NEW YORK, May 29, 2023 /PRNewswire/ -- As per Zion Market Research study, The global operational analytics market size was worth around USD 11.85 Billion in 2022 and is predicted to grow to around USD 30.651 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.22% between 2023 and 2030.
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Operational Analytics Market: Overview
Operational analytics is a part of the modern and data-driven age which harnesses the benefits of advanced data analytics and tools to gain more knowledge or insights. This allows companies and entities to make data-backed decisions in real-time or near real-time. The end goal is to achieve operational efficiency and effectiveness.
The focus lies on analyzing operational data that is generated with the aid of several processes, systems, and activities occurring within an organization. The analyzed information is then put to use to enhance productivity, optimize performance, and streamline operations.
The operational analytics industry deals with companies that provide the necessary tools to our operational analytics into action. It is inclusive of products, solutions, and services and in recent years, the growth has been significant which will continue in the coming years.
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Zion Market Research published the latest report titled "Operational Analytics Market By Deployment (On-Premise And On-Cloud), By Application (Fraud Detection And Customer Management), By Type (Services And Software), By Vertical (Financial Services And Energy & Utilities), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 ? 2030" into their research database.
Operational Analytics Market: Growth Drivers
The global operational analytics market is projected to grow owing to the increasing volume of data across industries. Businesses and corporations are gathering vast amounts of data or information from various sources such as transactional systems, IoT devices, social media, and more.
These sources have become an integral part of company operations. With the changing work scenario and financial dynamics, companies are investing in measures that can help them survive in the long run. They are making use of the information available at hand to make predictions about future trends and business needs.
Operational analytical tools are one of the most preferred solutions that companies use to make data-driven decisions which are known to be an effective way of ensuring accurate predictions. Furthermore, in the current fast-paced world, the need for real-time insights remains unmatched which is leading to more companies opting for operational analytics.
Operational Analytics Market: Restraints
The accuracy or efficiency of operational analytics is highly influenced by the quality of information available at its disposal for further processing. It relies on information generated from multiple sources rather than focusing on only one source. This can severely impact the performance level and accuracy rate of operational analytics since not every source may convey the same trend in terms of information or data. Organizations have long suffered from data quality issues such as incomplete or inaccurate data, data silos, and lack of standardization which impacts operational analytics industry growth.
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Operational Analytics Market: Opportunities
The global operational analytics industry can expect higher growth opportunities owing to the increasing investment in artificial intelligence (AI) and machine learning (ML) which are known to act as the backbone of modern-day analytical tools. For instance, in 2018, Alphabet, the parent company of Google, announced an investment of USD 1.2 billion in the French economy to build an advanced AI research center called the 'Paris AI Research Center'. The company has acquired several AI companies to expand its revenue base and make meaningful technological contributions.
Operational Analytics Market: Challenges
Operational analytics makes use of advanced concepts, systems, and tools to perform adequately. However, the operational analytics market is plagued with a severe lack of adequate skill and there is an evident shortage of talent who have expertise in subjects such as data analysis, statistics, data modeling, and domain knowledge. However, the gap is steadily reducing and it may not pose major challenges post the forecast period. Until then, it continues to restrict growth in the industry.
Global Operational Analytics Market: Segmentation
Based on deployment, the global market segments are on-premise and on-cloud. The industry witnessed the highest growth in the on-cloud segment as more companies opted for the latter mode of deployment of operational analytics. Several advantages are associated with on-cloud systems.
Based on application, the operational analytics industry segments are fraud detection and customer management.
Based on type, the global market segments are services and software. The latter segment held dominance in the market in 2022 and is expected to continue the same trend. The growth is primarily driven due to the understanding that software solutions are the foundation of operational analytics whereas services are provided to enhance the experience.
Software programs provide the core technology needed to process, analyze, visualize, and generate insights that can be actioned upon. The tools include features such as data integration, data modeling, analytics algorithms, dashboards, and reporting capabilities.
The offerings include integrated suites and standalone analytics platforms. Microsoft Excel, one of the most traditional operational analytical tools currently has more than 750 registered users globally.
Based on vertical, the global operational analytics market segments are financial services and energy & utilities.
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List of Key Players in Operational Analytics Market:
Key questions answered in this report:
Market size value in 2021
USD 11.85 Billion
Revenue forecast in 2030
USD 30.651 Billion
CAGR of almost 16.22% 2022-2030
2016 ? 2021
2023 ? 2030
By Deployment, By Application, By Type, By Vertical, and By Region
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2030
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
IBM, Oracle, SAP, Microsoft, SAS Institute, Tableau Software (acquired by Salesforce), Qlik, MicroStrategy, Tibco Software, Splunk, Teradata, Alteryx, Adobe Systems, RapidMiner, Logi Analytics, Sisense, ThoughtSpot, GoodData, Pentaho (a Hitachi Vantara company), Domo, Looker (acquired by Google Cloud), Yellowfin BI, Panorama Software, Information Builders, and BOARD International.
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
The global operational analytics market is expected to witness the highest growth in North America with the US paving the way for regional dominance. The high CAGR rate is mainly driven by the existence of a mature market that is highly comfortable with advanced technologies and systems. Every small or large company uses some form of operational analytical tool within their budget.
The availability of solutions for companies across size groups has further strengthened the hold in this region. Furthermore, the US is home to some of the largest technological giants that have invested in already accepted operational analytics tools across the globe. The giants such as IBM and Microsoft are investing higher than ever in terms of research & development which could further assert regional growth. The availability of skilled analytics professionals has been key to North America's expansion.
Global Operational Analytics Market is segmented as follows:
Operational Analytics Market: By Deployment Outlook (2022-2030)
Operational Analytics Market: By Application Outlook (2022-2030)
Operational Analytics Market: By Type Outlook (2022-2030)
Operational Analytics Market: By Vertical Outlook (2022-2030)
Operational Analytics Market: By Region Outlook (2022-2030)
Middle East & Africa
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