Increasing adoption of cloud is expected to provide opportunities for the operational analytics market growth.
Operational analytics is a more descriptive term for a type of market analytics that seeks to optimize existing operations. Like others, this method of market analysis requires the use of various data mining and data aggregation techniques to gain more transparent business planning details. Operational analytics may be sought by companies in a variety of different ways. Different software packages can provide different models to display what is going on in a business, in real-time or over a particular period. Many of these resources would make visual models accessible.
The report also outlines the various characteristics of the global operational analytics industry by assessing the market from value chain analysis. Moreover, the operational analytics market report comprises various qualitative parts of the service analytics industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
Based on the application segment, the market is bifurcated risk management, fraud detection, supply chain management, customer management, asset performance management, and others. Asset performance management accounted for the largest share in 2019. The use of analytics in asset performance management has seen substantial growth in a variety of sectors due to the growing need for digital tools to control asset performance and minimize business running costs. Analytics helps businesses prepare asset management plans, prevent unplanned outages, minimize maintenance expenses, reduce downtime, and make better choices on asset disposal. Besides, asset managers are now engaging in analytics to gain actionable consumer data to boost marketing strategies and sales efficiency.
Based on the industry vertical, the market is segmented into telecommunications, retail and consumer goods, manufacturing, government and defense, energy and utilities, transportation and logistics, others. The energy and utilities vertical is expected to grow at the highest CAGR during the forecast period due to a growing need to store and handle data from oil fields, utility grids, gas grids, smart grids, and other sensors.
The major players of the global operational analytics market are IBM Corporation, Oracle Corporation, Microsoft Corporation, SAS Institute, HPE, SAP SE, and Alteryx. Moreover, the market comprises several other prominent players in the market that are Cloudera, Bentley Systems, and Splunk. The operational analytics market consists of well established global as well as local players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Operational Analytics Market
Type Overview, 2018-2028 (USD Million)
- Professional Services
- Managed Services
Business Function Overview, 2018-2028 (USD Million)
- Human resource
Application Overview, 2018-2028 (USD Million)
- Risk management
- Fraud detection
- Supply chain management
- Customer management
- Asset maintenance
Industry Vertical Overview, 2018-2028 (USD Million)
- Retail and Consumer Goods
- Government and Defense
- Energy and Utilities
- Transportation and Logistics
Regional Overview, 2018-2028 (USD Million)
- The U.S.
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America