Cloud-based Solutions in Sales Performance Management Market Expands Scope of Uptake in SMEs, Worldwide Market Projected to Clock Impressive CAGR of 18.7% from 2019 to 2027 TMR
- Rise in enterprise spending on predictive analytics for automating sales forecasting and planning to spur growth in sales performance management market
- Sales performance management tools witness massive adoption in North America, vendors offering products with improved capabilities to tap into revenue streams
ALBANY, N.Y., March 4, 2021 /PRNewswire/ -- Sales performance management (SPM) are a suite of software and tools to automate operational and analytical functions relating to product sales and customer services. They pertain to tracking sales quotas, incentive compensation, job forecasting and evaluation, sales analytics and reporting, and sales coaching. The implementation of SPM is based on the key business propositions of operational efficiency and effectiveness. This is driving the evolution of the demand in various industries. A key industry vertical in the sales performance management market is the banking and financial service sector.
End-use industries are leveraging a range of business automation tools such as enterprise resource planning (ERP) and customer relationship management (CRM) to boost the productivity in back-office processes and overall sales channel. They are available as software and services.
The global sales performance management market was pegged at US$ 3,061.2 Mn in 2019, and is projected to expand at CAGR of 18.7% during 2019–2027.
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Key Findings of Sales Performance Management Market Study
Industry Verticals Leverage Predictive Analytics
Growing relevance of business intelligence tools for channel sales has helped expand the potential in the sales performance management market. A number of solutions are gathering traction among the personnel for sales planning and forecasting. They are leveraging the strength of advanced predictive analytics for quota management, territory planning, and gamification, enabling them to remove any inconsistencies. A growing number of businesses in end-use industries are shifting from premise to cloud particularly SaaS solutions. The ease of implementation and robust security features by the cloud provider are compelling propositions for their adoption. This also streamlines on effective incentive management.