Performance analytics is a set of functionalities that help the enterprises to automate the performance analysis of various business functions. Performance analytics enables the organizations to aggregate, track, and visualize performance indicators over time, rather than reporting on a point in time, thus rising adoption of the performance analytics that propels the growth of the market. Moreover, technological advancements in computing power and an increase in the need for prioritizing resources fuels the growth of the performance analytics market during the forecast period.
MARKET SCOPE
The "Global Performance Analytics Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the performance analytics market with detailed market segmentation by component, application, deployment type, analytics type, end-user, and geography. The report provides key statistics on the market status of the leading performance analytics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global performance analytics market is segmented into software and services.
- On the basis of application, the market is segmented into financial performance, sales and marketing performance, IT operations performance, supply chain performance, employee performance, and others.
- Based on deployment type, the market is segmented into cloud and on-premises.
- Based on analytics type, the market is segmented into predictive analytics, prescriptive analytics, and descriptive analytics.
- Based on end-user, the market is segmented into BFSI, IT and telecom, retail and ecommerce, government, healthcare, manufacturing, energy and utilities, and others.
MARKET DYNAMICS
Drivers:
- Need to generate insights from the continually rising volume of the data and rise in the pervasiveness of metrics-driven business performance assessment and streamline operations are the major factors propelling the growth of the performance analytics market.
- Further, performance analytics help in maximizing performance and productivity, decreasing operational costs, and increasing profits. Increasing the adoption of cloud-based performance analytics solutions is expected to drive the growth of the performance analytics market.
Restraints:
- Lack of skilled professionals to operate on performance analytics solutions and lack of awareness about the performance analytics solutions may restraint the performance analytics market growth.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The performance analytics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the performance analytics market in these regions.
IMPACT OF COVID-19 ON PERFORMANCE ANALYTICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the performance analytics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from performance analytics market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the performance analytics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- IBM
- Optymyze
- Oracle
- Prophix Software, Inc.
- Raytheon Technologies Corporation
- SAP SE
- SAS Institute Inc.
- ServiceNow
- Siemens AG
- Xactly Corporation