1. A method for service demand based performance prediction of an application under test using a single workload, the method comprising: identifying, by one or more processors, a range of concurrencies for the application under test; capturing, by the one or more processors a single workload pertaining to the application under test; and iteratively performing, by the one or more processors, for the identified range of concurrencies: generating an array of one or more pre-defined central processing unit (CPU) performance metrics generated during load testing of the application based on the captured single workload; generating an array of service demands for a CPU based on the captured single workload and the generated array of the one or more pre-defined CPU performance metrics; computing an array of throughput based on the generated array of service demands; and updating the generated array of the one or more pre-defined CPU performance metrics based on the computed array of throughput, wherein the iteratively performing includes generating a linear regression function that models variation of the service demands with the single workload, inputs the variation to a modified Mean Value Analysis (MVA) to generate a performance output with the single workload and update the variation of the service demands based on the updated array of the one or more pre-defined CPU performance metrics.