MarketResearchReports.biz has announced the addition of a new report titled “Sales Performance Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025”, to its offering.
Albany, NY -- (SBWIRE) -- 03/05/2018 -- The report on the global sales performance management (SPM) market offers elaborate assessment of growth drivers and restraints affecting the current and future outlook of the market. The study offers detailed insights into emerging notable adoption trends, promising avenues, key technological advancements, and the competitive landscape.
The drive for sales performance management software and solutions stems from the intensifying need for optimizing the performance of sales team and bolster operational efficiencies. The extensive demand for SPM components across banking and financial institutions and other industries, notably healthcare, telecom, IT, and retail, to administer sales territories and quotas is a key factor boosting the market.
Witnessing several lucrative prospects, the global sales performance management market is prognosticated to proliferate at a robust CAGR of 17.1% from 2017 to 2025. The market garnered a revenue of US$2,296.0 million in 2017, which is anticipated to surge to US$8,138.1 million by the end of the forecast period. Staggering investments in predictive analytics and the advent of cloud-based SPM solutions are creating lucrative avenues for market players to capitalize on.
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SPM tools and process functions have emerged as potential alternatives as to popular enterprise solutions such as customer relationship management and enterprise resource planning solutions. Despite a constant influx of new players, the market marks a consolidate landscape owing to the presence of a handful of prominent players. Companies holding a sizeable stake in the global sales performance management market include Aberdeen Group, Inc., Silvon Software Inc., Hybris AG, Callidus Software Inc., Xactly Corporation, Anaplan, Inc., Entomo, Inc., Altify, Accent Technologies, Inc., Microsoft Corporation, Oracle Corporation, and IBM.
Based on component, the global sales performance management is bifurcated into software and services, in which the former is further bifurcated into on-premise and cloud-based. Of these, the cloud-based SPM was the leading segment accounting for more than half of the total demand in 2017.
On a regional front, North America was the most attractive market for SPM, followed by Europe. The growth of these regional market is driven by substantial adoption of SPM in end-use industries, notably in BFSI, telecom, and IT. Meanwhile, Asia Pacific, led by India and China, is poised to rise at a higher CAGR over the forecast period. By the end of 2025, the regional market will be worth US$1,973.24 million.
The rising demand for tools to smartly administer sales execution and manage sales territories and quotas is a notable factor driving the market. The accentuating need among small and medium- scale enterprises for automating sales performance management is a key trend catalyzing the growth of the market. The rising adoption of next-generation enterprise solutions to streamline sales processes is a crucial factor boosting the market. The adoption of sales performance management solutions facilitates quota management and territory management and helps sales and channel personnel in addressing real-world sales performance challenges. The need for incentive compensation plans is also offering a significant impetus to the growth of the market.
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However, notable concerns pertaining to data security, the lack of awareness, and the lack of strong investments in various parts of the world are notable factors acting as bottlenecks to the growth of the market. Nevertheless, the adoption of new, advanced practices of sales management bodes well for the market. The advent of ingrate products and platforms is a critical trend expected to open lucrative prospects in the SPM market.
Furthermore, with BYOD gathering steam in numerous emerging and developed economies, the rising popularity of metrics-driven sales tools will drive uptake.
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