The latest report by IMARC Group, titled “Performance Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global performance analytics market size reached US$ 2.6 Billion in 2021. Performance analytics are used to collect and analyze information to meet business objectives and projections. It includes key performance indicators (KPIs), embedded dashboards, and purpose-built metrics to measure and accelerate performance. It also offers real-time insights into current patterns and trends to help professionals in decision-making process. Performance analytics solutions are used to gain actionable insights, share visualizations, anticipate trends, and monitor performance to identify areas for improvement. As a result, they find extensive applications across different organizations to aggregate, track, and visualize KPIs.
Global Performance Analytics Market Trends:
The market is primarily driven by the increasing utilization of online banking solutions and the consequent adoption of performance analytics in the banking, financial services, and insurance (BFSI) sector. In addition, the increasing product adoption in small and medium-sized enterprises (SMEs) to understand consumer needs and behavior, improve business performance, and gain a competitive advantage represents another major growth-inducing factor. Besides this, healthcare organizations are adopting performance analytics to enhance transparency in clinical and financial outcomes and make timely, strategic, and operational decisions using accurate and reliable data. This, coupled with the rising popularity of e-learning solutions due to the coronavirus disease (COVID-19) outbreak, is positively influencing the market growth. Looking forward, IMARC Group expects the market value to reach US$ 7.5 Billion by 2027, exhibiting a CAGR of 19.05% during the forecast period (2022-2027).
- Based on the component, the market has been categorized into solution and service.
- On the basis of the deployment mode, the market has been classified into on-premises and cloud-based.
- Based on the organization size, the market has been bifurcated into large, and small and medium enterprises.
- On the basis of the application, the market has been segmented into financial, sales and marketing, IT operations, supply chain, employees, and other performances.
- Based on the industry vertical, the market has been segregated into BFSI, IT and telecom, retail, government and defense, healthcare, manufacturing, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some of the key players being International Business Machines Corporation, Microsoft Corporation, Optymyze, Oracle Corporation, Prophix Software Inc., SAP SE, SAS Institute Inc., Servicenow Inc., Siemens AG, Workday Inc., and Xactly Corporation.
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