According to a recent report published by Allied Market Research, titled, "Performance Analytics Market by Component, Deployment Model, Organization Size, Application, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global performance analytics market was valued at $1.56 billion in 2018, and is projected to reach $6.50 billion 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. Furthermore, 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.
Increase in need for prioritizing resources fuel the growth of the performance analytics market. However, lack of awareness about performance analytics solutions and scarcity of skilled staff to operate on performance analytics solution are expected to hinder the growth. On the contrary, growth in adoption of cloud-based performance analytics solutions is expected to provide lucrative opportunities for the market growth in the coming years.
The supply chain performance segment dominated the market in 2018 and is projected to maintain its dominance throughout the forecast period, owing to improve the labor efficiencies and decrease administrative cost of the organizations. Furthermore, IT operations performance segment is expected to grow at a significant CAGR during the forecast period to uptime the IT operation process and provide real-time comparison against the target.
The BFSI sector dominated the performance analytics market 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 region, the global performance analytics market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors that drive the growth of the market in this region include growth in internet penetration and large investment done by major companies in performance analytics solution. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to increase in number of performance analytics vendors expanding their business in emerging countries.
Key Findings of the Study:
- By component, the solution segment led the performance analytics market size in terms of revenue in 2018.
- By deployment model, the cloud segment accounted for the highest market share in 2018.
- By industry vertical, the BFSI segmented accounted for the highest performance analytics market share in 2018.
- By region, North America generated the highest revenue in 2018.
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.