ID: MRFR/ICT/4417-HCR | February 2021 | Region: Global | 100 pages
The global Operational Intelligence market is expected to reach USD 3.46 billion, growing at a CAGR of approximately 12% during the forecast period 2017-2023.
Globally, it has been found that operational intelligence is found to be the ultimate generation of business intelligence. Moreover, business intelligence and operational intelligence are enabling the business to put forward the transformation of the operational units which elaborates the decision making by using some of the specific tools. The operational intelligence market scenario gives deeper insights about the marketing network along with details about the IT systems. It moreover identifies the patterns and the activity of the operational network which avoids the breaching up of data.
COVID 19 Analysis
Due to the outbreak of the COVID throughout the world, the tracking up of changes within the market took place. There was a change within the market whereas the supply chain was interrupted. A change in behavior within the users was marked. After considering the impact of COVID, the rise and change in marketing trends took place during the market forecast period. This pandemic hampered the growth of the market whereas deterioration of the revenues was marked. The manufacturing unit experienced a severe interruption in production. As a precautionary measure, the government has imposed certain lockdowns and shutdowns for controlling the spread of the pandemic. This has hampered intelligence projects all across the world.
High growth in popularity of the internet along with the unification of operational intelligence with the former operational intelligence market. Organizations are investing much more in the unified solutions of the operational services along with the business services which helps in improving the handling power and decision-making power abilities of the services.
That organizations playing a role in improving the efficiency of the operational activities and its productivity raises the opportunity of the market. Operational intelligence market growth takes place due to adopting in-depth data analysis for identifying the risk associated with the future. The rapid change in business environments improves the operational intelligence business. Moreover, the operational intelligence technology provides a unified, flexible, and provides for decision making for the management of senior authorities among any premises. Here the solutions of OI are strategically and deliberately rarely used by the operational organization for reducing the costs and enhancing a competitive gain in the business. These have the power of converting the raw materials along with customer data into their useful form which has helped other companies to overpower the key players. Moreover, the insights from the data analysts help them answer more critically thereby increasing the efficiency of the supply chain.
Increase in adoption of the operational intelligence market has created new challenges within the market. Much priority has been given to data-driven operational strategies and continuously increasing the business data across the industries of end-users.
An absence of appropriately more critically skilled professionals along with the creating complexity in transferring of data is the restraining factor of operational intelligence market growth. High costs of the types of equipment pull up the market demand, deteriorating the growth. Expansion of the market has aroused up the cost of the first investment, increasing the implementation process owing to the increase in demand and customization of the product. The complexity in programming facilities as well as integrating the data includes some of the additional costs along with time. Besides it, the vendors charge a huge sum on the software updates.
Globally the operational intelligence market is being divided into type, deployment, vertical segment, and applications. The global operational intelligence market is divided into enterprise manufacturing operational services, software related to enterprise intelligence software, IT services intelligence units and security of the enterprise. This was classified based on type. Besides it, the operational intelligence market experiences high growth due to the rise in urbanization and using up more of the resources for reaching out to more of the customers on a global scale. As per the deployment, the industry is being divided into cloud and on-premise. As per the application, the market is being divided into the supply chain and logistics along with assembly-line quality insurance, maintenance for preventing any threats, optimization for exploration and production facilities, analysis against the smart meter, and many more. As per the vertical sector, the operational intelligence market is being divided into manufacturing, BFSI, healthcare, oil and gas, automotive, and many more. The end-user industry in the retail sector accounts to cover 16% of the operational intelligence market share during the market forecast period. Moreover, the retail sector gives out and raises the volume of transaction data that is being collected from certain systems like financial, point of scale, and on scale systems. The data so collected can be helped to process and achieve some of the customer insights where understanding the need of the customer in a better way and performing well in the market. Vendors of the market here provide insights to improve the management skills in better quality.
Technology led to the development of gas turbines, by improving the renewable sources of energy and using the technologies for a digital solution has propelled up the market scenario. This has added to the improvement of the global operational intelligence market. This in turn steers up the intelligence industry along with the power industry.
As per the region-wise analysis, it was found that the North American region covers the major operational intelligence market share throughout the globe. North American region includes the region of the United States and a Canadian region which coversv42% of the major market share. Moreover, the United States is considered to be the most dominating country on a global scale due to the presence of certain operational key players operating here. Besides it, the US region has raised the emergence towards the use of mobile and cloud-based integrated solutions. It was followed by the European and the Asia Pacific region. Moreover, the United States and Canadian regions showed a high rise in operational intelligence market growth. This region has a definite and well-established operational infrastructure which allows the market for better and faster implementing the technologies on the market. Moreover, the global market is covered by all the above regions. Here the Asia Pacific region grows at exponential growth and a high rate. The growth here takes place due to the adoption of new and innovative cloud technology along with carrying out the new process for the adoption of new technology and computing applications across various vertical units.
Some of the major players of operational intelligence market are OpsVeda Inc. of the United States, Splunk Inc. of the United Nations, Axway Inc., Siemens of Germany, Flexeye Ltd of the United Kingdom, Intelligence Indicted Inc. of the United States, Oversight System Inc. of the United States, Starview Inc. of the United States, Software AG of Germany, Visionwaves BV of Germany, Open text Corporation of Canada, Spacetime insight Inc. of the United States, SQLsteam, Vitria technology Inc Of the United States, etc. of the United States and many more. The rise in growth and demand for cloud-based analytical solutions and the rise in popularity of cloud computing services are the other most important driving forces of the operational intelligence market. These key players are playing a major role by focussing on certain strategies like developing partnerships, acquisitions, mergers, agreements along with launching new products for rising the operational intelligence market profit.
From the Operational intelligence market report, you will find major scope about the components like deployment mode, hardware, software, and some of the services. The report signifies the total market revenue which is calculated as a sum of software and service equipment. The report doesn't summarize the revenue of the hardware component.
Frequently Asked Questions (FAQ) :
The global operational intelligence market is expected to record a substantial market valuation of USD 3.46 billion by 2023.
The global operational intelligence market is projected to register a moderate 12% CAGR in the forecast period.
The on-cloud segment is slated to expand as the fastest-growing segment.
The BFSI segment is slated to expand as the fastest-growing segment.
A few major market players operating in the global operational intelligence market are Siemens AG (Germany), OpsVeda, Inc. (U.S.), Splunk Inc. (U.S.), SQLsteam (U.S.), Vitria Technology, Inc. (U.S.), among others.