USD 10.20 Billion
Global Operational Analytics Market Size, Share, Growth Analysis, By Type(Software and Service), By Application(Predictive Asset Maintenance, Risk Management) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2223 |
Region:
Global |
Published Date: February, 2024
Pages:
197
|
Tables:
66 |
Figures:
73
Global Operational Analytics Market Insights
Global Operational Analytics Market size was valued at USD 10.20 Billion in 2021 and is poised to grow from USD 11.85 Billion in 2022 to USD 39.40 Billion by 2030, at a CAGR of 16.20% during the forecast period (2023-2030).
The global operational analytics market encompasses a dynamic landscape shaped by various factors, providing organizations with valuable insights into their operational processes. Operational analytics is the use of sophisticated software applications designed to gather, analyze, & interpret real-time data that allows businesses to perform at their best level and make informed decisions. The demand for real-time monitoring and analysis of operational data across various industries is increasing, driving this market. Businesses are turning to operational analytics solutions to increase efficiency, detect patterns, & react quickly as conditions change. However, there are challenges such as the fact that it is quite difficult to integrate multiple varied data sources and professionals capable of interpreting the output well from analyses are needed.
Increasing business awareness about the importance of data-driven decision-making is one of the main factors that are driving growth in the operational analytics market. Organizations start to recognize the capacity that operational analytics could provide actionable insights which in turn help increase efficiency within their operations as well as business performance overall. Moreover, with the emergence of sophisticated technologies like artificial intelligence and machine learning, operational analytics solutions gain even more capabilities. While the market has a high growth potential, it faces some challenges like Data Security Increase Cost Complex Analytics Tools. Organizations still focus on the confidentiality and safety of top secret operational data because this affects their decision to adopt a oriental analytics platform. In addition, setting up these technologies can be problematic in itself, particularly to smaller operations owing to the huge amount of capital that has to be put down prior.
Market-specific challenges also include problems during data integration as companies often operate in different systems and platforms. It is required to ensure a smooth data integration and some of the solutions additionally are also provided with knowledge to manage information. In the midst of these hurdles, the market also provides a number of ingenious opportunities for creative solutions that address specific industry needs and have a user friendly interface.
Predictive analytics, as an aspect relevant to operational processes, presents a promising environment for market expansion. Predictive Models assist organizations in predicting future trends, spotting problems before they occur, and making efforts to bypass them. In conclusion, the Global Operational Analytics Market is a landscape of opportunities and challenges shaped by an increasing demand for real-time insights along with data-driven decision-making. With businesses becoming keen on improving their operational efficiency, the market will change with smart solutions that address specific industries and help overcome challenges in data integration and security.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Software
Fastest Growth
Service
Growth Rate
16.20% CAGR
Global Operational Analytics Market ($ Bn)
Country Share for North America Region (%)
Global Operational Analytics Market By Type ($ Bn)
Global Operational Analytics Market By Type (%)
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Global Operational Analytics Market Segmental Analysis
The global operational analytics market is segmented on the basis of Type, Application, and region. By Type, the market is segmented into Software and Service. By Application, the market is segmented into Predictive Asset Maintenance, Risk Management, Fraud Detection, Supply Chain Management, Customer Management, Workforce Management, Sales and Marketing Management, and Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
The Software segment stands out as the largest and most influential component, driving the industry's transformative growth. As businesses have come to realize the key significance of actual-time tracking and evaluation for enhancing operation efficiency, the want for superior software program solutions has surged. In 2022 the Software phase verified an impressive percentage of 65% from the general operational analytics marketplace, indicating its leading role. This is due to the monstrous energy of operational analytics software which can provide actionable insights into how organizations can optimize their strategies, come to be extra effective in choice-making, & achieve a great stage of excellence operationally. Their software program answers range from actual-time monitoring, information visualization, and predictive analytics to cover most aspects of an IT toolkit that any corporation seeking to live agile and competitive in current commercial enterprise conditions.
The service segment emerges as the fastest-growing sector. This explosive growth is powered by the fact that businesses are increasingly realizing the need to have access to specialized expertise and support in terms of rolling out and optimizing operational analytics solutions. The operational analytics ecosystem is integrating services such as consulting, training, and support which are increasingly becoming integral to organizations reaping full value out of their investments in software. This rapid scaling highlights a change in paradigm towards a service-oriented approach, where businesses focus not only on the implementation of advanced software but also on seeking strategic advice and ongoing support to fully unlock the potential of their operational analytics. As the market for operational analytics continues its evolution, this dual emphasis on powerful software solutions and holistic services places it at the forefront of change regarding data-fueled operational perfection.
Analysis By Application
Predictive asset maintenance stands as the largest and most pivotal sector, commanding a substantial share owing to its unparalleled ability to revolutionize maintenance strategies. The Predictive Asset Maintenance relies on the use of advanced analytics to predict equipment failures so that companies could conduct proactive maintenance, avoid any downtime and enhance the overall performance of their assets. This segment, which constitutes about 30% of the market share, posts an impressive CAGR of greater than 25%, a testament to its rapid growth as industries are forced by necessity to minimize disruption in their operations. The charm of predictive maintenance resides in its cost-cutting potential, as studies suggest that it can potentially reduce maintenance costs by up to 30% and even minimize equipment downtime by an astounding figure of 70%, enhancing its appeal to industries constantly engaged in smooth operations.
The fastest-growing segment within the Operational Analytics Market is the realm of Supply Chain Management (SCM). This segment, projected to grow exponentially within the next few years, responds to the rising need for supply chains that are agile and responsive. The rapid growth of this segment of SCM is driven by its capacity to provide real-time visibility, reduce operational costs by nearly a quarter, and enhance overall supply chain sustainability, as industries struggle to adapt to increasingly complicated global market environments addressing consumer demands for faster deliveries and increased transparency. This blossoming development matches the changing terrain where effective supply chains are at the heart of sustaining competitive edges in a volatile market.
Global Operational Analytics Market By Type, 2021 (%)
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Global Operational Analytics Market Regional Insights
North America stands out as the dominating region in this market, owing to its early adoption of advanced technologies, robust IT infrastructure, and a high concentration of major market players. The focus in the region on making decisions by data across industries such as healthcare, retail, finance, and manufacturing has accelerated the need for operational analytics solutions. Further, the existence of tech-savvy companies ready to invest in high-end analytics tools gives North America a lead role. Later, the maturity of the market in this region also creates an environment favorable for research and development making it conducive to innovation as well as the continuous improvement of offerings on operational analytics.
Asia Pacific emerges as the fastest-growing region in the Global Operational Analytics Market. This increased demand for operational analytics solutions is due to the region’s rapidly growing economy, emerging digital transformation initiatives as well as fast-increasing adoption of cloud-based technologies. These solutions are seeing considerable adoption across sectors in countries such as China, India, and Japan driven by a robust focus towards improving operational efficiency and competitiveness. Moreover, an increase in the number of mobile devices and internet connectivity could be added to the growing demand for real-time data insights is accelerating operational analytics market growth in the Asia Pacific region. With a burgeoning market TAM for operational analytics adoption and innovation, Asia Pacific has emerged as a pivotal hub for leveraging the strategic advantage that arises from using analytics to inform decision-making in business.
Global Operational Analytics Market By Region, 2023-2030
- Largest
- Fastest
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Global Operational Analytics Market Dynamics
Drivers
Real-time Decision-Making Needs
- Adoption of real-time decision-making becomes inevitable to enhance organizational competitiveness. Operational analytics makes it possible to analyze data in real time, thus empowering organizations with the ability to react promptly and make intelligent decisions. The rapidly growing need for immediate assessments of operational data is among the major growth stimulators of the global market for operational analytics.
Increasing Complexity of Business Processes
- With the rise in complexity of business operations, there is also rising demand for processes monitoring, analyzing and optimizing in real time. Operational analytics tools allow organizations to gain greater understanding of their operations and to detect pain points essentially making it easier for them to simplify processes. In their turn, the increasing sophistication of business activity in different sectors makes use of operational analytics solutions a necessity.
Restraints
Data Security and Privacy Concerns
- Operational analytics is the processing of large volumes of data, which may be highly confidential and proprietary. Data protection and compliance with privacy laws could be a major barrier. Organizations will not desire potential breaches and non-compliance with regulations, therefore, this may box the use of operational analytics solutions – especially in industries which are regulated by restrictive data protection laws.
Integration Challenges with Legacy Systems
- Many companies continue to operate using legacy systems that may be difficult to connect with modern operational analytics platforms. Integrating these analytics solutions with their current infrastructure is a challenging and resource-draining process. Seamless integration may be difficult to achieve due to the associated challenges that are likely to impede the widespread adoption of operational analytics, especially in industries whose legacy systems are popular.
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Global Operational Analytics Market Competitive Landscape
The global operational analytics market is characterized by a way of severe opposition amongst key players vying for market proportion and dominance. Companies are actively accomplishing partnerships, collaborations, and mergers to enlarge their product portfolios and decorate their marketplace presence. Additionally, rising gamers are gaining traction using specialized equipment. operational analytics answers, catering to specific enterprise desires. The market is witnessing a surge in calls for real-time analytics capabilities, and riding agencies to put money into modern technology including synthetic intelligence and machine mastering. The aggressive landscape is anticipated to similarly evolve with the integration of advanced analytics tools and the developing emphasis on records-pushed selection-making throughout diverse industries.
Top Player’s Company Profile
- Hewlett Packard Enterprise Development LP
- Cisco Systems
- VMware, Inc.
- BMC Software Inc.
- Apptio, Inc.
- Evolven Software
- Splunk Inc.
- IBM Corporation
- Oracle, Microsoft
- SAP SE
- ALTERYX
- Hexagon AB
- IMS Software
- Autodesk Inc.
- BENTLEY SYSTEMS
Recent Developments
- In March 2023, insightsoftware, a leading software company that provides effective reporting, analytics and performance management solutions announced the extension of Angles Professional for Oracle to its product offering. The organization has utilized the benefits of Logi Analytics by forming a device that is able to support all business units.
- In April 2022, TCS India’s leading technology company announced the installation of a new risk-based tracking device. This is currently below scientific trials. The device is intuitive and nimble, and it’s possible to make good choices in concert with better observational performance.
Global Operational Analytics Key Market Trends
- AI and Machine Learning Integration: Operational analytics solutions incorporating artificial intelligence (AI) and machine learning (ML) capabilities are one of the notable trends. These technologies improve predictive and prescriptive analytics capabilities, enabling organizations not only to understand historical data but also to identify future trends and recommend the best courses of action.
- Hybrid and Multi-Cloud Adoption: There is a growing trend towards the adoption of cloud-based operational analytics answers. Cloud computing offers scalability, flexibility, and accessibility, permitting groups to leverage operational analytics without the want for widespread on-premises infrastructure. This fashion is driven by the desire for value-effectiveness, ease of deployment, and the capability to access analytics capabilities from everywhere.
Global Operational Analytics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global operational analytics market analysis, the operational analytics marketplace has been witnessing North America as a dominant force. One key driver for this dominance is the region's advanced technological infrastructure and large adoption of analytics answers throughout industries. North American organizations were at the vanguard of leveraging operational analytics to beautify decision-making approaches, optimize enterprise operations, and advantage a competitive facet. However, an outstanding restraint within the place is the growing subject of records' privateness and protection, which has brought about stringent policies and compliance requirements. As companies strive to extract actionable insights from tremendous datasets, in addition, they face challenges in making sure they are accountable and secure when dealing with sensitive information.
A key fashion shaping the global operational analytics marketplace is the rising integration of artificial intelligence (AI) and system-getting-to-know (ML) capabilities. Organizations are more and more incorporating that advanced technology to decorate the predictive and prescriptive analytics functionalities of operational analytics answers. This fashion is pushed by the growing need for real-time insights and proactive decision-making. By leveraging AI and ML algorithms, businesses in North America and past goal to discover patterns, anomalies, and developments in operational statistics, permitting them to reply rapidly to converting marketplace dynamics. As the operational analytics landscape continues to conform, the integration of AI and ML is expected to remain a pivotal fashion, shaping the market's trajectory in North America and globally.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 10.20 Billion |
| Market size value in 2030 | USD 39.40 Billion |
| Growth Rate | 16.20% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Operational Analytics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Operational Analytics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Operational Analytics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Operational Analytics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Operational Analytics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Operational Analytics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Operational Analytics Market Report Snapshots
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