The Sales Compensation Software Market was valued at US$ 2.3 Bn in 2021 and is expected to reach a valuation of US$ 6.4 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, revenue through cloud-based sales compensation software grew at a CAGR of 10.6% during 2015-2021. Cloud-based sales compensation software creates a centralized secure data source, making it accessible across departments, and streamlining the workflow effectively.
Convenience Associated with Sales Compensation Software to Drive its Demand
The enhancement in technology and increasing automation in industries have augmented the adoption of sales compensation software in the industries. Large and small business enterprises are using sale compensation software for managing and keeping records of accomplishments of the sales representatives and formulating and computing compensation plans accordingly to it.
The number of start-ups is rising as many governments around the world are framing policies and providing incentives to the emergence of start-ups, which has increased the adoption of sales compensation software in the start-ups that are driving the market.
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Sales Compensation Software Market: Competition Insights
Sales compensation software providers are mostly active in client win and product launches. The key companies operating in the sales compensation software market include SAP, Oracle, Performio, Iconixx, Optymyze, Xactly Corp., NICE Systems Ltd.,Apttus, NetSuite, Commissionly.io, ZS Associates, IBM, CellarStone, Inc., Anaplan, QuotaPath Inc., CaptivateIQ, Inc., and Atmax Technologies.
Some of the recent developments by key providers of sales compensation software are as follows:
- In June 2022, CellarStone Inc. announced that Pearl Design Group has chosen their QCommission sales software to keep track and payout sale commissions to their sales team.
- In May 2022, CellarStone Inc. released QCommission Version 12 of the software. The new version is more effective for calculation process and is easy to integrate with Netsuite and QuickBooks.
- In May 2022, Oracle announced that its Fusion Cloud Human Capital Management (HCM) will deliver payroll support to French enterprises. The latest cloud payroll solution will help the enterprises in France to manage compliance, automate workflows and instantly generate payrolls for employees. With the introduction of Oracle France Payroll, Oracle Cloud HCM can provide built-in payroll support in 13 countries.
- In May 2022, Nokia has chosen Oracle Fusion Cloud Human Capital Management (HCM) to centralize and change its Human resources system in the cloud with Oracle Fusion Cloud (HCM). Nokia will deploy Oracle Fusion Cloud (HCM) to manage its human resource management, which includes recruitment, compensation, and performance management for companies’ workforce operating in 130 countries.
- In April 2022, CellarStone Inc. announced that its QCommission software has integrated with MS SQL Server. The QCommission enables fast and efficient data transfer to and from the databases of SQL server. It also provides an accurate view of the data before and after the filtering process.
- In November 2021, Performio has announced new product functionality which includes DocuSign integration and aggregate reporting capabilities in their sales compensation software solutions. The new DocuSign integration will help sales reps to view and sign sales incentive plans directly in Performio in a secure way, The new aggregating reporting capabilities will enhance the sales and finance team’s ability to combine or group records in reports, enabling more details of sales actuals, achievements and commissions paid by the team, job role, and incentive plan.
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Key Segments Covered in Sales Compensation Software Industry Survey
Sales Compensation Software Market by Deployment:
- Cloud Based
- Web Based
Sales Compensation Software Market by Application:
- Large Enterprises
- SME’s
Sales Compensation Software Market by Region:
- North America Sales Compensation Software Market
- Latin America Sales Compensation Software Market
- Europe Sales Compensation Software Market
- Asia Pacific Sales Compensation Software Market
- Middle East & Africa Sales Compensation Software Market
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