The performance analytics market has shown significant traction and is projected to grow with a high CAGR of 18.7% and expected to reach USD 2.59 billion by 2021. Businesses today look for an effective utilization of volume of data generated from various operations to take a leading edge over competitors. Increased adoption of IoT and digitization has fueled the rate of data generation. The performance analytics market is projected to have an increasing growth rate owing to the gradually growing demand of advanced analytics by companies.
Moreover, growing culture of metrics driven performance measurement and analysis created lucrative opportunities in the market. Organizations focus identification of core drivers of business, most profitable products & services, optimal allocation of resources, and reduction of operational costs with such real-time performance analysis. Performance analytics help executive to make better and more informed strategic operational decisions. Technological advancement in terms of computing speed and memory has also supplemented the performance analytics market growth.
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IT operations performance analytics application is estimated to witness highest growth rate during the forecast period. The gradual shift of organization towards data-driven IT operations management to provide better performance, security, and availability analysis for informed investment decisions has increased the demand of IT operations performance analytics solutions. Performance analytics solutions provide better security insights, monitoring, and surveillance.
The descriptive performance analytics solution is expected to constitute the highest growth rate owing to its benefits to learn from past behavior & performance and understand its influence on future outcomes. The predictive performance analytics solution would continue to dominate the market during the forecast period owing to its advantage to extract meaningful data based on present as well as historical performance data.
Among various industry verticals, retail and e-commerce vertical is expected to grow at the highest CAGR during the forecast period. The need to monitor customer segments in terms of profitability, risk analysis, and identify new sales quota and monitor the progress of various processes would foster the demand of performance analytics solutions in retail and e-commerce vertical. The BFSI vertical would continue to dominate the market in terms of revenue recognition during the forecast period.
North America owing to early technological adoption and presence of large number of analytics solutions provider would help to maintain its dominance during the forecast period. The ongoing technological advancement and increasing adoption of performance analytics solutions in the APAC region would attribute to the highest growth rate.
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