1. A method for predicting performance of a software application over a target system, the method comprising: generating, by a processor, a benchmark suite such that benchmark indicates a combination of workloads applied over a set of standard software applications running on a source system and performance characteristics, wherein the performance characteristics are derived based on the combination of workloads applied over the set of standard software applications running on a source system; identifying, by the processor, a benchmark of the benchmark suite, wherein the benchmark has performance characteristics same as that of the software application; remotely executing, by the processor, the set of standard software applications associated with the benchmark on the target system with a combination of workload as specified by the benchmark; recording, by the processor, performance of the set of standard software applications on the target system; and predicting, by the processor, performance of the software application based on the performance of the standard software applications on the target system.