The increased need for generating insights from continuously rising volume of data is a key performance analytics market growth driving factor.
PORTLAND, PORTLAND, OR, UNITED STATE, September 11, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Performance Analytics Market to Reach USD 6.50 Bn by 2026 | Top Players such as – Siemens, Optymyze and Servicenow.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global performance analytics market size was valued at USD 1,568.49 million in 2018 and is projected to reach USD 6,506.11 million by 2026, growing at a CAGR of 19.6% from 2019 to 2026.
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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 impedes the growth to a certain extent. However, surge in adoption of cloud-based performance analytics solutions is expected to create multiple opportunities in the industry.
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).
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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 solutions for conveying complete, consistent, and accurate information to the customers.
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 costs 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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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 made by major companies in performance analytics solutions 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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● Business organizations are considering performance analytics tool as an ultimate solution to evaluate the performance of the remote workers, customers, and employees.
● With the software in use, employers can get going with monitoring factors such as quality control, performance standards, and worker benchmarks.
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