According to the latest report by IMARC Group, titled "Operational Intelligence (OI) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global operational intelligence (OI) market size reached US$ 1.90 Billion in 2020. Operational intelligence (OI) refers to the business analytics solutions that provide actionable data in real-time. They employ numerous automated data gathering techniques, such as machine learning (ML), artificial intelligence (AI) and data warehousing, to get valuable insight and visibility into the data. They also assist business operations in making critical decisions based upon analytic insights. They analyze business processes and activities in real-time with high scalability and on-demand report generation that offers the users with deeper insights into the functioning of IT systems while identifying the patterns of activity on the network in an attempt to prevent data breaches.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Operational Intelligence (OI) Market Trends:
The market is primarily driven by the increasing utilization of big data and business intelligence services across numerous industries. OI is extensively being deployed in numerous workplaces to support the automation of the decision-making process for enhancing market responses while minimizing process delays. They are also utilized to improve the overall performance of the organization and for upgrading their business processes. Coupled with the rising demand for centralized control and monitoring systems that offer real-time data regarding industrial activities, this is providing a thrust to the market growth. Moreover, OI is extensively deployed in the banking, financial services and insurance (BFSI) sector for ensuring uptime of critical financial systems. It is also being used in the logistics sector to gain real-time insights into supply chain operations. The increasing utilization of these services in the healthcare sector is also acting as a major growth-inducing factor. The rising focus on patient-centric care and the escalating need for streamlining workflows are supporting its uptake in the sector. Numerous players are now utilizing social media platforms as a key tool for gathering large amounts of actionable data related to the latest trends, thereby providing an impetus to the market growth. Some of the other factors contributing to the market growth include continual advancements in technology, rising incidences of security breaches across numerous sectors, and the increasing need for simplifying the data gathered from an IT infrastructure. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 11.40% during 2021-2026.
- On the basis of the deployment type, the market has been bifurcated into on-premises and cloud-based.
- Based on the organization size, the market has been divided into large enterprises, and small and medium enterprises.
- On the basis of the end use industry, the market has been classified into BFSI, manufacturing, healthcare, retail, transportation and logistics, energy and power, telecom and IT, and others.
- Based on the application, the market has been segmented into household, commercial and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Axway Inc., Intelligent InSites Inc. (Infor), OpenText Corp., Oversight Systems Inc., SAP SE, Software AG, Space Time Insight Inc. (Nokia), Splunk Inc., SQLsteam and Vitria Technology, Inc. (Innovation Technology Group, Inc).
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