The increasing need to meet deadlines, high demand for cost-effective analytical solutions, increasing need by enterprises to improve quality and reduction of time to create strategies are the reasons boosting the growth of the performance analytics market.
Various firms such as Association of Clinical Research Professionals (ACRP) are investing to introduce performance analytics in an organization for quality assurance. Issues related to security, privacy and error prone databases are the factors hindering the growth of the performance analytics market. Also, analytics solution are being used rigorously nowadays such as web analytics, social media analytics, data analytics among others. The concept of analytics is used to predict the future. Therefore, the market is expected to grow over the forecast period 2016-2022. Performance Analytics Market is estimated to grow by 20% of CAGR during forecast period 2016-2022
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Performance Analytics Market:
The global performance analytics is expected to reach approximately USD 4 billion by the end of 2022 with 20% CAGR during forecast period 2016-2022.
According to Market Research Future, market has been segmented into component, application, deployment, vertical and region.
Supply chain Analytics
IT & Telecommunications
Energy & Utilities
The key players in the global performance analytics market include- Siemens AG (Germany), Adaptive Insights (U.S.), Xactly Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), SAS Institute Inc. (U.S.), Optymyze (U.S.), Callidus Software, Inc. (U.S.), IBM Corporation (U.S.), Service Now, Inc (U.S.), among others.
Market Research Future Analysis:
The global performance analytics market is expected to grow significantly. The market is highly application basis. Retail and BFSI segment of performance analytics market globally drives the market. The market is expected to have higher growth rate as compared to the previous years.
North-America accounted for the largest market share because of technological advancements, increasing demand by various sectors, large investments by developers for cloud based solutions and increasing number of large players.
However, Asia-Pacific region is expected to grow over the forecast period, 2016-2022. The reason of this growth is attributed to rapid digital transformation in various countries such as China and increasing demand for performance analytics solution by small & medium scale enterprises.
Regionally, North-America accounted for the largest market share, because of the increasing number of players in this region, high investments for cloud-based solutions and growing adoption of emerging technologies.
However, Asia-Pacific is expected to grow over the forecast period majorly due to rapid technological advancements and cost-effective performance analytics solutions for small scale as well as medium scale businesses.
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