(Wireless-NewsWire.Com, August 04, 2020 ) As per report "Performance Analytics Market by Component (Software, and Services), Application (Financial, Sales & Marketing, IT Operations, Supply Chain Performance Analytics), Vertical, Analytics Type, Deployment, Organization Size, Industry - Global Forecast to 2021", the 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%.
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The key forces driving the performance analytics market include the need to meet regulations & compliance deadlines and to generate insights from rising volume of data.
The managed services segment is expected to grow at the highest CAGR during the forecast period
Among services, the managed services segment is expected to grow at a rapid pace during the forecast period. The demand for consulting services is witnessing exponential growth, mainly because almost every technological domain requires well-delivered managed services. The services offered must fit perfectly into the client’s environment. Technical expertise, service consistency, and flexibility must be provided by the vendors, regardless of the geographical location of the client. Managed services are considered crucial, as they are directly related to customer experience. These services help organizations to sustain in the market. Moreover, it has become difficult for companies to focus on core business processes and support various other functions, which can be resolved by implementing managed services.
Performance analytics software component is expected to contribute the largest market share in 2016
Among components, the software segment is expected to hold the largest market share in the performance analytics market in 2016. The performance analytics software lets organizations to consistently change and transform its operations to a goal oriented business culture with simple to utilize integrated business application intended for revealing, analyzing, and examining business performance. The performance analytics software consists of real-time analytics, root cause analytics, and in-memory database analytics.
North America is expected to contribute the largest market share; Asia-Pacific (APAC) to grow at the highest CAGR
North America is expected to hold the largest market share and dominate the performance analytics market from 2016 to 2021, owing to the large investments in cloud-based solutions, early adoption of new & emerging technologies, and a large number of players present in this region. The APAC region is in the initial growth phase; however, it is expected to be the fastest-growing region for the global performance analytics market. The key reason for the high growth rate in APAC is the growing demand for cost-effective performance analytics platforms and tools among Small and Medium Enterprises (SMEs) in this region.
The major vendors providing performance analytics are SAS Institute Inc. (North Carolina, U.S.), IBM Corporation (New York, U.S.), Oracle Corporation (California, U.S.), SAP SE (Walldorf, Germany), Siemens AG (Munich, Germany), Adaptive Insights (Pennsylvania, U.S.), Xactly Corporation (California, U.S.), Optymyze (Pennsylvania, U.S.), Service Now, Inc. (California, U.S.), and Callidus Software, Inc. (California, U.S.).
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Mr. Aashish Mehra