Performance Analytics Market: Emerging Technologies and Future Prospects by 2026

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, the need to gain insights & anticipate trends from a large volume of data and the rise in the pervasiveness of metrics-driven business performance assessment and streamlined operations are the major factors that drive the growth of the market.

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Increase in the 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 the adoption of cloud-based performance analytics solutions is expected to provide lucrative opportunities for 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.

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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 the growing need of performance analytics solutions for delivering complete, consistent, and accurate information to customers.

Based on industry verticals, 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. The 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 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.

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Key players in the industry:

• SAS Institute, Inc.
• Oracle Corporation
• Servicenow, Inc.
• Siemens AG
• Adaptive Insights
• Prophix Software Inc
• Xactly Corporation
• Optymyze
• SAP SE
• IBM

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.

Covid-19 Impacts on Performance Analytics Market-

The Covid-19 pandemic has had significant impacts on the Performance Analytics Market. There is an anticipated surge in demand within the retail and e-commerce sectors, particularly for analyzing supply chain performance during lockdowns. Additionally, amid the pandemic, the Performance Analytics Market is expected to grow as commercial organizations seek these tools to analyze employee performance. This includes efforts to ensure consistency across various divisions such as finance, sales, operations, and HR.

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