The market for sales compensation software was predicted to be worth roughly US$ 2.3 billion in 2021. By the end of 2032, the market is projected to be worth US$6.4 billion after expanding at a CAGR of 9.6% over the next 10 years. Businesses are using digital technology more frequently, which is driving the market.
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 the accomplishments of the sales representatives and formulating and computing compensation plans accordingly to it.
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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 of 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 the 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 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 servers. It also provides an accurate view of the data before and after the filtering process.
- In November 2021, Performio 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 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.
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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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Sales Compensation Software Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10-years.
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