Albany, NY -- (SBWire) -- 09/04/2018 --Evaluated at US$2,296.0 mn in 2017, the opportunities in the global sales performance management (SPM) market are estimated to translate into a revenue of US$8,138.1 mn by 2025, with the demand expanding at a formidable CAGR of 17.1% during the forecast period of 2017 to 2025. SPM tools are highly useful for organizations to train and monitor their workforce pertaining to product sales and customer services.

Sales performance management also helps in forecasting and achieving quota usually by focusing on processes and utilizes innovative tools to help individual sales and channel personnel. The SPM software are also used to track information about territories, sales quotas, incentive compensation, job forecasting and evaluation. Sales performance management services are broadly used in banking and financial service institutions, healthcare, telecom & IT, and retail among others.

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The global sales performance management market is exhibiting high growth prospects on the back of various factors such as growing focus on sales performance management procedures and massive investments in predictive analytics. Small and medium enterprises are automating their sales performance management with the help of these tools and software, making their employees more productive and efficient.

Apart from this, vendors desire for capability enhancement and streamlining of business processes are some of the other factors that are expected to boost the sales performance management market in forthcoming years. On the other hand, data security concerns, lack of awareness regarding the benefits of SPM, and cost of these tools are obstructing the market from attaining its true potential.

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Cloud-based SPM Software Luring Strong Demand

On the basis of component, the sales performance management market is segmented into software and services. The software segment is further categorized into on-premise and cloud-based. Among these, cloud-based sales performance management software deployment is the major segment, which provided for 59% of the total demand in 2017. This segment is driven by increasing adoption of SPM software by organizations to enhance management of end-to-end business processes across each application. The services segment is further sub-segmented into managed services and professional services.

Based on solution type, the sales performance management market is bifurcated into incentive compensation management, sales planning, sales forecasting, sales coaching, quota and territory management, talent management, others including sales analytics, sales reporting, and gamification.

Among these, sales forecasting and sales planning solutions are the key segments which are expected to propel the growth of the sales performance management market around the globe. On the basis of end-use industry, the global market is bifurcated into banking, financial services and insurance (BFSI), retail, healthcare, telecom & IT, and others including manufacturing, transportation, and logistics.

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Asia Pacific Quickly Turning into a Highly Lucrative Regional Market

As of 2017, North America was the most profitable region for the vendors operating in the global sales performance management market, providing for a demand worth of US$887.3 mn, followed by Europe. High adoption rate of SPM among end users such as BFSI and telecom and IT is the primary driver of strong demand for SPM from these two regions.

However, these two regions are showcasing slightly lower growth rate than the region of Asia Pacific, from where the demand is projected to expand at an above-average CAGR of 18.5% during the forecast period of 2017 to 2025. The emerging economies of India and China are fueling the APAC SPM market on the back of unceasing growth across diverse sectors owing to its capability to improve quality of organizational structure. The Middle East and Africa (MEA) sales performance management market is also projected for a healthy growth during the forecast period.