Market Overview

The sales performance management market was valued at USD 2,503.3 million in 2018 and is expected to register a CAGR of 13.09% over the forecast period, 2019-2024. Sales performance management provides tools and information required by the sales representatives (ensures efficiency and accuracy). According to IBM, USD 1.4 million was saved through a 90% reduction in overpayments with incentive compensation management tools. It also resulted in achieving a 204% ROI. 

• The increasing need for accurate measurement and tracking of sales metrics, early adoption of the technology, and mitigation for IT staff are expected to drive the market growth over the forecast period.
• The companies are demanding a customizable, streamlined, and flexible system to manage and offer analytics based on their sales performance, which is likely to boost the market growth over the next six years.
• Smartphones and tablets are increasingly incorporated as sales performance management components to easily offer the aforementioned facilities and ascend the functionality, which is projected to augment the market.
   

Scope of the Report

Sales performance management is utilized by various organizations to reduce processing time and error at a significant rate. This tool helps in tracking the opportunities created and the number of client conversations made by a respective salesperson. It also offers extensive analytics associated with business evaluation and sales anticipation, which are crucial for business development and forecast sales. 

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Key Market Trends

Manufacturing to Exhibit Significant Growth

• Global car sales grew by about 2.2% globally in 2017. The number of automotive sales accounted to about 20.9 million in Europe and 48.9 million in APAC/Middle East, an increase from 20.1 million and 46.9 million respectively in 2016. Owing to such an increase in the growth of car sales the sales structure has to be streamlined to ensure growth.
• Many markets, such as North America and Europe, have been closer to maturing, and sales in such highly competitive environments need SPM software to provide the employees with incentives and attain cost cutting insights.
• Electronics growth has also been on the rise globally, and the number of products in the market is also increasing. Many investments such as those from Apple and Amazon in India have further indicated the growth of such products in the market. 
• Owing to such increase in the number of Stock Keeping Units (SKU), SPM solutions are further required to streamline sales for the company and differentiate product offerings with the help of tools, such as territory management and sales analytics.
• Consumer goods have also been increasing in their purchase. Many of the mature markets, such as North America, have a high competitive atmosphere, and the adoption of SPM solutions is expected to spur growth and streamline sales of a particular company.
   

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