PORTLAND, Oregon, May 14, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Performance Analytics Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Application (Financial Performance, Sales & Marketing Performance, IT Operations Performance, Supply Chain Performance, Employee Performance, and Others), and Industry Vertical (BFSI, IT & Telecom, Retail, Government & Defense, Healthcare, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026."
According to the report, the global performance analytics market was estimated at $1.56 billion in 2018, and is anticipated to hit $6.50 billion by 2026, registering a CAGR of 19.6% from 2019 to 2026.
Drivers, restraints, and opportunities
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 impede the growth to certain extent. However, surge in adoption of cloud-based performance analytics solutions is expected to create multiple opportunities in the industry.
The outbreak of this pandemic has impacted the global performance analytics market positively-
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.
The supply chain performance segment to maintain the lion's share
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 cost 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.
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 solution for conveying complete, consistent, and accurate information to the customers.
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