The 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 Share. The growth sectors of the Operational Intelligence Market Share 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 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 worldwide operational intelligence market can be segregated with respect to type, deployment, application, and vertical.
Depending on the type, the market can be considered for enterprise operational intelligence software, enterprise manufacturing operational intelligence, IT service intelligence and enterprise security. The enterprise operational intelligence software could exhibit maximum growth in the coming years, thanks to the rising utilization of social media platforms that help reach potential customers around the world.
Deployment-wise, the market includes cloud and on-premise.
As per the application, the market has been segmented into supply chain and logistics, assembly line quality assurance, preventive maintenance, exploration & production optimization, smart meter analysis and others.
The market, with regard to the vertical, comprises healthcare, BFSI, retail, manufacturing, oil & gas, automotive, and others.
Key vendors shaping the worldwide operational intelligence market include Space Time Insight, Inc. (U.S.), VisionWaves B.V. (The Netherlands), SQLsteam (U.S.), Vitria Technology, Inc. (U.S.), OpsVeda, Inc. (U.S.), Splunk Inc. (U.S.), Axway Inc. (U.S.), Intelligent InSites, Inc. (U.S.), Siemens AG (Germany), Oversight Systems, Inc. (U.S.), Software AG (Germany), OpenText Corporation (Canada), Starview Inc. (U.S.), Flexeye Ltd. (U.K), to name a few.
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