USD 2.3 billion
Report ID: SQSG45F2006 | Region: Global | Published Date: November, 2022 | Pages: 227 | Tables: 72 | Figures: 75
Operational Intelligence (OI) Market size was valued at USD 2.3 billion in 2021 and is poised to grow from USD 2.55 billion in 2022 to USD 6.13 billion by 2030, growing at a CAGR of 11.08% in the forecast period (2023-2030).
Operational intelligence (OI) is a data collecting analytics technology that uses automated data collection techniques such as machine learning (ML), artificial intelligence (AI), and data warehousing to monitor business processes and activities in real-time. Scalability, on-demand report generation, complicated event processing, and dashboards and visualizations are among its primary characteristics. It provides greater insights into the operation of IT systems and detects patterns of network activity to prevent data breaches.
OI is being utilized in conjunction with big data to provide key performance indicators (KPIs) and operational metrics. OI apps are largely aimed at front-line employees who, with timely business intelligence (BI) and analytics data, are able to make better-informed business decisions and respond to issues more promptly. Call center agents, sales reps, online marketing teams, logistics planners, manufacturing managers, and medical experts are just a few examples. Operational intelligence can also be used to automatically trigger responses in response to specific events or conditions.
OI is used to monitor huge volumes of data and assure vital financial system uptime. This, combined with a high amount of real-time data creation, is one of the primary reasons driving the Operational Intelligence (OI) Market growth. Furthermore, it is used in the logistics industry to acquire real-time insights into supply chain processes.
Increased patient-centric care is encouraging the use of OI in the healthcare industry to optimize resources and expedite workflows. Aside from that, small and medium-sized enterprises (SMEs) are combining OI with social media platforms to detect new trends and attract a larger audience. It is also used to simplify data acquired from an organization's IT infrastructure, allowing operators to make quick and reliable decisions. Other factors expected to contribute to market expansion include the expanding e-commerce industry and the increasing number of security breaches.
US Operational Intelligence (OI) Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.3 billion
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The Global Operational Intelligence (OI) Market is segmented on the basis of deployment type, end-user vertical, and region. Based on the deployment type, the Operational Intelligence (OI) Market is segmented into cloud and on-premise. Whereas, based on the end-user vertical, the Operational Intelligence (OI) Market is segmented as retail, manufacturing, BFSI, government, IT and telecommunication, military and defense, transportation and logistics, healthcare, energy, and power. Based on the region Operational Intelligence (OI) Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Operational Intelligence (OI) Market Analysis by Deployment Type
In 2021, the cloud segment held the most lucrative share of more than 50% of the global operational intelligence (OI) market. The segmental growth of the market is attributed to advantages such as cost savings, accessibility, scalability, and centralized service. The extra benefits, such as cost savings, accessibility, scalability, and centralized service, are attributed to cloud adoption. According to Forbes, by 2020, 83% of enterprise workloads will be in the cloud, with 41% of that workload running on public cloud platforms. Another 20% will use a private cloud, with the remaining 22% relying on hybrid cloud adoption. According to a Flexera poll, hybrid cloud strategy is becoming more popular than public and private cloud. A hybrid cloud is a new standard for delivering products and services. The hybrid cloud penetration rate climbed to 58% from 51% in 2018, according to Flexera. Hence, this is likely to drive the growth of the Operational Intelligence (OI) Market during the forecast period.
Operational Intelligence (OI) Market Analysis by End-User
In 2021, the BFSI segment held the most lucrative share of more than 20% of the global operational intelligence (OI) market. The segmental growth of the market is attributed to the increased adoption of cloud services among the banks. A growing number of banks are shifting their data, processes, and infrastructure to the cloud in order to reap the benefits of cloud deployment, which makes enterprise application integration even easier. For example, to increase communication and cooperation among its workers and transform itself into a digital workplace, the State Bank of India, which has 23,000 branches, picked Office 365, a cloud-based productivity solution from Microsoft. In addition, Deutsche Bank and Google Cloud announced a strategic agreement in July 2020 intending to rethink how the bank develops and distributes financial services. The partnership will allow Deutsche Bank to speed its cloud transformation while also using both businesses' engineering expertise.
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Global Operational Intelligence (OI) Market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region held the most substantial share of the global market. Asia-Pacific is one of the world’s most rapidly increasing markets for operational intelligence solutions. The region is home to one of the world’s greatest e-commerce markets. The Chinese e-commerce market is expected to grow by 41% in 2022. Online retail, social communication, and payments are all perfectly linked in China, and customers are ready for the next generation of frictionless, invisible payments, with the country having the most internet buyers. In 2021, China had 983.7 million internet users and 824.5 million digital buyers.
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Operational Intelligence (OI) Market Driver
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The Operational Intelligence (OI) Market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key Operational Intelligence (OI) Market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Operational Intelligence (OI) Market Top Players Company Profiles
Operational Intelligence (OI) Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, by deployment type, the cloud segment held a significant share in the market. Among the end-user vertical, the BFSI segment held a significant share in the market. In 2021, the Asia-Pacific region held the most substantial share of the global operational intelligence (OI) market.
|Market size value in 2021||USD 2.3 billion|
|Market size value in 2030||USD 2.55 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Operational Intelligence (OI) 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 Intelligence (OI) 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.
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