DALLAS, May 27, 2015 /PRNewswire/ --
According to a new market research report, "Sales Performance Management Marketby application (Incentive Compensation Management, Territory Management, Sales Planning and Monitoring), by deployment (Cloud, On-Premises), by service type (Consulting, Implementation, Training and Support), by user type (SMBs, Large Enterprises)- Global Forecast to 2020", published by MarketsandMarkets, Sales Performance Management Market comprising software and services to grow from $2,480.0 Million in 2015 to $5,623.1 Million by 2020, at a CAGR of 17.8%.
Browse 70 market data Tables and 63 Figures spread through 193 Pages and in-depth TOC on"Sales Performance Management Market"
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The market report defines the global Sales Performance Management Market based on various solutions, deployment modes, service types, user types, industries, and regions with an in-depth analysis and forecasting of market sizes. The report also identifies the factors driving this market, various restraints, and opportunities impacting it along with the adoption trends.
MarketsandMarkets broadly segments the Sales Performance Management Market by regions into: North America (NA), Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America (LA); by solution into: Incentive compensation management, territory management, sales planning and monitoring, sales analytics, and others; by deployment mode into: Cloud, and on-premises; by service type into: consulting, implementation, training and support and managed services; by industries into: BFSI, retail, healthcare, IT and telecom, manufacturing, energy and utilities, travel and hospitality, transportation and logistics, media and entertainment, and others.
The promulgation of diversified business among the organizations supplemented with the incisive requirement to assimilate newer technologies has extensively redefined the operational and workflow patterns among the organizations to generate proceeds. Further, the need to have channelized sales forces, enhanced collaboration, and cohesive transparency in sales accountancy and data consistency has led to the increase in adoption of sales performance management software and services. Sales performance management solutions have leveraged the users with a unified view of their consolidated and analyzed sales data. The competency of the solutions facilitates the sales representatives to ubiquitously access this sales data even through their respective mobile devices. Similarly, , the competent sales performance management solutions help organizations to streamline incentive compensation plans, centrally monitor sales tasks, track sales and leads, manage accuracy in sales records, build sales-clients relations, and forecast sales through in-depth analytics. This has invariably helped them to expediently make timely business decisions.
Over the years, the performance management techniques, customer engagement methods, and data availability solution portfolios have evolved and have been swiftly advancing. With the emerging needs of collaboration, mobility, and analytics devised to boost sales operations, the organizations are working towards strengthening their sales effectiveness through equipped automated sales software. Considering the significance of enabling sales forces to access one's sales accounts perpetually from anywhere, the users which comprise Small and Medium Businesses (SMBs) and large enterprises are largely adopting sales performance management solutions to maximize their business value. The users are also adopting sales performance management solutions to prioritize sales, synchronize sales objectives, standardize their business processes, and apply sales optimization procedures. Further, the presence of an efficient sales performance management solution within the organization facilitates them to streamline their business processes, and align selling and purchasing behavior. This is accomplished through competent sales performance management solutions which provide motivation to sales executives through badges, creditability to their pipeline leads, predict incentives and related commissions, highlight bonuses, formulate appraisal schemes, assign quotas and objectives, align associated territories, fortify customer interactions, implement sales plans for sales, administration, finance, and human resource teams, accurately manage sales accounts, customized view of their sales data, coaching at all intense levels of sales conversions, and accountancy for all their sales data. Similarly, , the sales performance management services which include consulting, implementation, training and support, and managed services are largely provided by the sales performance management service vendors to help users maintain and manage their deployed sales performance management software solutions. Currently, multi-channeled sales analytics solutions enabled with cross-metrics features are widely being considered for facilitating sales forecast and outlining possible customers for the organizations. This has in turn also revolutionized the businesses and market outreach for the principal stakeholders in the sales performance management ecosystem which include sales performance solution providers, sales performance management managed service vendors, and cloud-based sales performance management services vendors as it has provided them with escalation in revenue potentials. Further, besides providing users with an enhanced experience, sales performance management has also leveraged the stakeholders to allure new clients, retain their privileged customers, and augment corresponding businesses for its users.
Further, the widespread acceptance about the benefits of sales performance management software and services among the users, followed by the increasing acknowledgements towards assistances of these services among the industrial verticals, has in turn led to the rise in adoptions for sales performance management solutions. The sales performance management solutions can be tailored to suit the diverse needs of the users, and can be conveniently used to drive higher levels of efficiencies in enterprise applications such as Customer Relationship Management (CRM), Human Capital Management (HCM), e-commerce, social media, and Enterprise Resource Planning (ERP) using sales performance management tools. Presently, sales performance management solutions are broadly being adopted by the users to tactfully enable sales quality maintenance, and enhance regulatory compliances through categorized performance management in real-time. Further, the escalating demand for finer sales performance management software integrations with Business Intelligence (BI) through cloud deployments is emerging to become the most fundamental development in the years to come. Thus, sales performance management plays the most critical role in providing highly flexible, intelligent, secure, convenient and easy sales performance management solutions for the users.
The major vendors of the global Sales Performance Management Market are SAP AG, Salesforce.com, Inc., IBM Corporation, Xactly Corporation, Synygy Inc., and Callidus Software, Inc. The major forces driving this market are the indispensable requirement to have competent incentive and compensation system, increasing BYOD trend among organizations, and mounting demands for maximizing value of organizational data, manifestation of process expertise and channel effectiveness, and rising consideration for metrics-driven sales tools.
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MarketsandMarkets forecasts the global Sales Performance Management Market comprising software and services to grow from $2,480.0 million in 2015 to $5,623.1 million by 2020, at a CAGR of 17.8%. In terms of regions, North America is expected to be the biggest market in terms of market size, whereas APAC and Europe are expected to experience increased market traction, during the forecast period.
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