Market Research Future (MRFR) believes that the global operational analytics market can achieve a CAGR of 15% during the forecast period (2018-2023). It also has the potential to reach a valuation of approximately 11 billion by 2023.
Primary Drivers and Top Barriers
The global operational analytics market size is set to expand in the coming years, with the transition from traditional business to sophisticated business intelligence methods. Operational analytics offer a host of benefits that help optimize daily business operations. In addition, it helps reduce the operating time and also provides real-time data streaming.
A number of industries are witnessing digitization due to technological advancements, which helps the operational analytics market advance all across the globe. It aids in elevating the transactional effectiveness by enhancing transactions, reducing the risk of fraudulent practices, surging competitive spirit, and improved decision-making efficiency.
Rising adoption of cloud-based technology also benefits the market. Extensive use of this technology helps turn the operational process more cost-effective, in addition to providing hassle-free maintenance of data. Increasing adoption of IoT-enabled devices aids in fetching significant information and offer advanced features. The booming industry of connected devices also elevates the position of the operational analytics market.
The primary segments in the operational analytics market are type, business utility, application, deployment type, and verticals.
With context to the type, the market contains service and software.
Depending on the business utility, the market comprises sales, marketing, human resource, finance, and others.
Application-based segments are risk management, predictive asset maintenance, sales & marketing management, supply chain management, fraud detection, customer management, workforce management, and others.
Deployment types mentioned in the report are on-premise and on-cloud. The rising use of web services on the cloud deployment is seen as a new trend in the market since it gives rise to collaboration between partners and enhances business agility. To illustrate, Microsoft has developed a cloud-based analytics program which is a huge step toward streamline visualization.
The verticals specified in the MRFR report include healthcare, government, retail, financial services, energy & utilities, manufacturing, transportation & logistics, and others. The manufacturing vertical can achieve the top position in the industry in the given forecast period. Operational analytics helps analyze and predict data types following which it can enhance manufacturing and supply chain and make use of pre-built data solutions to improve manufacturing and quality processes. This elevates the product efficiency throughout its lifecycle and offers better quality products at less costs.
The geographical distribution of the worldwide operational analytics market includes North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW).
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