Global Operational Analytics Market, By Type (Software and Service), Business Function (Information Technology, Marketing, Sales, Finance, Human Resources and Others), Application (Predictive Asset Maintenance, Risk Management, Fraud Detection, Supply Chain Management, Customer Management, Workforce Management, Sales and Marketing Management and Others), Deployment Model (On-Premises and Hosted/ On-Cloud), Industry Vertical (Telecommunication, Retail and Consumer Goods, Manufacturing, Government and Defense, Energy and Utilities, Transportation and Logistics and Others) – Industry Trends and Forecast to 2031.
Operational Analytics Market Analysis and Size
The operational analytics market is experiencing significant growth driven by the increasing demand for real-time data insights to enhance operational efficiency and decision-making across various industries. Organizations are increasingly leveraging operational analytics to gain a competitive edge by optimizing their business processes, reducing costs, and improving customer satisfaction. The proliferation of big data, advancements in artificial intelligence and machine learning, and the adoption of Internet of Things (IoT) devices are key factors contributing to the market's expansion. Industries such as manufacturing, healthcare, retail, and logistics are among the primary adopters of operational analytics solutions, as they seek to harness the power of data to drive productivity and innovation. Moreover, the growing emphasis on digital transformation and the need for predictive and prescriptive analytics capabilities are further propelling market growth.
Global operational analytics market size was valued at USD 11.85 billion in 2023 and is projected to reach USD 43.14 billion by 2031, with a CAGR of 17.53% during the forecast period of 2024 to 2031. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Software and Service), Business Function (Information Technology, Marketing, Sales, Finance, Human Resources and Others), Application (Predictive Asset Maintenance, Risk Management, Fraud Detection, Supply Chain Management, Customer Management, Workforce Management, Sales and Marketing Management and Others), Deployment Model (On-Premises and Hosted/ On-Cloud), Industry Vertical (Telecommunication, Retail and Consumer Goods, Manufacturing, Government and Defense, Energy and Utilities, Transportation and Logistics and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America
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Market Players Covered
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IBM Corporation (U.S.), Oracle (U.S.), Microsoft (U.S.), SAP SE (Germany), Hexagon AB (Sweden), IMS Software, Inc. (U.S.), Autodesk Inc. (U.S.), Bentley Systems, Incorporated (U.S.), Alteryx, Inc. (U.S.), SAS Institute Inc. (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Cisco Systems, Inc. (U.S.), VMware, Inc. (U.S.), Continuity Software Ltd. (Israel), ExtraHop Networks, Inc. (U.S.), BMC Software, Inc. (U.S.), Apptio, Inc. (U.S.), Appnomic (U.S.), Evolven Software (U.S.), Splunk Inc. (U.S.)
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Market Opportunities
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Market Definition
Operational Analytics refers to the practice of using data analysis and business intelligence to improve day-to-day operations within an organization. This involves collecting, processing, and analyzing data generated by various operational systems and processes to gain insights that can enhance efficiency, productivity, and decision-making. Operational analytics focuses on real-time or near-real-time data to provide actionable insights that help organizations optimize their operations, reduce costs, improve customer satisfaction, and increase overall performance.
Operational Analytics Market Dynamics
Drivers
- Increasing Demand for Real-time Data Insights
Organizations are increasingly prioritizing real-time data insights to enhance operational efficiency, improve decision-making, and maintain a competitive edge. The ability to analyze data as it is generated allows companies to promptly identify and resolve issues, optimize processes, and adapt quickly to changing conditions. This real-time analysis capability is especially critical in industries such as finance, healthcare, and manufacturing, where timely decision-making can significantly impact outcomes. As a result, the demand for operational analytics tools that provide immediate data insights is driving significant growth in the market.
- Advancements in Artificial Intelligence and Machine Learning
The integration of artificial intelligence (AI) and machine learning (ML) technologies into operational analytics is revolutionizing data analysis. These advancements are enabling more sophisticated and accurate data interpretation, predictive capabilities, and automation. AI and ML algorithms can process vast amounts of data quickly, identifying patterns and anomalies that human analysts might miss. This leads to more informed decision-making and the ability to predict and mitigate potential issues before they arise. As AI and ML technologies continue to evolve, their application in operational analytics software is expected to drive substantial market growth.
Opportunities
- Development of Industry-specific Solutions
Tailoring analytics solutions to the unique needs of industries such as healthcare, retail, and logistics addresses specific operational challenges and enhances the value of the insights generated. For instance, in healthcare, operational analytics can improve patient care and streamline administrative processes, while in retail, it can optimize inventory management and customer experiences. By focusing on the distinct requirements of each industry, these specialized solutions are more effective and appealing to potential users, thereby creating new opportunities for market expansion.
- Integration with Cloud Computing
The integration of operational analytics with cloud computing platforms offers scalable and cost-effective solutions that are accessible to a wider range of organizations. Cloud-based analytics solutions eliminate the need for substantial upfront investments in infrastructure, making advanced analytics more attainable for small and medium-sized enterprises (SMEs). In addition, cloud platforms provide the flexibility to scale resources up or down based on demand, ensuring that organizations can handle varying data loads efficiently. This integration not only reduces costs but also enhances the accessibility and adoption of operational analytics solutions across diverse sectors.
Restraints/Challenges
- Complexity of Data Integration
Integrating data from multiple sources and systems presents significant challenges, requiring substantial investments in infrastructure and skilled personnel. Operational analytics solutions must be capable of aggregating and analyzing diverse datasets to provide comprehensive insights. However, the complexity of data integration can lead to issues with data quality, consistency, and accuracy. Organizations may face difficulties in merging disparate data types, formats, and systems, which can challenge the effective use of analytics tools.
- Data Privacy and Security Concerns
The collection and analysis of large volumes of data inherently raise concerns about data privacy and security. These concerns are particularly pronounced in regulated industries such as healthcare and finance, where strict compliance with data protection laws is mandatory. Ensuring the security of sensitive information requires robust measures and technologies, which can be costly and complex to implement. Consequently, apprehensions about data breaches and compliance with regulations can hinder the widespread adoption of operational analytics solutions.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In June 2023, Jaguar Land Rover (JLR) announced a collaboration with Everstream Analytics, a supply chain solutions provider. This partnership integrates AI into JLR’s supply chain management, enabling real-time monitoring and mitigating supply-related issues
- In March 2023, Insight Software, a leading technology company specializing in reporting, analytics, and performance management solutions, announced the expansion of its Angles Professional product line for Oracle. By integrating Logi Analytics, the company enhanced its offerings to create a tool beneficial for all business departments
- In February 2023, IBM launched its new Watson AIOps platform, leveraging AI and machine learning to automate IT operations and enhance decision-making processes
Operational Analytics Market Scope
The market is segmented on the basis of type, business function, application, deployment model, and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Software
- Service
- Managed Services
- Professional Services
- Consulting Services
- Deployment and Integration
- Support and Maintenance
Business Function
- Information Technology
- Marketing
- Sales
- Finance
- Human Resources
- Others
Application
- Predictive Asset Maintenance
- Risk Management
- Fraud Detection
- Supply Chain Management
- Customer Management
- Workforce Management
- Sales and Marketing Management
- Others
Deployment Model
- On-Premises
- Hosted/ On-Cloud
Industry Vertical
- Telecommunication
- Retail and Consumer Goods
- Manufacturing
- Government and Defense
- Energy and Utilities
- Transportation and Logistics
- Others
Operational Analytics Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, type, business function, application, deployment model, and industry vertical as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
North America is expected to dominate the market due to firms in North America are often early adopters of emerging technologies, displaying a readiness to take calculated risks and adopt innovative solutions. This proactive approach provides them with a competitive edge in experience and expertise in implementing and optimizing IT operations analytics (ITOA) solutions. U.S.-based companies like Splunk, Oracle, Microsoft, and SAP are highly advanced and efficient in deploying operational analytics systems. These companies generate vast amounts of data, which they use to enhance IT operations.
Asia-Pacific is expected to witness significant growth due to growing awareness of the benefits of operational analytics, particularly in developing economies. Countries such as China, India, and Southeast Asian nations are increasingly recognizing the value of leveraging operational analytics to enhance efficiency, optimize processes, and make data-driven decisions. This heightened awareness is coupled with rapid technological advancements, expanding digital infrastructure, and increased investments in analytics solutions.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Operational Analytics Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to market.
Some of the major players operating in the market are:
- IBM Corporation (U.S.)
- Oracle (U.S.)
- Microsoft (U.S.)
- SAP SE (Germany)
- Hexagon AB (Sweden)
- IMS Software, Inc. (U.S.)
- Autodesk Inc. (U.S.)
- Bentley Systems, Incorporated (U.S.)
- Alteryx, Inc. (U.S.)
- SAS Institute Inc. (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- Cisco Systems, Inc. (U.S.)
- VMware, Inc. (U.S.)
- Continuity Software Ltd. (Israel)
- ExtraHop Networks, Inc. (U.S.)
- BMC Software, Inc. (U.S.)
- Apptio, Inc. (U.S.)
- Appnomic (U.S.)
- Evolven Software (U.S.)
- Splunk Inc. (U.S.)
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