Kenneth Research, in its repository of market research reports, has recently added a report on Performance Analytics Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Performance Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
The U.S. Market recovers fast; In a release on May 4th, 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Performance Analytics Market products.
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The Global Performance Analytics Market was valued at USD 1.21 billion in 2016 and is projected to reach USD 5.65 billion by 2025, growing at a CAGR of 18.68% from 2017 to 2025.
Performance analytics utilizes technology and data to study the performance of an identity and measure periodic improvements based on desired results. Performance Analytics enables organizations to seamlessly transform to a goal-oriented business culture with an easy-to-use, integrated application designed for reporting and analyzing business performance. Benefits of performance analytics include – realize fast-time-to-value, maximizes return on investment, deliver automation and self-service, prioritize resources, lower cost of services, improve availability and quality of service, and align the organization with company goals.
Market Dynamics:
1. Market Drivers
1.1 Adoption of advanced vendors offerings
1.2 Growing demand for cloud-based performance analytics solution
1.3 Increasing advancements in computing power
1.4 Growing need to generate insights from rapidly rising volume of data
1.5 Increasing need for metric driven business performance assessment
2. Market Restraints
2.1 Lack of technical expertise for analytics
2.2 Poor knowledge about impacts of performance analytics
2.3 Positive return on investment concerns
Market Segmentation:
The Global Performance Analytics Market is segmented on the analytics type, organization size, component, deployment model, application, vertical, and region.
1. Analytics Type:
1.1 Descriptive analytics
1.2 Predictive analytics
1.3 Prescriptive analytics
2. Organization Size:
2.1 Large Enterprises
2.2 Small and Medium Organizations
3. By Component:
3.1 Software
3.2 Services
3.2.1 Managed services
3.2.2 Professional services
3.2.2.1 Support and maintenance services
3.2.2.2 Consulting services
4. By Deployment Mode:
4.1 Cloud
4.2 On-premises
5. By Application:
5.1 Employee performance analytics
5.2 Sales and marketing performance analytics
5.3 Financial performance analytics
5.4 Engineering and R&D performance analytics
5.5 Supply chain performance analytics
5.6 IT operations performance analytics
6. By Vertical:
6.1 Healthcare
6.2 Government and Defense
6.3 IT and Telecom
6.4 Banking, Financial Services, and Insurance (BFSI)
6.5 Construction and Engineering
6.6 Retail and e-commerce
6.7 Energy and Logistics
6.8 Others
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7. By Region:
7.1 North America (U.S., Canada, Mexico)
7.2 Europe (Germany, UK, France, Rest of Europe)
7.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
7.4 Latin America (Brazil, Argentina, Rest of Latin America)
7.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Siemens AG
2. SAS Institute, Inc.
3. IBM Corporation
4. SAP SE
5. Optymyze
6. Xactly Corporation
7. Callidus Software Inc.
8. Oracle Corporation
9. Servicenow, Inc.
10. Adaptive Insights
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Global Performance Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the research methodology of verified market research and other aspects of the research study, kindly get in touch with our sales team
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