The Sales Performance Management (SPM) Market size is expected 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 demand for SPM is driven by 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.
The solutions segment to hold a larger market sizeduring the forecast period
The solutions segment is projected to contribute majorly to the market among the components, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the 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.
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Sales Planning and Monitoring segment to hold the largest market size in 2020
The growth of sales planning and monitoring segment is mainly attributed to the high demand for planning capacity; allocating budgets; setting long-term goals, sales quotas, and KPIs; and monitoring sales targets, forecasts, and revenues to define and stimulate sales efforts.
The major players in the SPM market 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). These players have adopted various growth strategies, including product enhancements, new product launches, partnerships, and acquisitions. Product enhancements and partnerships were the major strategies adopted by these players to achieve a strong foothold in the SPM market.
Oracle is one of the prominent players in the SPM market that offers diverse SPM products, including E-Business Suite (EBS)–Oracle Incentive Compensation (OIC), and Oracle Sales Performance Management Cloud. It continually enhances its SPM offerings to strengthen its foothold in the SPM market. For instance, in December 2020, Oracle enhanced the Territory Management and Incentive Compensation components of its Oracle Sales Performance Management Cloud with new and improved features in its 21 A update. The enhancement is a part of Oracle’s quarterly SPM update strategy.
SAP is another well-known company in the SPM market that provides robust SPM solutions delivered via its SAP Sales Cloud platform. Moreover, it has showcased significant investments in product enhancements, services, and acquisitions. For instance, in April 2019, SAP launched live instructor-led training and certification course for CallidusCloud Commissions (now SAP Commissions) to provide support personnel, system admins, business process architects, and program managers with hands-on training experience with the solution. Also, in April 2018, SAP acquired Callidus, one of the leading SPM solution providers, to improve its SPM capabilities.
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Xactly is another privately held SPM company that focuses on improving its products and partnering with key entities to gain a better position in the SPM sector For instance, in November 2020, Xactly launched a new offering, Operational Sales Management (OSM), to expand its SPM portfolio. The new solution connects and integrates processes related to salespeople, territories, quotas, and credits. Moreover, the launch is expected to strengthen Xactly’s foothold in the SPM market.
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