The sales compensation software market is forecast to expand at 9.9% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 2,875.8 million in 2023.
Sales compensation software presents crucial insights into individual and team sales performance. It helps estimate and issue incentives to deserving performers who reach their targets, thus acknowledging their top performance. This system also makes it easy to manage compensation plans and delivers exhaustive reports in real time.
The system does more than just general KPIs, empowering managers to make well-informed decisions to drive success. Increasing demand for efficient sales performance analysis is projected to propel the market growth of sales compensation software.
Another significant influence over the market is businesses’ growing emphasis on attaining high ROI. The key benefit of using sales compensation software includes automating compensation management, which helps save resources and time. Companies are also adopting sales compensation software to exceed their rivals with smarter sales processes.
The manufacturers of sales compensation software are expanding their product portfolio to serve other end-user industries. By doing so, the key companies in the market are expected to grow their customer base and overall revenue.
Top Highlights from the FMI’s Analysis of the Sales Compensation Software Market:
- The sales compensation software industry in North America gained a 28.8% market share in the global market in 2022.
- The United States sales compensation software industry acquired a 17.1% value share in 2022.
- The Europe market procured a 21.4% market share in 2022.
- The Germany sales compensation software industry obtained a 9.2% market share in 2022.
- The United Kingdom sales compensation software industry registered a CAGR of 9.1% over the forecast period.
- The Japan and Australia markets achieved a market share of 6% and 2.8% in the global market, respectively.
- The India sales compensation software industry is expected to account for a CAGR of 10.4% from 2023 to 2033.
- The China sales compensation software industry is projected to expand at a CAGR of 8.1%.
- Based on deployment, the web-based segment obtained 56.6% of the global market in 2022.
- Based on application, the large enterprises segment attained a 65.2% market share in 2022.
Key Players in the Headlines
- Spiff, a provider of sales commission software, attained US$ 50 million in a Series C funding round in May 2023. The company is also projected to witness participation from Norwesr, Kickstart Fund, Lightspeed, and others. The investment in Spiff’s vision reflects trust in its solutions. The funding is projected to be used to further their sales commission portfolio and boost finance processes and sales, with a focus on their inventive commission automation tool, called Designer.
- Amalia.io, a software firm specializing in performance-based compensation computing for the sales department, gained EUR 4 million as an investment from investors like Super Capital VC, id4 Ventures, InReach Ventures, and angel investors in January 2023. Their platform automates tasks like real-time visibility of incentives and tracking sales metrics. Presently, the company is concentrating on catering to enterprises in the United Kingdom, Nordics, and France.
- Pricefx, a top provider of cloud-native pricing software, extended its product line with the inclusion of sales compensation in June 2022. The new offering is efficient and transparent and lowers disputes and payout faults. It further assists in lowering administration prices and empowers businesses to drive enhanced profitability and manage compensation effectively.
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Key Segments Covered in Sales Compensation Software Industry Survey
By Deployment:
- Cloud Based
- Web Based
By Application:
- Large Enterprises
- SME’s
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
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