Global Sales Performance Management Market Report 2021-2025 - Machine Learning and Natural Language Processing Innovations to Leverage Data-Driven Recommendations
DUBLIN, March 3, 2021 /PRNewswire/ -- The "Sales Performance Management Market by Component (Solutions and Services), Organization Size (Large Enterprises and SMEs), Deployment Type (On-premises and Cloud), Vertical (BFSI, Telecommunications, and Manufacturing), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global Sales Performance Management (SPM) market size is projected to grow from USD 1.5 billion in 2020 to USD 3.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
The SPM market is expected to grow at a fast pace with growing automation to improve visibility and avoid incentive compensation calculation inaccuracies, rising demand for metric-driven sales tools, and increasing enterprise mobility to increase agent engagement and performance.
Solutions segment to hold a larger market size in 2020
The solutions segment is projected to contribute majorly to the market. The demand for SPM solutions is rising with a growing need for minimizing - commission payout inaccuracies and low quota attainment issues, and the lack of visibility into incentives and employee performance.
Factors such as voluntary sales turnovers, the increase in digitalization, and the rise in enterprise spending on CRM sales applications for providing training to their employees have also contributed to the high adoption of the SPM solutions. The services segment is projected to witness a higher growth rate during the forecast period, owing to the growing demand for hassle-free and proper deployment and integration of the SPM solutions along with the need of organizations to improve the operational efficiency of SPM solutions and understand changing business conditions, client insights, market trends, or service inconveniences.
By vertical, Banking, Financial Services, and Insurance (BFSI) vertical to register the largest market size during the forecast period
BFSI vertical is projected to hold a larger market share during the forecast period. As BFSI companies deal with diverse insurance and banking products, such as debit cards, credit cards, loans, and insurance policies that involve employment of large number of sales representatives, the demand to manage complex incentive compensation calculations and offer representatives with holistic visibility into entire SPM processes has compelled BFI companies to aggressively adopt SPM solutions.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
Steady income growth, dynamic workforce requirements, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt SPM solutions to manage their sales representatives' commissions and gain holistic visibility in their performance.
Major vendors offering SPM solutions are SAP (Germany), Oracle (US), Xactly (US), Anaplan (US), NICE (Israel), Varicent (Canada), beqom (Switzerland), Performio (US), Incentives Solutions (Israel), Optymyze (UK), Salesforce (US), Iconixx (US), Axtria (US), Gryphon Networks (US), CellarStone (US), ZS (US), Board (Switzerland), Zoho (India), InnoVyne (Canada), and XANT (US).
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
For more information about this report visit https://www.researchandmarkets.com/r/jiejv6
Research and Markets
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