According to the report, the global performance analytics market was estimated at $1.56 billion in 2018 and is anticipated to hit $6.50 billion by 2026, registering a CAGR of 19.6% from 2019 to 2026.
A rise in inclination toward metrics-driven business performance assessment and an increase in the need for prioritizing resources drive the growth of the global performance analytics market.
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On the other hand, a lack of awareness about performance analytics solutions and a lack of proficient professionals impede growth to a certain extent. However, the surge in the adoption of cloud-based performance analytics solutions is expected to create multiple opportunities in the industry.
Based on application, the supply chain performance segment held the dominant share of the global performance analytics market in 2018 and is expected to rule the roost from 2019 to 2026. This is due to enhanced labor efficiencies and reduced administrative costs of the organizations.
The IT operations performance segment, on the other hand, is projected to register a significant CAGR during the study period. Rise in need to improve IT operation process and provide a real-time comparison against the target to drive the segment growth.
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Based on the industry verticals, the BFSI sector grabbed the highest share of the performance analytics market in 2018 and is anticipated to lead the trail throughout the forecast period. The rise in digital transformation in the BFSI sector boosts the growth of the segment.
At the same time, the IT & telecom sector would manifest the fastest CAGR by the end of 2026. This is due to the mounting demand for performance analytics solutions for conveying complete, consistent, and accurate information to customers.
By geography, North America generated the largest share of the global performance analytics market in 2018 and is expected to retain its dominance by 2026.
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This is attributed to growth in internet penetration and significant investment done by major companies in performance analytics solutions in the region. Nevertheless, Asia-Pacific would portray the fastest CAGR till 2026. An increase in the number of performance analytics vendors in emerging economies fuels market growth.
COVID-19 scenario-
The outbreak of this pandemic has impacted the global performance analytics market positively-
- Business organizations are considering performance analytics tools as an ultimate solution to evaluate the performance of remote workers, customers, and employees.
- With the software in use, employers can get going with monitoring factors such as quality control, performance standards, and worker benchmarks.
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