Operational Analytics Market Report Overview
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The global operational analytics market size was USD 5891.2 million in 2022 and is expected to reach USD 24331.25 million in 2031, exhibiting a CAGR of 14.9% during the forecast period.
Operational analytics refers to the process of gathering, analyzing, and interpreting operational data in real-time or near real-time to gain insights and make informed decisions in various business operations. It involves the use of advanced analytical techniques and tools to monitor key performance indicators (KPIs), detect patterns, identify trends, and optimize operational processes. The main goal of operational analytics is to improve operational efficiency, enhance productivity, and drive better decision-making within an organization.
The market is likely to thrive with a substantial growth rate over the forecast period due to the increasing volume, variety, and velocity of data generated by organizations. Additionally, the market is divided by type, by application, and by regional expansion of the market. On the basis of type of product, software, and services are being provided by key vendors. Whereas, in terms of applications, a wide range of applications such as predictive asset maintenance, risk management, and fraud detection are the popular applications that create the demand for the service.
COVID-19 Impact: Remote Work Trend Accentuated the Significance of Analytics Tools During the Pandemic
The global COVID-19 pandemic has been unprecedented and staggering, with the operational analytics market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The COVID-19 pandemic highlighted the importance of real-time data and insights for businesses to make informed operational decisions. The need to adapt to remote work and changing business environments drove an accelerated digital transformation. Where organizations faced rapidly changing conditions and needed to monitor key performance indicators (KPIs) closely. In addition, companies sought operational analytics tools and technologies to optimize remote collaboration, monitor virtual teams, and manage processes effectively in a distributed work environment. This led to increased adoption of cloud-based analytics platforms, data visualization tools, and predictive analytics solutions. Consequently, the market has been growing throughout the health emergency and it is expected to continue to rise in the future as well.
Latest Trends
"Adoption of Advanced Analytics and AI Tools Inflate Market Prospects"
The market for operational analytic tools and services has gained traction in recent years due to digital transformations in numerous industries. Constantly emerging trends and innovative technologies are fuelling the demand for real-time and streaming analytics capabilities. As organizations want to monitor and analyze operational data as it is generated to enable proactive decision-making, detect anomalies, and respond swiftly to changing conditions. Besides, there is a growing emphasis on advanced analytics techniques, including machine learning and artificial intelligence (AI), in operational analytics. These technologies enable organizations to uncover valuable insights, automate processes, and make predictive and prescriptive decisions based on data. As a result, the ongoing trends and technological advancements are contributing to a spike in the operational analytics market growth over the forecast 2022-2028.
Operational Analytics Market Segmentation
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- By Type Analysis
According to type, the market can be bifurcated into software and service.
- By Application Analysis
Based on application, the market can be divided into predictive asset maintenance, risk management, fraud detection, supply chain management, customer management, workforce management, and sales and marketing management.
Driving Factors
"Mounting Volume and Variety of Data Upsurge the Demand for the Analytics Tools"
The exponential growth in data volume and variety is a significant driving force of the market’s growth. Companies generate and collect vast amounts of operational data from various sources such as transactions, sensors, social media, and log files. The need to effectively analyse and gain insights from this data drives the demand for operational analytics solutions.
"Growing Focus on Data-Driven Decision-Making Boost the Growth of the Market"
Organizations recognize the value of data-driven decision-making to gain a competitive edge. Since operational analytics provides the means to analyse and interpret data in real-time that enables organizations to make informed decisions, optimize processes, and enhance operational efficiency.
Restraining Factors
"Data Quality and Integration Challenges Can Obstruct the Market Expansion"
The growth of the market can be restricted due to data quality and integration challenges. As operational analytics relies heavily on the availability of high-quality, integrated data from various sources. However, organizations often struggle with data quality issues, such as incomplete or inaccurate data, data silos, and inconsistencies. Thus, poor data quality and integration can hinder the effectiveness and reliability of operational analytics initiatives.
Operational Analytics Market Regional Insights
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"North America Dominates the Market due to the Strong Presence of Leading Analytics Solution Providers"
As per market research, North America has been a dominant region in terms of market share and technological innovation. North America, comprising the U.S. and Canada, has a mature market for operational analytics. The region has a strong presence of leading analytics solution providers, as well as a high adoption rate of advanced analytics technologies in various industries. The presence of major technology hubs, robust infrastructure, and a large customer base contributes to the region's leadership position.
Key Industry Players
"Key Players Offer Software Platforms and Tools through Software Licensing & Subscription Models"
With regard to key players, eminent companies in the operational analytics industry generate their highest profit revenue through various strategies. They offer operational analytics software platforms and tools through software licensing and subscription models. Additionally, they provide professional services such as implementation, consulting, training, and support. Maintenance and support services also contribute to ongoing revenue streams. Cloud-based offerings, data and analytics services, and industry-specific solutions are also revenue generators. Furthermore, the top three key players owned the majority of the operational analytics market shares globally.
List of Market Players Profiled
- IBM
- Oracle
- Microsoft
- SAS Institute
- Hewlett-Packard
- SAP
- Alteryx
- Cloudera
- Bentley Systems
- Splunk
Report Coverage
This report defines the operational analytics market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 5891.2 Million in 2022 |
Market Size Value By |
US$ 24331.25 Million by 2031 |
Growth Rate |
CAGR of 14.9% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global operational analytics market expected to touch by 2031?
The global operational analytics market is expected to touch USD 24331.25 million by 2031.
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What CAGR is the operational analytics market expected to exhibit during 2024-2031?
The operational analytics market is expected to exhibit a CAGR of 14.9% over 2024-2031.
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What are the key driving factors of the operational analytics market?
The driving factors of the operational analytics market are the mounting volume and variety of data and growing focus on data-driven decision-making.
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What are the key players in the operational analytics market?
The key players in the operational analytics market include: IBM, Oracle, Microsoft, SAS Institute, Hewlett-Packard, SAP, Alteryx, Cloudera, Bentley Systems, and Splunk are top players in the market.
