Sat. Jul 20th, 2024

The sales performance management software market is predicted to grow at a fair CAGR of 11.6% during the projected period of 2022 to 2032.

The sales performance management software market share is estimated to worth more than US$ 16.3 Billion by 2032, increasing from US$ 4.8 Billion in 2021.

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In recent years, various firms have been employing sales performance management (SPM) software to significantly cut down the processing time of sales data and errors incurred therein. Application of this software also aids in tracking future opportunities and client discussions, if any, leading to higher adoption of sales performance management software in such sectors.

Cloud technology’s cost-effectiveness and flexibility facilitate the sales performance management software adoption trends; companies have begun transitioning to cloud environments for optimizing planning and management and enhancing the performance of sales representatives, which has bolstered the sales performance management software market growth. This has also stymied the sales performance management software market future trends.

The expansion of the sales performance management software market has been hampered by decreased utilisation by Small and Medium-sized Enterprises (SMEs) due to higher expenditures on alternative collaboration technologies, lower earnings, and reduced allocation of IT resources.

Implementing sales performance management software solutions gives both representatives and supervisors a rapid and accurate picture of the complete sales performance management software operations. It assists them in proactively eliminating variable pay irregularities and increasing productivity, which brings out sales performance management software market opportunities.

Companies and sales teams are increasingly turning to sales performance management software solutions to acquire a comprehensive view of performance. Businesses are increasingly turning to sales performance management software solutions to boost productivity and streamline procedures for escalated adoption of sales performance management software.

Due to United States strong economic landscape, early acceptance of modern technologies, significant digital adoption at workplaces to enhance business operations, and high technological awareness, the United States sales performance management software market is mature for software solutions.

Industrialized economies in the area, such as the United States and Canada, have fairly accepted sales performance management software solutions while also adding new technology.

Several sales performance management software solution providers, including SAP, Anaplan, Oracle, Xactly, and Varicent, are the primary driving drivers for the sales performance management software market growth.

Recent Development in the Sales Performance Management Software Market:

  • To broaden its sales performance management software adoption trends, Xactly released Operational Sales Management (OSM) in November 2020. The introduction will help Xactly improve its position in the sales performance management software opportunities.
  • NICE inContact announced the fall release of NICE in Contact CXone in October 2020, with new features such as auto-discovery of trends across digital and voice interactions for deeper operational visibility, agent engagement, and new real-time customer authentication for better customer and agent interactions.
  • Varicent developed mobile applications in November 2020 to give reporting options comparable to those found in the Varicent platform. Varicent’s position in the sales performance management software market has been strengthened as a result of the introduction.
  • Oracle’s 21 A upgrade released in December 2020, added new and improved functionality to the Territory Management and Incentive Compensation components of its Oracle Sales Performance Management Cloud.

Key Takeaways:

  • The software category in the component sector of the sales performance management software market is expected to grow at a CAGR of 11.3% through 2032.
  • The incentive compensation management in the solution segment of the sales performance management software market is increasing at a CAGR of 11.2% through 2032.
  • The sales performance management software market in the United States is expected to reach US$ 5.6 Billion by 2032, growing at a CAGR of 11.4% through 2032.
  • By 2032, the UK’s sales performance management software market is predicted to be valued at US$ 677.5 Million, with a CAGR of 10.6% through 2032.
  • With a CAGR of 11% through 2032, China’s sales performance management software market is predicted to reach US$ 1.2 Billion by 2032.
  • By 2032, the market for sales performance management software in Japan is estimated to be worth US$ 1 Billion, growing at an annual rate of 10.2% through 2032.
  • With a CAGR of 9.2% throughout the forecast period, South Korea is predicted to reach a market size of US$ 577.5 Million in sales performance management software by 2032.

Sales Performance Management Software Market Key Players

  • Accent Technologies, Inc.
  • Altify
  • Anaplan, Inc.
  • Axtria India Pvt Ltd
  • Beqom
  • Board International S.A.
  • SAP
  • Cellarstone India Pvt Ltd
  • Gryphon Networks Corp
  • Iconnix Software Corp
  • Incentive Solutions Ltd
  • InnoVyne Technologies
  • International Business Machines Corp
  • Microsoft Corp.
  • Nice Ltd.

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