Operational Analytics Market Size, Industry Outlook, Regional Analysis, Application Development, Competitive Landscape & Forecast, 2021 – 2027
Report ID: GMI1896
Operational Analytics Market size is witnessing an upsurge due to the transition from traditional business to advanced business intelligence techniques. Operational analytics offers significant benefits for optimizing daily business operations. It helps in reducing the operating time and provide real-time data streaming.
Several industries are undergoing digitization on account of technological advancements, which enhances the operational analytics market size from 2017 to 2024. It helps in augmenting the transactional effectiveness by boosting transactions, eliminating the risk of fraudulent practices, growing competitive spirit, and enhanced decision-making efficiency.
The adoption of cloud-based technology is fueling the industry growth. The usage of this technology makes the operational process cost-effective and provides hassle-free maintenance of data. The adoption of IoT-enabled devices has increased to fetch important information and provide advanced features. The growing industry of connected devices is accelerating the operational analytics market share. Factors, such as operations optimization, usage of advanced data management technologies, and a huge focus on competitive intelligence are fueling the industry demand.
On-demand operational analytics is witnessing a huge demand owing to the cost-effective and timely services it provide, which are mainly used by the small and medium scale enterprises. Increasing demand in retail, IT, and healthcare sectors offers immense growth potential over the forecast period.
Lack of skilled workers and high initial investment are the factors hampering the operational analytics market growth. The change in the organizational structure further poses a threat to the growth of the operational analytics market share. The absence of governmental support and inability to handle third-party data sources will challenge the industry demand.
The expansion of technologies, such as PaaS is anticipated to provide a huge opportunity. PaaS provides a high-level programming with reduced complexity which further surges the industry demand.
The operational analytics gives marketers a lucid picture regarding the buying habits of customers, which allow them to analyze the customers’ needs and cater to it. The financial segment is expected to witness a substantial growth as it improves the efficiency, lowers the risks, and allows the reconsolidation of data.
By deployment, the industry is segmented into on-premise and on the cloud. The increase in the use of web services on the cloud deployment is observing a rising trend as it facilitates collaboration between partners and improves business agility. For instance, Microsoft has come up with its cloud-based analytics program, making pace toward streamline visualization.
Operational analytics market size will grow in the risk management sector as it provides various benefits, such as the reduction of operational loss, lower auditing costs, reduced exposure to future risks, and early detection of unlawful activities.
The industry vertical is segmented into healthcare, government, retail, manufacturing, financial services, transportation & logistics, and energy & utility. The manufacturing vertical is expected to dominate the overall industry share over the forecast time span. It analyzes and predicts data types to improve manufacturing and supply chain and utilize pre-built data solutions to optimize manufacturing and quality processes. This enhances the efficiency of the product throughout its lifecycle and provides improved products at reduced costs.
The energy and utility vertical is anticipated to grow rapidly over the forecast time span due to the need for managing real-time data obtained from sensors, RFIDs, smart meters, and smart grids.
The U.S. operational analytics market is dominating owing to the technological advancement and high focus on innovations by investing huge funds in R&D. The UK will grow at a significant rate due to the improved use of data coupled with C-level banking.
Asia Pacific is anticipated to grow over the forecast timespan due to the rapid urbanization, increasing use of technology, a high adoption rate of the IoT, rising demand for safe & secure services, and government initiatives, such as smart cities.
The players operating in the operational analytics market include Aims, Bay Dynamics, HPE, CA Technologies, Cloud Physics, IBM Corporation, Inetco, Riverbed, SAS Institute, Microsoft Corporation Savision, Solarwinds, and Zenoss. These participants spend heavily in R&D to develop new products and sustain in the extensive competition. They are making innovative developments in the field of data analytics to fulfill their customer demands.
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