Sales Performance Management (SPM) Market to Generate $7.4 Billion by 2031, States the Report by Allied Market Research

A lead analyst at AMR highlighted that the global sales performance management (SPM) market across North America would dominate the market in terms of revenue throughout the forecast period.??

Allied Market Research published a research report on the global sales performance management (SPM) market. The findings of the report state that the global market for the sales performance management (SPM) industry generated $1.8 billion in 2021 and is projected to reach $7.4 billion by 2031, witnessing a CAGR of 15.2% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.??

The report offers detailed insights on the drivers, restraints, and opportunities to help the market players devise several growth strategies. The global sales performance management (SPM) market is expanding quickly due to its rapid uptake of advanced solutions for better customer targeting. On the other hand, data privacy and risk sharing concerning third-party sales performance services, however, could impede the future expansion of the global industry. Furthermore, the global market will experience new growth opportunities due to an increase in demand for tools that can optimize sales and enrich data in the coming years.??

“The service segment is expected to witness the highest growth in the upcoming years, owing to large organizations opting for sales performance management services for their sales optimization needs." said Shadaab Khan, Research Analyst, ICT and Media at Allied Market Research.???

The report provides a detailed scenario of the impact of the COVID-19 pandemic on the sales performance management (SPM) market globally. The COVID-19 pandemic had a positive impact on the growth of the global sales performance management (SPM) market because businesses and governments encouraged employees to work from home, which increased the popularity of sales performance management (SPM) solutions. Due to the COVID-19 pandemic, businesses are focusing on using cloud-driven sales performance management (SPM) solutions in the BFSI, IT and telecom, and healthcare sectors to convey contactless functions. As a result, there is a greater need for sales performance management (SPM) solutions.??

The report offers a comprehensive segmentation of the global sales performance management (SPM) market based on component, deployment model, enterprise size, solution type, industry vertical, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.??

Based on component, the solution segment held the largest market share in 2021, accounting for nearly two-thirds of the global sales performance management (SPM) market revenue, and is projected to maintain its dominance during the forecast period. However, the service segment is predicted to register the fastest CAGR of nearly 16.5% from 2022 to 2031.??

In terms of deployment model, the on premise segment contributed to the highest market share in 2021, accounting for nearly three-fifths of the global sales performance management (SPM) market revenue, and is expected to rule the roost by 2032. Furthermore, the cloud segment is predicted to register the highest CAGR of nearly 16.3% from 2022 to 2031.??

Based on enterprise size, the new construction segment held the highest market share in 2021, accounting for more than two-thirds of the global sales performance management (SPM) market revenue, and is expected to maintain its leadership status during the forecast period. On the other hand, the SMEs segment is anticipated to estimate the fastest CAGR of 17.1% during the forecast period.??

Based on industry vertical, the BFSI segment contributed to the highest market share in 2021, accounting for nearly one-fourth of the global sales performance management (SPM) market revenue, and is projected to maintain its lead position throughout the forecast period. However, the retail segment would display the fastest CAGR of 18.1% from 2022 to 2031.??

By region, the market across the North American region held the largest market share in 2021, contributing to nearly two-fifths of the global sales performance management (SPM) market revenue, Simultaneously, the market across the Asia-Pacific region would portray the fastest CAGR of 17.4% during the forecast period.??

Prominent market players in the global sales performance management (SPM) market analyzed in the report include NICE Ltd., Iconixx, Callidus Software Inc., Salesforce.com Inc., Oracle Corporation, Obero Inc., Anaplan, Inc., Optymyze, SAP SE, and Xactly Corporation.?