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Performance Analytics Market: Global Opportunity Analysis and Industry Forecast, 2019–2026 | Leading players - SAP SE, SAS Institute, Inc., Oracle Corporation, Siemens AG, Adaptive Insights, Xactly Corporation, Optymyze, Servicenow, Inc., IBM, and Proph
Retail sector is expected to attain significant growth in the upcoming years, owing to growing demand from retail companies to obtain immediate insights from the data and market trends.
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Rise in inclination toward metrics driven business performance assessment and increase in need for prioritizing resources drive the growth of the global performance analytics market. On the other hand, lack of awareness about performance analytics solutions and lack of proficient professionals impede the growth to certain extent. However, surge in adoption of cloud-based performance analytics solutions is expected to create multiple opportunities in the industry.
The global performance analytics market was estimated at $1.56 billion in 2018, and is anticipated to hit $6.50 billion by 2026, registering a CAGR of 19.6% from 2019 to 2026.
By geography, North America generated the largest share of the global performance analytics market in 2018 and is expected to retain its dominance by 2026. This is attributed to growth in internet penetration and significant investment done by major companies in performance analytics solution in the region. Nevertheless, Asia-Pacific would portray the fastest CAGR till 2026. Increase in number of performance analytics vendors in the emerging economies fuels the market growth.
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.
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Based on industry vertical, the BFSI sector grabbed the highest share of the performance analytics market in 2018 and is anticipated to lead the trail throughout the forecast period. Rise in digital transformation in the BFSI sector boosts the growth of the segment. At the same time, the IT & telecom sector would manifest the fastest CAGR by the end of 2026.This is due to mounting demand for performance analytics solution for conveying complete, consistent, and accurate information to the customers.
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Based on application, the supply chain performance segment held the dominant share of the global performance analytics market in 2018 and is expected to rule the roost from 2019 to 2026. This is due to enhanced labor efficiencies and reduced administrative cost of the organizations. The IT operations performance segment, on the other hand, is projected to register a significant CAGR during the study period. Rise in need to improve IT operation process and provide real-time comparison against the target drive the segment growth.
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