DUBLIN--(BUSINESS WIRE)--The "Sales Performance Management Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global sales performance management market was valued at USD 2,503.3 million in 2018 and is expected to register a CAGR of 13.09% over the forecast period, 2019-2024.
Sales performance management provides tools and information required by the sales representatives (ensures efficiency and accuracy). According to IBM, USD 1.4 million was saved through a 90% reduction in overpayments with incentive compensation management tools. It also resulted in achieving a 204% ROI.
The increasing need for accurate measurement and tracking of sales metrics, early adoption of the technology, and mitigation for IT staff are expected to drive the market growth over the forecast period.
The companies are demanding a customizable, streamlined, and flexible system to manage and offer analytics based on their sales performance, which is likely to boost the market growth over the next six years.
Smartphones and tablets are increasingly incorporated as sales performance management components to easily offer the aforementioned facilities and ascend the functionality, which is projected to augment the market.
Key Market Trends
Sales Monitoring & Planning to Hold Major Share
Sales monitoring and planning allow the company to view the current status of each day with minimal effort, which mitigates the time taken through conventional monitoring and planning.
The companies with high sales volume usually have distributed sales planning across diverse systems, which is time-consuming and offering reports on the same is a challenging task. This may lead to unrealistic data, delayed activities, and hindered decision making.
By incorporating sales planning and monitoring software, the data can be processed and visualized precisely and in a simple manner. With the bolstering growth of sales data, the solution is expected to witness growth over the next six years.
North America to Hold Major Share
North America is the largest economy in the world. The newly found investments from the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024 in the United States are presenting new opportunities.
The program is expected to allow offshore exploratory drilling in about 90% of the OCS acreage, which brings a positive outlook to all the secondary markets, like BFSI, logistics, and manufacturing in the region, increasing opportunity for the sales force to compete for providing required machinery and, in turn, increasing the demand for SPM.
The region is well known as the hub for major consumer electronics and software giants in the world, like Google, Microsoft, SAP, and Oracle. These companies actively contribute to the demand for SPM in the region as they invoke severe marketing strategies to gain clients from all over the world.
The sales performance management market has gained a competitive edge in recent years. In terms of market share, few of the major players currently dominate the market. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries.
These companies are leveraging on strategic collaborative initiatives to increase their market share and profitability. In Feb 2017, Xactly acquired sales performance management provider, Oberoa. With the acquisition, Xactly added ASC 606 / IFRS 15, sales planning, and incentive-management (ICM) capabilities, to its enterprise SPM portfolio.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Introduction to Market Drivers and Restraints
4.4 Market Drivers
4.4.1 Demand for improved sales channel and performance
4.4.2 Increasing Demand For Sales Mobility (BYOD)
4.5 Market Restraints
4.5.1 Lack of awareness and altering organizations structure
5 Technology Snapshot
6 Market Segmentation
6.1 By Solution
6.1.1 Incentive Compensation Management
6.1.2 Territory Management
6.1.3 Sales Monitoring & Planning
6.1.4 Sales Analytics
6.1.5 Other Solutions
6.2 By Deployment Type
6.3 By Service
6.3.1 Professional Service
6.3.2 Managed Service
6.4 By End-user Vertical
6.4.3 Energy & Utility
6.4.5 Other End-user Verticals
6.5.1 North America
6.5.4 Latin America
6.5.5 Middle East & Africa
7 Competitive Landscape
7.1 Company Profiles
7.1.1 Callidus Software Inc.
7.1.2 Oracle Corporation
7.1.3 IBM Corporation
7.1.4 Xactly Corporation
7.1.5 SAP SE
7.1.6 Salesforce.com Inc.
7.1.7 Globoforce Limited
7.1.9 CDK Global Inc.
7.1.10 NICE Ltd.
7.1.11 Anaplan Inc.
7.1.12 BEQOM S.A.
7.1.13 Iconixx Corporation
7.1.14 Incentives Solutions
7.1.15 Axtria Inc.
7.1.16 Obero Inc.
7.1.17 Performio Solutions Inc.
8 Investment Analysis
9 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/f3p5w4/global_sales?w=4