ALBANY, New York, February 6, 2018 /PRNewswire/ --
The global sales performance management (SPM) market is flourishing as the tools have emerged as enhanced alternatives to vital enterprise applications such as customer relationship management (CRM) and enterprise resource planning (ERP). While a number of companies have noticed the lucrativeness of the SPM market and consequently new players are mushrooming, the global shares are more or less consolidated among a small chunk of established players, according to a recent business intelligence study by Transparency Market Research (TMR). The analysts of the report have identified IBM Corporation, Oracle Corporation, Microsoft Corporation, Accent Technologies, Inc., Altify, Entomo, Inc., Anaplan, Inc., Xactly Corporation, Callidus Software Inc., Hybris AG, Silvon Software Inc., and The Aberdeen Group as some of the prominent companies who are ahead of the curve in the global sales performance management market.
If the projections of the TMR report are to be believed, the demand in the global sales performance management market will multiply at an impressive CAGR of 17.1% during the forecast period of 2017 to 2025. The analysts have evaluated that the opportunities in this market translated into a revenue of merely US$2,296.0 mn in 2017 and have estimated it to radically swell up to US$8,138.1 mn by the end of 2025. To maintain their dominance in a fast evolving environment, the market leaders are emphasizing on improving their sales performance management solution capabilities. Apart from this, sales performance management software is anticipated to have strong future potential, expanding on the back of continuous innovation in SPM solution by key vendors as well as active adoption of SPM software in insurance industry, media and entertainment industry, and others.
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Growing adoption of intellectual property for economic development across the world especially in emerging economies such as For instance, Oracle offers cloud-based SPM solution that has been designed solely on a single platform with a solitary database. As opposed to other sales performance management solutions, Oracle offers end-to-end capabilities including quota modeling, territory planning, sales coaching, incentives and games, and more. IBM, another key vendor in the global sales performance management market, provides tools to gain information on the sales representatives and take control of their operations by eliminating surprises.
Based on component, the report high points the software segment as more profitable than services, providing a demand share of 59% in 2017. The cloud-based SPM software sub-segment is also poised for a stronger growth than on-premise. Solution-wise, the market has been categorized into sales planning, incentive compensation management, sales coaching, sales forecasting, quota and territory management, talent management, and others including sales analytics and sales reporting. On the basis of end-use industry, the sales performance management market has been bifurcated into BFSI, retail, telecom and IT, healthcare, and others including logistics and manufacturing. Geographically, while North America currently is the most lucrative regional market, Asia Pacific is the region with the best growth rate, promising to provide for a demand worth of US$1,973.24 mn by 2025.
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BOYD Trend a Boon for the Global SPM Market
Strong urge of enterprises to have a competent incentive compensation management system, increasing trend of BYOD among organizations, manifestation of process expertise and channel effectiveness, and growing demands to maximize the value of organizational data are some of the key factors driving the global sales performance management market. In addition to that, growing adoption of metrics driven sales tools, emergence of technologies that merge business intelligence with cloud, and incorporation of integrated vendor offerings are also expected to reflect positively on the global SPM market.
Data Security Remains Primary Restraint over Market's Prosperity
On the other hand, the lack of awareness regarding the benefits, apprehensions regarding sales data security, need for strong initial investments, and ongoing structural changes among organizations is obstructing the sales performance management market from attaining its true potential.
The information presented in this review is based on a Transparency Market Research report, titled, "Sales Performance Management Market (Component - Software (Cloud-based and On-premise) and Services (Managed and Professional); Solution - Incentive Compensation Management, Sales Planning, Sales Forecasting, Sales Coaching, Quota and Territory Management, Talent Management, Sales Analytics, and Sales Reporting; End-Use Industry - BFSI, Retail, Healthcare, and Telecom & IT) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2025."
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Key Segments of the Global Sales Performance Management Market
Sales Performance Management Market, by Component
Sales Performance Management Market, by Solution
- Incentive Compensation Management
- Sales Planning
- Sales Forecasting
- Sales Coaching
- Quota & Territory Management
- Talent Management
- Others (sales analytics, sales reporting, etc.)
Sales Performance Management Market, by End-use Industry
- Telecom & IT
- Others (Manufacturing, Logistics, etc.)
In addition, the report provides analysis of the Sales Performance Management Market with respect to the following geographic segments:
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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