Operational Intelligence Market
The global operational intelligence market is expected to achieve a CAGR of close to 12% during the forecast period (2017-2023), as per analysis by Market Research Future (MRFR).
Growth Drivers and Key Barriers
Operational 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. Moreover, OI supports automation of data delivery and operational data collection, which consequently enhances the visibility of performance and brings down the operating costs of the overall process.
Increasing adoption of big data as well as artificial intelligence in different industries, given the rising need for operational efficiency and accelerated demand for centralized control and monitoring systems, has benefited the operational intelligent market. Some additional factors working in favor of the market include rising complexity of manufacturing process, advancement in technology, surge in adoption of operational intelligence in the financial sector. The escalating demand for real-time remote monitoring of various industrial activities also stimulates market growth.
Rising automation in industrial sectors in a bid to prevent mishaps and offer safety of employees and products results in growth of the operational intelligent market. But, lack of infrastructure and skilled professionals could work against the operational intelligent market in the near future. Having said that, evolving operational intelligent systems platform coupled with burgeoning amount of machine generated data is bound to offer a host of opportunities for the operational intelligent systems market to expand in the following years.
The study of the operational intelligence market is based on deployment, type, vertical, and application. The type-based segments of the market are enterprise operational intelligence software, enterprise manufacturing operational intelligence, enterprise security, and IT service intelligence. The growing significance of operational intelligence in different enterprises can bolster the expansion of the operational intelligence market. The deployment-based segments of the market are on-premise and cloud. The reliability of cloud and robustness of execution offered by cloud are prime causes for the deployment of operational intelligence on cloud.
This can spur the expansion of the market. The application-based segments of the market are assembly line quality assurance, supply chain and logistics, exploration & production optimization, preventive maintenance, smart meter analysis, and others. The growing application of operational intelligence in product optimization and exploration can spur the market rise. The upscaling need for operation intelligence in supply chain and logistics to achieve simplified solution can impel the market growth. The vertical-based segments of the market are healthcare, BFSI, retail, automotive, oil & gas, manufacturing, and others.
The regional segments of the operational intelligence market are North America, Asia Pacific, Europe, and the RoW. North America operational intelligence market is estimated to surge at a decent growth rate. MRFR study reveals that APAC market is expected to attain a considerable share of the global market on conclusion of the forecast period. Asia Pacific operational intelligence market to expedite at the fastest growth rate in the study period. The US and Canada are regions that are likely to thrive at a high pace through the review period. The growth of regional operational intelligence market can be attributed to the availability of technologies and high rate of adoption. The increased rate of cloud computing adoption and growing application of operational intelligence can impel the expansion of the regional market in years to come.
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Operational Intelligence 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 Intelligence Market.
The growth sectors of the Operational Intelligence Market are identified with precision for a better growth perspective.The global operational intelligence market is expected to achieve a CAGR of close to 12% during the forecast period (2017-2023), as per analysis by Market Research Future (MRFR).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.
Moreover, OI supports automation of data delivery and operational data collection, which consequently enhances the visibility of performance and brings down the operating costs of the overall process.Increasing adoption of big data as well as artificial intelligence in different industries, given the rising need for operational efficiency and accelerated demand for centralized control and monitoring systems, has benefited the operational intelligent market.
Some additional factors working in favor of the market include rising complexity of manufacturing process, advancement in technology, surge in adoption of operational intelligence in the financial sector.
The escalating demand for real-time remote monitoring of various industrial activities also stimulates market growth.Rising automation in industrial sectors in a bid to prevent mishaps and offer safety of employees and products results in growth of the operational intelligent market.
Operational Intelligence 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 Intelligence Market.
The growth sectors of the Operational Intelligence Market are identified with precision for a better growth perspective.The global operational intelligence market is projected to witness a rapid growth during the forecast period owing to increasing demand for operational intelligence applications.
Moreover, growing popularity of industrial operational intelligence solutions and business intelligence services is another major factor driving the growth of operational intelligence market.The global operational intelligence market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future.
Also, growing popularity of cloud-based analytical solutions is another major factor driving the market growth.The global operational intelligence market is projected to reach USD 3.46 billion at a CAGR of over 12% by the end of the forecast period 2017-2023.Operational Intelligence Market SegmentationThe global operational intelligence market is segmented on the basis of the type, deployment, application and vertical.
Operational intelligence offers real-time monitoring capabilities for the organizations in order to make immediate decisions.
