LONDON, March 20, 2017 /PRNewswire/ -- "Inclination towards metrics-driven performance analytics tools has been driving the market growth"
The global performance analytics market size is estimated to grow from USD 1.10 billion in 2016 to USD 2.59 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.7%. Growing need to monitor and measure performance of business functions for optimal resource allocation and elimination of performance bottlenecks have been driving the market growth. Organizations are shifting their focus towards such metrics-driven analytics tools to control operational risks with proactive and strategic decision-making. However, lack of awareness regarding benefits of performance analytics solutions and concerns about positive ROI are the restraining factors for the performance analytics market.
"Predictive analytics would continue to hold the largest market share during the forecast period"
The predictive performance analytics market is estimated to hold the largest market share during the forecast period. Predictive analytics helps to predict future business scenarios with comprehensive analysis of historical as well as present performance data. Predictive model and analysis enable the users to understand probable risks that need to be considered and empower them to enhance enterprise performance at all levels.
"APAC is projected to grow at the highest rate during the forecast period"
North America holds the largest market share in 2016 and the trend is expected to continue in the coming years. The performance analytics market is showing strong positive trends in the region as several companies and industries are adopting performance analytics at various levels as a part of their strategy, in order to strive in the market and to increase their productivity. The APAC region is witnessing increased adoption of performance analytics solutions with growing awareness, massive data surge, and need to provide real-time performance analysis.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profiles of primary participants is given below:
- By Company Type: Tier 1: 33%, Tier 2: 41%, and Tier 3: 26%
- By Designation: C-level: 47%, Director level: 35%, and Others: 18%
- By Region: North America: 42%, Europe: 18%, APAC: 30%, MEA: 4%, Latin America: 6%
The various key vendors profiled in the report are as follows:
1. International Business Machine Corporation (U.S.)
2. Oracle Corporation (U.S.)
3. SAS Institute (U.S.)
4. SAP SE (Germany)
5. Siemens AG (Germany)
6. Adaptive Insights (U.S.)
7. ServiceNow, Inc. (U.S.)
8. Xactly Corporation (U.S.)
9. Optymyze (U.S.)
10. Callidus Software, Inc. (U.S.)
The report segments the performance analytics market based on components, which include software and services; services segment is further segmented into managed services and professional services. Under professional services, the report is further segmented into support & maintenance and consulting services.
Based on deployment model the market is segmented into on-premises and cloud. Under analytics type, it is segmented into predictive analytics, prescriptive analytics, and descriptive analytics. Under organization size, it is segmented into SMBs and large enterprises, whereas under applications segment, the market is segmented into financial performance analytics, sales & marketing performance analytics, supply chain performance analytics, IT operations performance analytics, employee performance analytics, and others. Under verticals, the market includes Banking, Financial Services, & Insurance (BFSI), telecommunications & IT, retail & e-commerce, healthcare, manufacturing, government & defense, energy & utilities, construction & engineering, and others (research, education, travel & hospitality, outsourcing), whereas in regions, it is segmented into North America, Europe, APAC, Middle East & Africa (MEA), and Latin America.
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the performance analytics market comprehensively and provides the closest approximations of the revenue numbers for the overall market and subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to better understand the competitor and gain more insights to enhance their position in the business. The competitive landscape section includes new product launches, partnerships, agreements & collaborations, mergers & acquisitions, and expansions.
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