Sales performance management (SPM) is the practice of guiding and monitoring employees to enhance their ability to sell products or services. Various organizations use sales performance management tools to forecast and achieve quota by focusing on processes to help sales individuals to perform better. This software also helps in tracking information about sales quotas, incentive compensation, territories, and job forecasting. Banking and financial service institutions, telecom & IT, healthcare, and retail are some of the major industries that use sales performance management software.
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The global sales performance management market is expected to grow significantly in coming years on the accounts of growing focus on sales performance management procedures and massive investments in predictive analytics. According to Transparency Market Research, the global sales performance management market is expected to reach a valuation US$8.13 bn by the end of 2025 progressing from US$2.29 bn in 2017. The market is projected to expand at a robust CAGR of 17.1% during the forecast period between 2017 and 2025.
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The demand for cloud based sales performance management software is gaining traction and it contributes 59% of the total demand in 2017. The major reason for the growth of cloud- based SPM software is due to increasing adoption of SPM software by various organizations to improve management of end-to-end business processes across each application.
Moreover, rising trend of bring-your-own-device (BYOD) in the companies, rising demand to augment the value of company’s information, and manifestation of channel effectiveness and process expertise are driving the demand in this market.