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The process of tracking and directing staff to improve their capacity to sell products or services is known as sales performance management (SPM). There are software tools that can aid in the management of sales performance. These programs are designed to automate various areas of the corporate performance management process while also encouraging sales-oriented performance. Goal setting and planning, feedback, skill development, and performance analysis are all common features of SPM software. Sales quotas, regions, incentive, work assessment, and forecasting are all items that SPM software can keep track of.
Organizations these days are evolving rapidly and turning their whole ecosystem into digital platform. So, to empower their growth and to boost the enterprises acceleration in the quick changing market conditions businesses are adopting SPM software which, helps them in designing roadmap for the business and implement their strategies much efficiently. SPM also provides a structured and transparent solution between the business and the employees.
For instance, in September 2020 Anaplan Inc. announced a new platform for business performance named PlanIQ. This new intelligence framework with advanced AI and ML capabilities delivers insights of prediction and much accurate forecasts that are explainable, which improves the accuracy of plans and helps with decision making.
Key Market Driver -
• The growing need for reliable sales metrics calculation and monitoring. • Fast paced digital transformation and adoption of technologies at the workplaces.
Key Market Restraint -
• The reluctance of small and medium businesses to invest in costly business process software.
In recent years, the sales performance management market has gained a competitive advantage. Few major players currently dominate the industry in terms of market share like, SAP SE, Oracle Corporation, NetSuite, Nice Systems Ltd., Ascent Cloud, Salesforce.com, Inc., IBM Corporation, Anaplan Inc., Xactly Corporation, Zoho Corporation Pvt. Ltd., Varicent Software, Inc., Iconixx Software Corporation, and Beqom SA among others. In May 2021 Xactly Corporation has extending its intelligence revenue platform by working with Provarity, a firm specialized in (AI) and presales automation. To improve client relationships with performance-driven outcomes that deliver continuous value across the revenue lifecycle.
North America will hold the largest market share of the forecasted period 2021-2027 owing to the strong economic conditions, early adoption of technology and already established SPM market in the region like US and Canada. The region is also the origin of several well established SPM solution providers already present in the market such as, SAP SE, Oracle Corporation, Anaplan Inc., and Xactly Corporation which could also be the driving factor for the growth in the region.
Asia Pacific market region is expected to show the highest CAGR in the forecasted period owing to the increase in awareness and adoption of SPM tool at workplace by SME’s and already early adoption of the technology by the large enterprises in their business process.
Middle East and South Africa sales performance management market is also expected to show steady growth during the forecast period owing to the software’s upgradation coming up as better solution provider for energy and power enterprises. Similarly, South America is also expected to show growth in the forecasted period owing to its continuous improvement seen in the quality of organizational structure and adoption of digital technology in the region like Brazil and Mexico across the various sector.
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