Dublin, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The "Sales Performance Management Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global sales performance management (SPM) market has demonstrated impressive growth, scaling from $5.64 billion in 2022 to $6.58 billion in 2023, reflecting a compelling Compound Annual Growth Rate (CAGR) of 16.7%. This dynamic trajectory is set to continue, with forecasts projecting a market value of $11.88 billion by 2027, driven by a sustained CAGR of 15.9%.
Empowering Strategic Insights
The SPM market research report stands as a pivotal part of a comprehensive series of reports, offering essential SPM market statistics. This includes the global market size, regional distribution, competitive analysis with market shares, detailed segmentation, prevailing trends, emerging opportunities, and an array of data to facilitate success within the dynamic SPM industry. The report provides an in-depth analysis of current and future industry scenarios.
Innovative Products Catalyze the Industry
A predominant trend reshaping the SPM market landscape is the emergence of new product innovations. Major players within the SPM sector are strategically focused on developing innovative solutions to bolster their market positioning. A prime example is Salesforce, a leading US-based cloud-based software company, which introduced Loyalty Management in January 2021. This versatile solution enables companies across various industries to craft intelligent loyalty programs for both B2B and B2C customers. This innovation empowers companies to offer personalized customer experiences, adapt loyalty programs in response to evolving customer expectations, and foster long-lasting customer loyalty.
Strategic Acquisitions for Enhanced Competitiveness
Strategic acquisitions also play a crucial role in shaping the SPM market. In October 2020, Varicent, a Canadian software company, acquired FunnelCake, further augmenting its expertise in Salesforce.com integrations. FunnelCake, also based in Canada, enhances revenue generation through improved lead and pipeline management performance.
Global Dynamics and Emerging Regions
North America held the largest share of the SPM market in 2022, while Asia-Pacific is projected to be the fastest-growing region in the forecast period. The report comprehensively covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automation Fuels Market Expansion
The accelerating trend of automation is set to drive the growth of the SPM market in the forthcoming years. Automation encompasses a spectrum of operational and analytical functions that streamline back-office operational sales activities. Major industry players are actively adopting automation processes to enhance operational efficiency and effectiveness. For instance, in the United States, the adoption of fully automated functions among organizations surged to 31% in 2020, as per Oracle Netsuite. Furthermore, US retailers witnessed an increase in the implementation of AI and automated processes, rising from 35% in the prior year to 60% in 2020. The growing prevalence of automation in business processes will significantly bolster the SPM market.
Empowering Strategic Decision-Making
The sales performance management market encompasses a range of services, including incentives compensation management, quota management and planning, territory management, advanced analytics, and gamification. The report's market value assessment incorporates both service provider revenue and related goods, providing a comprehensive overview of the market's dynamics.
Strategic Benefits Unveiled
The report serves as an invaluable guide for businesses seeking a comprehensive understanding of the global SPM market. By offering insights into the market's response to the COVID-19 pandemic, its adaptation to the Russia-Ukraine war, and its interaction with agriculture, energy, and mineral commodity supply, the report empowers enterprises to formulate regional strategies, identify growth segments, and outperform competitors using forecast data. Furthermore, businesses gain a deeper understanding of customer preferences through the latest market shares, enabling effective benchmarking against key competitors and enhancing both internal and external presentations with reliable data and analysis.
Navigating Future Growth Dynamics
As the global SPM market continues its expansion, the report's insights serve as a vital resource for businesses to navigate the evolving landscape. With critical insights into market characteristics, growth trends, segmentation, regional dynamics, and strategic players, the report empowers businesses to make informed decisions, seize growth opportunities, and proactively shape strategies to excel in this flourishing market.
Major players in the Sales Performance Management market are
- SAP
- Oracle
- Xactly
- Anaplan
- Varicent
- beqom
- Salesforce
- Iconixx
- IBM Corporation
- Callidus Software Inc.
- Gryphon Networks
- CellarStone
- Zoho Corporation Pvt. Ltd.
- Microsoft Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $6.58 billion |
| Forecasted Market Value (USD) by 2027 | $11.88 billion |
| Compound Annual Growth Rate | 15.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/8n634x
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