Performance Analytics Market Statistics - 2026
The global performance analytics market size was valued at $1,568.49 million in 2018 and is projected to reach $6,506.11 million by 2026, growing at a CAGR of 19.6% from 2019 to 2026. Performance analytics enables organizations to track, aggregate, and visualize key performance indicators over time, rather than reporting on a point in time. Performance analytics is aimed at maximizing productivity and performance, decreasing operational costs, and increasing profits. It facilitates to analyze gaps from current and future states, recognizes root causes for low performance, and offers learning solutions to focus on existing and future performance gaps.
The performance analytics market trends include need to gain insights & anticipating trends from large volume of data and rise in pervasiveness of metrics driven business performance assessment and streamline operations are the major factors that drive the growth of the market. In addition, increase in the need for prioritizing resources fuels the growth of the market. However, lack of awareness about performance analytics solutions and scarcity of skilled staff to operate on performance analytics solution is expected to hinder the market growth. On the contrary, growing adoption of cloud-based performance analytics solutions is expected to provide lucrative opportunities for the market growth in the coming years.
Solution is projected as one of the most lucrative segments.
The BFSI sector dominated the performance analytics market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to rise in digital transformation in the BFSI sector. Furthermore, the IT & telecom sector is expected to grow at a significant CAGR during the forecast period, owing to growing need of performance analytics solution for delivering complete, consistent, and accurate information to the customers.
By Deployment Mode
On-premise is projected as one of the most lucrative segments.
The report focuses on the growth prospects, restraints, and trends of the performance analytics market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market.
By Organization Size
Large enterprise is projected as one of the most lucrative segments.
The performance analytics market is segmented on the basis of component, deployment, organization size, application, industry vertical, and region. Based on component, the market is categorized into solution and service. On the basis of deployment, it is classified into on-premise and cloud. Based on organization size, the market is categorized into large enterprises and small & medium enterprises (SMEs).
IT Operations Performance is projected as one of the most lucrative segments.
Depending on application, it is divided into financial performance, sales & marketing performance, IT operations performance, supply chain performance, employee performance, and others. According to industry vertical, the market is classified into BFSI, IT & telecom, retail, government & defense, healthcare, manufacturing, and others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Industry Vertical
BFSI is projected as one of the most lucrative segments.
The company profiles of performance analytics market players included in this report are SAP SE, SAS Institute, Inc., Oracle Corporation, Siemens AG, Adaptive Insights, Xactly Corporation, Optymyze, Servicenow, Inc., IBM, and Prophix Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Asia-Pacific would exhibit the highest CAGR of 22.20% during 2019-2026.
Top Impacting Factors
The need to gain insights & anticipating trends from large volume of data
The large volume of data is continuously being generated in the organizations from multiple sources. Thus, organizations are realizing the need to leverage this data for understanding the trends and gain insights about the performance of the resources. As performance analytics solutions enables anticipating trends and helps in driving persistent improvement by performance monitoring that identifies problems and opportunities, various organizations from different industries are adopting performance analytics solutions, which is expected to drive the growth of this market. The performance analytics solution helps companies to effortlessly establish and track objectives against strategic business goals and offer senior staff the real time insights regarding overall performance. Further, performance analytics enables companies to continuously scrutinize performance and use advanced forecasting for predicting future trends, which is again propelling the growth of this market.
Rise in pervasiveness of metrics driven business performance assessment
The need to streamline business operations impacting the revenue is primarily driving the growth of the performance analytics market. Revenue of companies is mainly dependent on the performance of various resources, their productivity, quality, and other factors. Performance analytics help in recognizing the constraints, which needs to be upgraded to enhance the performance as well as productivity of companies. Key performance indicators (KPIs) and metrics offer a way to determine how well company’s business units, plans, or employees are performing regarding their strategic objectives and targets. Performance analytics software enable to reduce the risk and make appropriate business decisions. In addition, it also assists companies to differentiate their business with a competitive strategy and provide users the guidance for progress & help them take actions on key performance indicators using analytics hub, breakdowns, dashboards, time charts, and forecasts. In addition, these solutions can provide qualitative and quantitative metrics offering objective KPIs or key quality indicators (KQIs) measurements to numerous applications for business. Thus, due to these functions of performance analytics solutions, the given market is expected to grow during the forecast period.
Covid-19 Impacts on Performance Analytics Market-
- The demand for performance analytics is expected to surge from retail and e-commerce industry to analyze the supply chain performance amid lockdown due to Covid-19 pandemic.
- The performance analytics market is anticipated to grow during the Covid-19 pandemic due to surge in its demand from commercial organization to analyze the employee’s performance and to manage consistency in performance across all divisions of the organizations such as finance, sales, operations, and HR.
Key Benefits for Stakeholders:
- The study provides an in-depth analysis of the global performance analytics market along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global performance analytics market from 2019 to 2026 is provided to determine the market potential.
Performance Analytics Market Report Highlights
By Organization Size
By Industry Vertical
Key Market Players
ServiceNow, Xactly Corporation, Optymyze, International Business Machines Corporation, Oracle Corporation, Adaptive Insights, SAP SE, SAS Institute Inc., Siemens AG, Prophix Software, Inc.
The Asia-Pacific region is witnessing an increased adoption of performance analytics from developing economies such as India, China, and others. However, several Asian countries have a low capital to invest in expensive on-premise performance analytics solutions. As a result, they increasingly consider adopting cloud-based performance analytics, which monitor their business operations at a low capital investment. As the business operations of such companies are simple, they do not require complicated and expensive on-premise performance analytics. Hence, high adoption of cloud-based performance analytics in the Asia-Pacific region is one of the major trends in the market.
Furthermore, cloud-enabled performance analytics solution (SaaS model) is gaining high acceptance over the conventional on-premise performance analytics among the SMEs due to its affordable pricing & great availability offering real-time insights. The performance analytics is being implemented across SMEs for the better management of their business operations while offering improved collaboration and productivity. With increase in focus of cloud computing adoption strategies by the businesses, the adoption of performance analytics is expected to grow in the upcoming years. This subsequently fuels the growth of the performance analytics market.