Performance Analytics Market Report by Component (Solution, Service), Organization Size (Large Enterprises, Small and Medium Enterprises), Application (Financial Performance, Sales and Marketing Performance, IT Operations Performance, Supply Chain Performance, Employee Performance, and Others), Industry Vertical (BFSI, IT and Telecom, Retail, Government and Defense, Healthcare, Manufacturing, and Others), and Region 2023-2028
The global performance analytics market size reached US$ 3.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.5 Billion by 2028, exhibiting a growth rate (CAGR) of 17.5% during 2023-2028.
Performance analytics collects and analyzes information to meet business objectives and projections. Its main features include embedded dashboards, key performance indicators (KPIs), and purpose-built metrics to measure and accelerate performance. It offers real-time visibility for instant insights into current patterns and trends, thereby enhancing decision-making. Nowadays, due to the digital transformation of core business processes, performance analytics is widely adopted by different organizations to aggregate, track, and visualize KPIs. It is also used to gain actionable insights, share up-to-date visualizations, anticipate trends, and monitor performance to identify areas for improvement.
Performance Analytics Market Trends:
A significant shift towards online banking solutions is creating huge amounts of financial data. This represents one of the key factors influencing the adoption of performance analytics in the banking, financial services, and insurance (BFSI) sector worldwide. Performance analytics provides fast closing times, tight controls and auditability, real-time consolidation, and elimination of manual errors. Moreover, small and medium-sized enterprises (SMEs) are increasingly relying on performance analytics to understand consumer needs and behavior, improve business performance, and gain a competitive advantage. Additionally, due to the growing access to medical services, healthcare organizations are adopting performance analytics around the world. It assists them in improving transparency in clinical and financial outcomes and making timely, strategic, and operational decisions using actionable, highly reliable data. Apart from this, a considerable rise in the utilization of e-learning solutions on account of the coronavirus disease (COVID-19) outbreak and temporary school closures are contributing to the market growth. Furthermore, several companies are offering advanced performance analytics using artificial intelligence (AI) services, which is further increasing its applications in automated network solutions for transport operations.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global performance analytics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, deployment mode, organization size, application and industry vertical.
Breakup by Component:
Breakup by Deployment Mode:
Breakup by Organization Size:
Small and Medium Enterprises
Breakup by Application:
Sales and Marketing Performance
IT Operations Performance
Supply Chain Performance
Breakup by Industry Vertical:
IT and Telecom
Government and Defense
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
Base Year of the Analysis
Component, Deployment Mode, Organization Size, Application, Industry Vertical, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global performance analytics market was valued at US$ 3.0 Billion in 2022.
We expect the global performance analytics market to exhibit a CAGR of 17.5% during 2023-2028.
The rising utilization of performance analytics, as it aids in understanding consumer needs and behavior, improving business performance, and gaining a competitive advantage, is primarily driving the global performance analytics market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing deployment of performance analytics by numerous education institutions, owing to the escalating adoption of e-learning methods, during the lockdown scenario.
Based on the component, the global performance analytics market can be segmented into solution and service. Currently, solution holds the majority of the total market share.
Based on the deployment mode, the global performance analytics market has been divided into on-premises and cloud-based, where cloud-based currently exhibits a clear dominance in the market.
Based on the organization size, the global performance analytics market can be categorized into large enterprises and small and medium enterprises. Currently, small and medium enterprises account for the majority of the global market share.
Based on the application, the global performance analytics market has been segregated into financial performance, sales and marketing performance, IT operations performance, supply chain performance, employee performance, and others. Among these, financial performance currently holds the largest market share.
Based on the industry vertical, the global performance analytics market can be bifurcated into BFSI, IT and telecom, retail, government and defense, healthcare, manufacturing, and others. Currently, BFSI exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global performance analytics market include 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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