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, wherein predicting the performance of the software application on the target system includes: generating, at the source system, a plurality of regression equations between the benchmark and the software application for each performance metric, wherein the regression equations are indicative of the correlation between the software application and the benchmark; running the standard software applications with the combination of workload as specified by the benchmark on the target system with fixed concurrency to determine the performance of the standard software applications on the target system; and predicting performance metrics of the software application on the target system using the regression equations generated on the source system and performance of the standard software applications on the target system.