Market Highlights
The global operational analytics market will touch USD 9 billion at an 18% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Rise in Data Centers to Boost Market Growth
The growing number of data centers for gathering inner data to analyze the performance of marketing department will boost market growth over the forecast period.
Opportunities
Increased Adoption of IoT to offer Robust Opportunities
The increased adoption of internet of things for process and operations optimization will offer robust opportunities for the market over the forecast period.
Restraints
Lack of Skilled Professionals to act as Market Restraint
The lack of skilled professionals or trained personnel and complex analytical process may act as market restraint over the forecast period.
Challenges
Organizational Change to act as Market Challenge
Organizational change and managing data quality and security may act as market challenge over the forecast period.
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Segmentation:
- The operational analytics market has been bifurcated based on type, deployment, vertical, and application.
- By application, the operational analytics market is segmented into fraud detection and customer management.
- By vertical, the operational analytics market is segmented into financial services and energy and utilities.
- By type, the operational analytics market is segmented into services and software.
- By deployment, the operational analytics market is segmented into on-premise and on-cloud.
COVID-19 Analysis
The people during the lockdown have increased the use of digital media and social media more than the pre-lockdown period. Companies at the time of the pandemic have enabled their employees in working from home that has fuelled the usage of platforms like Microsoft Teams. The rising data traffic due to the emergence of IoT technologies and big data has propelled the growth of the operational analytics market. Besides, the growing need for on-cloud deployment of technologies is also accountable for the growth of the market. On-cloud deployment supports remotely working people to operate from any location by offering access to the needed data. The vital application of operational analytics for effective customer management & fraud detection has fueled market growth.
Regional Analysis
North America to Sway Operational Analytics Market
North America will sway the market over the forecast period. The presence of properly established basic infrastructure that helps in faster implementation of advanced and latest technologies, the real growth of IT operational information, rising need for upcoming and latest IT operational analytics modern solutions, large base of companies that are deploying operational analytics solutions either on their premises or as on-demand service, the presence of developed economies of Canada and the US, high focus on innovations obtained from technology and research and development, the presence of robust IT infrastructure, highest revenue generating regions, and sophisticated database management systems are adding to the global operational analytics market growth in the region.
Key Players
Key industry players profiled in the global operational analytics market report include IBM Corporation (US),Oracle Corporation (US), Microsoft Corporation (US), SAS Institute (US), Hewlett Packard Enterprise (US), SAP SE (Germany), Alteryx (US)., Cloudera (US), Bentley Systems (US), Splunk (US) among others.
The global operational analytics market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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Global Operational Analytics Market Research Report, By Application (Customer Management, Fraud Detection), by Vertical (Energy & Utilities, Financial Services), by Type (Software, Services) by Deployment (On-Cloud, On-Premise) — Forecast till 2027
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Operational Analytics MarketThe global operational analytics market is predicted to surpass USD 11 billion at 15% CAGR over the estimated years (2018-2023).
Operational analytics simply put is a technological device for industries to improve their efficiency by boosting transactions, increasing competitive spirit, augmenting decision-making capacities and eliminate the risk of fraudulent processes.
Some of the key benefits of using operational analytics include increased profits, better decision making, competitive advantage, customer satisfaction, streamlining data, holistic operations and better employee engagement.There are ample factors that is boosting the growth of the operational analytics market.
The additional factors that are fueling the market growth include limited cross organizational changes, decrease in cost inefficiencies, increasing consumer driven analysis, demographic connectivity, timely and meaningful decisions, valuable based insights, growing number of data centers for gathering inner data to analyze the performance of marketing data, growing utilization of mobile devices and increased IT operations data.
On the contrary, complex analytical processes, organizational change, maintaining data privacy and confidentiality amid organizations, implementation of operational analytics in SMEs (small and medium enterprises) with lack of effective data management services, insufficient skilled technical experts, secure data sharing and easy data availability are factors that may hinder the growth of the operational analytics market over the estimated years.Growth Drivers and Key BarriersOperational intelligence market facilitates automation of the decision-making process, thus improving decision making, enhancing market responses, and also reducing process delays.
Operational intelligence solutions are used by organizations strategically for upgrading business processes and also enhance their performance.
Operational Analytics MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Operational Analytics Market .
The growth sectors of the Operational Analytics Market are identified with precision for a better growth perspective.The global operational analytics market is predicted to surpass USD 11 billion at 15% CAGR over the estimated years (2018-2023).
Operational analytics simply put is a technological device for industries to improve their efficiency by boosting transactions, increasing competitive spirit, augmenting decision-making capacities and eliminate the risk of fraudulent processes.
Analytical techniques utilize tools such as aggregation, mining and data extraction for churning out useful information from raw data.
Some of the key benefits of using operational analytics include increased profits, better decision making, competitive advantage, customer satisfaction, streamlining data, holistic operations and better employee engagement.There are ample factors that is boosting the growth of the operational analytics market.
These factors as stated by the Market Research Future (MRFR) report include network and security management, real time log analytics, business infrastructure management, data security and seamless business integration.
Use your data assets and programs with our advanced operational analytics solutions to gain actionable and impactful insights to achieve operational excellence.
Global IT operation analytics Market Research Report: By Technology (Visual Analytics, Machine-Based Learning, Predictive Analytics, User-Behavior Analytics, Root-Cause Analytics), Organization Size, by Deployment, Application, Vertical – Forecast till 2027Market HighlightsIT operation analytics assists in improving operations by gathering data from various processes for predicting potential issues and enhancing decision-making.
It allows clients in focusing their efforts and reducing the time to solve problems.
The global IT operation analytics market report by Market Research Future (MRFR) comprises drivers, challenges, opportunities, and trends for the period of 2017 to 2023 (forecast period).
The sudden outbreak of the COVID-19 virus and its impact on the industry are noted in the report.Market ScopeThe global IT operation analytics market is expected to grow at a CAGR of approximately 39% during the forecast period.The large data accumulated owing to internet of things based devices, data management strategies, need for process control and optimization, and focus on gaining the edge in the competition are major drivers of the market.
Operational analytics can focus their efforts in pinpointing the problem and solving it at a rapid pace.The trends of bring-your-own-devices (BYOD) and internet of things (IoT) and consulting services by professionals owing to IT operational analytics among large organizations can bode well for the market.
The global market size can touch USD 26 billion by 2027 owing to being employed by organizations for measuring key performance metrics.
