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Performance Analytics Market Overview
Performance analytics is a tool that provides secure and simple access to key performance indicators and helps companies to enhance their services by providing accurate data required. The growing need to monitor and measure the performance of business and increasing focus of the companies towards optimal utility of resources has led to the emergence of performance analytics market across the globe.
The demand for predictive performance analytics is expected to increase during the forecast period, owing to its ability to predict future scenario by comprehensive analysis of historical and present conditions. During the forecast period, the performance analytics market is expected to account largest revenue from North America, on account of growing internet penetration, large investments made in cloud based solutions and early adoption of new and emerging technologies across the region.
Performance Analytics Market Dynamics
The global performance analytics market is expected to grow in the coming years as large numbers of organizations have started to opt for such solutions. These solutions help companies to consistently change and transform their operations to a goal oriented business culture with simple integrated business applications, which can analyse and examine the business performance. Performance analytics solutions are used in various industries such as banking and finance, telecommunication, information technology, healthcare and energy and utilities.
The cloud based performance analytics had higher adoption rate as compared to on-premise model, owing to certain associated benefits with the former, such as flexibility, scalability and privacy, that are being provided at affordable prices. BFSI was the largest user of performance analytics solutions.
The demand for consulting services has been witnessing exponential growth owing to its surging adoption in the IT departments of various organizations that require well delivered and well managed services.
The emergence of advanced vendor offering and growing adoption of cloud based performance analytics are the major trends observed in the market. Considering today’s competitive environment, companies are deploying various performance analytics applications that promote sales and marketing activities in order to help them to gain recognition among consumers and to increase the overall profitability of their business.
Factors driving the performance analytics market include the growing need of organizations to meet regulations, compliance to deadlines and to generate insights from large volume of data. The performance analytics solutions help organizations in continuous monitoring of their core business activities, and in allocating resources to achieve maximum efficiency. The simple structure of performance analytics and the integrated business applications is further increasing the worldwide adoption of these solutions.
Organizations today are focussing on the adoption of analytical tools that can act proactively against difficulties associated with their business processes and can help in making strategic decisions to overcome these situations. This leads to the further adoption of performance analytics solutions.
The technological advancements in the information technology is helping in the integration of various business processes with such solutions. Further, the increasing adoption of cloud based performance analytics solutions is also driving the performance analytics market.
Competitive Landscape of the Performance Analytics Industry
Some of the key players operating in the performance analytics market includes SAS Institute Inc., IBM Corporation, Oracle Corporation, SAP SE, Optymyze, Siemens AG and Callidus Software Inc.
With the presence of large number of players across the globe, a stiff competition exists in the performance analytics market. With the increasing demand of performance analytics solutions, some small players have also been entering into this market.
Global Performance Analytics Market Segmentation
By Analytics Type
By Deployment Model