Performance Analytics Global Market – Overview

Performance analytics is used to track, monitor, aggregate and visualize the core business activities, and overall key performance indicators of the organisation which helps companies to improve their services. It also helps to gain insights from the data to improve overall performance of the organisation. Performance analytics market emerges through the growing need of monitoring and measuring the performance of business and increasing focus on optimal utilization of resources.

Highly Competitive environment in performance analytics market, drives the need to promote and manage the sales and marketing activities, to increase overall performance and brand awareness. Integration of various business applications is another driver for the performance analytics market. Due technological advancement in information technology led to the adoption of cloud base performance analytics model which is responsible for the growth of the market.

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Performance analytics is mainly used in banking, financial services & insurance, healthcare, IT & telecommunication, government, energy and utilities and others. However, banking, financial services and insurance are early adopters and contribute the largest market share of performance analytics as they need to gain a complete view of key parameters that drives profitability so that they can manage risk, track and monitor sales, operational performance, analyse results, dynamically adjust plans to achieve profitable growth. Further, security and data privacy, lack of skilled analytical workforce acts as a restraint for the growth of the market.

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.

Industry News

July 17. Service Now released new platform Jakarta.

Service Now released a new platform named Jakarta, named after Indonesia’s capital. Jakarta came up with several changes in the platform that will help organizations automate and for their effective business processes. Service Now Jakarta came with the updates like, change in the platform interface, updated performance analytics, ServiceNow Express, Security operations.

Sep 16, Oracle announces most comprehensive offering for analytics in cloud

Oracle announces various innovations that will provide a complete cloud service suite for the organizations to unlock value from their data. Oracles new cloud service will change the way business generate insights from the data, using advance algorithms, machines and processes to give predictive and accurate outcomes.

May 16, Tata consultancy services (TCS) and siemens expands partnership

Tata consultancy services (TCS) an Indian based global IT service, business solution and Siemens a Germany based automation company expands their partnership to deliver performance intelligent product using big data analytics. With the support of TCS’ big data experts to Siemens PLM software, for the effective use of siemens Omneo performance analytics solution. These technologies have potential to revolutionize the manufacturing sector.

Performance Analytics

According to Market Research Future, market has been segmented into component, application, deployment, vertical and region.

Component

Software

Service

Deployment

On-premises

Software-as-a-Service

Application

Sales Analytics

Marketing Analytics

Supply chain Analytics

Financial Analytics

Employee Analytics

IT Analytics

Vertical

BFSI

IT & Telecommunications

Retail

Healthcare

Government

Transportation

Energy & Utilities

Others

Region

North-America

Europe

Asia-Pacific

RoW

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Regional Analysis:

The regional analysis of active electronic components market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is expected to hold the largest market share and dominate the function as a service market in 2016, due to the penetration of large enterprises situated in this region with strong technically sound employees providing continuous innovative technologies, high penetration into the growing industries of the market, and greater efficiency of cloud-based solution in the front office. These are some of the major driving factors contributing to the growth of function as a service in North America. Asia-Pacific is projected to grow at the fastest rate during the forecast period. Companies in APAC are continuously trying to improve market efficiency and further enhance customer satisfaction. This creates an opportunity for the FaaS solution and service providers.

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