Sales Performance Management Market Set to Soar Past USD 6.43 Billion by 2030
The global Sales Performance Management market size is expected to reach USD 6.43 billion by 2030 and exhibit a CAGR of 15.2% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing need for improved sales efficiency and productivity, the growing importance of data-driven decision-making in sales organizations, the demand for incentive compensation management to motivate and retain sales teams, the increasing complexity of sales processes in modern business environments, and the desire for real-time visibility into sales performance and revenue forecasting is fueling the market’s growth.
Westford,USA, Jan. 23, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Sales Performance Management market, growing use of AI and machine learning for predictive analytics in sales, the shift towards cloud-based sales performance management solutions for scalability and accessibility, the emphasis on sales coaching and gamification to enhance sales team engagement and performance, the integration of sales performance management with CRM and other sales tools for seamless workflows, the adoption of mobile-friendly platforms for remote and field sales teams, and the focus on data privacy and compliance in managing sales data are the trends that aid in the market’s growth.
Browse in-depth TOC on “Sales Performance Management Market”
- Pages – 157
- Tables – 61
- Figures – 75
Sales performance management (SPM) is a process for planning, analyzing, and improving sales performance at scale. It helps organizations to align their sales teams with their business goals, track and measure sales progress, and identify and address areas for improvement. SPM can be used to improve sales forecasting, pipeline management, customer retention, and overall revenue growth.
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Prominent Players in Sales Performance Management Market
- Incentives Solutions
- Iconixx Software Corporation
- CDK Global Inc.
- Axtria Inc.
- Callidus Software Inc.
- Gryphon Networks Corp
- Obero Inc.
Incentive Compensation Management” (ICM) Demand to Grow Substantially in the Forecast Period
Incentive Compensation Management” (ICM) dominates the global online market as they are crucial for motivating sales teams by ensuring that sales representatives are fairly compensated based on their performance. Salespeople are often highly motivated by their compensation, making ICM a fundamental component for attracting and retaining top talent.
Sales Analytics is the Leading Application Segment
In terms of application, the sales analytics is the leading segment, as it is essential for organizations seeking data-driven insights into their sales performance. Sales leaders use these tools to gain visibility into sales trends, customer behaviors, and revenue forecasts. The demand for sales analytics is driven by the need for informed decision-making and optimizing sales strategies.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The United States, in particular, is home to a robust tech industry, numerous Fortune 500 companies, and a culture of innovation. Several factors contribute to its dominance, including the high adoption rate of SPM solutions among enterprises, large sales-driven organizations, and the region’s emphasis on data-driven decision-making. Additionally, North America has a competitive landscape of SPM solution providers, driving innovation and adoption.
A recent report thoroughly analyzes the major Sales Performance Management market players. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Sales Performance Management.
Key Developments in Sales Performance Management Market
- In March 2023, SAP acquired Gigya for $1.1 billion. Gigya is a sales performance management platform that helps businesses improve customer engagement and increase sales conversions.
- In February 2023, Oracle acquired BlueWolf for $7.7 billion. BlueWolf is a sales performance management platform that helps businesses improve sales productivity and increase customer satisfaction.
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Key Questions Answered in Sales Performance Management Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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