Global Performance Analytics Market: Snapshot
The global market for performance analytics is expected to gain tremendous momentum in the coming years largely due to the omnipresent need for continuous improvement across all industries. Performance analytics is a system in which data and technology are used to measure performance against pre-set parameters. The results are then compared against ideal or desired results to measure a company’s performance matrix. The need for improved performance is felt in many sectors including banking, finance, healthcare, manufacturing, operations, supply chain management and more. Therefore, the market for performance analytics will be expanding at a steady rate in the coming years.
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Businesses have begun to deploy common methods for improved performance, and the use of metrics to track results has become commonplace. Furthermore, technological advances in the field of data analytics and cloud computing have also provided a boost to the demand within the global market for performance analytics. Rate of Investment (ROI) has become a key area for businesses to understand their dynamics, thus, re-calibrating companies ’focus towards performance analytics. Despite the favorable factors for the growth of the global market, the lack of awareness about services and software for performance analytics can hinder market growth. However, service providers within the field of performance analytics are expected to collectively add to market growth in the coming years.
Due to the presence of large number of market players, there is cut-throat competition in the global market for performance analytics.
Global Performance Analytics Market: Overview
Performance analytics uses technology and data to analyze the performance of an identity and measure periodic improvements based on desired results. The software and services offered by performance analytics can be used for a variety of applications including the fields of banking and finance, management of a supply chain, operations in an organization, and sales and marketing among others. For example, performance analytics software and services help local government leaders track their policies and initiatives pertaining to the benefits reaching their community and residents. With rapid urbanization and the growing need for accurate analysis, the demand for the global performance analytics market is expected to expand at a rapid rate during the forecast period of 2017 to 2025.
Global Performance Analytics Market: Key Trends
Factors such as the growing need to generate insights from ever -increasing data volumes, technological advances in computing power, and increasing prevalence of metrics driven business performance assessment are expected to expand demand in the global performance analytics market. in the near future. However, lack of awareness about the benefits offered by software and performance analytics services and concerns of positive return of investment (ROI) to expected end-users is preventing the market from achieving its true potential. The lack of skilled analytics workforce and data security are other two factors challenging the growth rate of the global performance analytics market.
The services segment can be divided into managed services and professional services including support and maintenance and consulting services. Of these, the demand for managed services is rapidly increasing due to the expansion of its application in almost every technological domain in the client environment. With these services, organizations can maintain their market through consistency of service, technical expertise, and flexibility. The need for predictive performance analytics is also rising, as it helps business organizations anticipate future business scenarios with in-depth analytics of past and current performance data. Using the predictive model, users will be able to understand possible risks and prepare for events at all levels.
Global Performance Analytics Market: Market Potential
The emergence of advanced vendor offerings along with cloud-based performance analytics solutions is expected to prove a boon for the market in the near future. With cloud-based software, vendors can now monitor performance and offer their analytics at run-time and therefore open up new market opportunities.
Global Performance Analytics Market: Regional Perspectives
North America currently serves the highest demand for performance analytics, reflecting large investments in cloud-based solutions in various sectors in countries such as the US and Canada. This region also has a high rate of adoption of new technologies, besides being the headquarters of several prominent players in this market. These two factors are expected to keep North America the most profitable market region for performance analytics during the forecast period. However, rapid urbanization in some emerging economies is expected to make Asia Pacific a profitable region in the near future. The demand for cost-effective performance analytics favors market growth in this region. Europe is expected to show a slow growth rate.
Global Performance Analytics Market: Competitive Landscape
Having a number of players with significant presence in several regions, the competition in the global performance analytics market is quite tough and customized services and software are the main strategy adopted by these players to gain ground to their competitors. Some of the leading vendors in the performance analytics market are Servicenow, Inc., Siemens AG, International Business Machines Corporation, Adaptive Insights, Optymyze, Quantros, Inc., SAP SE, Oracle Corporation, Xactly Corporation, Callidus Software Inc., Nice Systems Inc., Tidemark Systems, Inc., Prophix Software, Inc., SAS Institute, Inc., and Tagetik Software Srl.
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