement to modernize business operations is expected to propel SPM market growth globally during the forecast period.

KEY FINDINGS OF THE STUDY

• By deployment model, the on premise segment accounted for the largest sales performance management market share in 2021.
• By region, North America generated the highest revenue in 2021.
• By enterprise size, the large enterprise segment generated the highest revenue in 2021.

The key players profiled in the sales performance management market analysis are Anaplan Inc., beqom, Callidus Software Inc., Confidex, Gryphon Networks Corp, Iconixx, NICE Ltd., Obero Inc., Optymyze, Oracle Corporation, Salesforce Inc., SAP SE, Spotio, Telensa, Varicent, Velocify, and Xactly Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.