What is Sales Performance Management?
Sales management is business method through which practical assessment of a trade is done. The process focuses on the practical application of sales techniques and functioning of trade. Sales management is an important part of any trade with the focus on net sales that is operating revenues earned by the company on trading its products or services and gaining a profit from it. Managing Net Sales is typically a performance indicator of sales management.
Sales Performance Management is a practice of monitoring trade and a guideline to every businessman for improving the execution of their sales. This practice helps a business professional to improve their ability to sell the products and service. With the progress in technology the performance management practice has further enhanced the sale practice. These applications streamline and encourage various sales activities in the corporate world. The main intention of sales performance management is to educate and motivate sales people to set goal and achieve customer gratification.
The software comprises of steps for goal setting for sales that is includes components such as planning, delivering, customer feedback, skill development and feedback appreciation. Based on the feedback from customer, the performance of sales is reviewed and necessary alteration is done in the marketing or promotion strategy. The sales performance management tool can also be used for sales forecasting and evaluation.
Market Description
As per market experts, the Sales Performance Management is anticipated to witness a significant growth by 2030.
The growth of the market is attributable to rising demand for automated tools for trade management. In addition to this, the software also offers accurate calculations to improve visibility of trade. Rising demand for metric-driven sales tools and growing mobility of the business is considered to influence the market performance.
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Moreover, the software also allows integration of audio-video conferencing through AI technology to enhance productivity. Growing automated sales processes to improve the market growth. Sales departments are constant pressure for automated compensation and reward plans, performance appraisals and sales quotas across workplaces. According to sales survey done in 2019, 83% companies still face payment inaccuracy, in such accuracy the SPM prove to give accurate results. For instance, Cox Automotive achieved 99% commission pay-out accuracy rate through the adoption of a renowned ICM solution.
Market Overview
The Sales Performance Management is expected to observe a substantial improvement with a CAGR of 14.9% during the forecasted period of 2020 to 2030. Sales Performance Management was worth USD 1.5 billion in 2020; however, it is anticipated to show a noteworthy progress of USD 6.02 billion by the year 2030.
The method of supervising and guiding resources to improve their potential in selling the product and service is termed as sales performance management. Demand for interdependent alliance among the traders and their prospects plays a crucial role in expanding the adoption of the SPM solutions.
Market Segmentation
The Sales Performance Management is segmented into Solution, End Use, Deployment, Service, Industrial Vertical.
Solution
Based on Solution the market is further segmented into
- Territory Management
- Sales Analytics
- Sales Planning and Monitoring
- Incentive Compensation Management
- Others
Deployment
Based on Deployment the market is further segmented into
- On-Premise Deployment
- Cloud-Based Deployment
The On premises segment is expected to witness significant growth during the forecasted timeline, reason being high demand for customising solution.
End Use
Based on End Use the market is further segmented into
- Small and Medium Business Enterprises
- Large Enterprises
Service
Based on Service the market is further segmented into
- Consulting Services
- Managed Services
- Training and Support Services
- Others
Industrial Vertical
Based on Industrial Vertical the market is further segmented into
- BFSI
- Information Technology and Telecom
- Retail
- Energy and Utilities
- Travel and Hospitality
- Transportation and Logistics
- Healthcare
- Others
The BFSI is expected to hold the largest share in terms of revenue, as the BFSI sector deals with various diverse insurance and banking products as debit cards, credit cards, loans etc.
Regional Analysis
Based on the regional analysis the market covers regions such as North America, Europe, Asia-Pacific, LAMEA. North America was marked as dominant region and is expected to remain the same during the forecasted period owning to North America’s strong economy.
Market Key players
The key players of any market comprise of investors and intermediaries. Businesses are analysing the process that identifies direct competitors to accomplish their mission and vision. Many leading corporations are undertaking acquisitions and development activities to sustain the competition. The market is highly competitive and has witnessed growing competition between vendors. Some of the key players are NetSuite, IBM Corporation, Oracle Corporation, SAP AG., Salesforce.Com Inc., Callidus Software, Inc., Synygy, Inc., Nice Systems Ltd., Xactly Corporation and Microsoft Corporation.
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