Impact of COVID-19 on the Global Operational Analytics Market
Operational analytics aims at enhancing existing operations that involve the use of multiple data mining and data aggregation tools to deliver increased transparent information in business operations, and planning activities. These systems are being deployed across several industries to enhance business operations. Several companies use analytics to examine their businesses and related aspects, including employees, customers, and financial and industrial operations. The COVID-19 pandemic has spread across the globe and has impacted a few industries positively, whereas several others have been affected negatively. Governments have imposed restrictions confining people to their homes as a precautionary measure to contain the spread of the pandemic. The rising number of people staying at home has indirectly fueled the demand for operational analytics across the globe.
The people under lockdown have increased the usage of social and digital media more as compared to the pre-lockdown period. During the pandemic, companies have allowed their employees to work from home, which has propelled the use of platforms, such as Microsoft Teams. The increasing data traffic owing to the emergence of IoT technologies and big data has boosted the growth of the operational analytics market. Furthermore, the increasing demand for on-cloud deployment of technologies is also responsible for the growth of the operational analytics market. On-cloud deployment supports remotely working employees in operating from any location by providing access to the required data. The significant application of operational analytics for efficient customer management and fraud detection has propelled the market growth. These factors are likely to boost the demand for operational analytics in the coming months.