Global Market Insights, Inc. added Operational Analytics Market Report provides an analytical assessment of the prime challenges faced by this Market currently and in the coming years, which helps market participants in understanding the problems they may face while operating in this market over a longer period.
The adoption of cloud-based technology is fueling the industry growth. The usage of this technology makes the operational process cost-effective and provides hassle-free maintenance of data. The adoption of IoT-enabled devices has increased to fetch important information and provide advanced features. The growing industry of connected devices is accelerating the operational analytics market share. Factors, such as operations optimization, usage of advanced data management technologies, and a huge focus on competitive intelligence are fueling the industry demand.
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Several industries are undergoing digitization on account of technological advancements, which enhances the operational analytics market size from 2017 to 2024. It helps in augmenting the transactional effectiveness by boosting transactions, eliminating the risk of fraudulent practices, growing competitive spirit, and enhanced decision-making efficiency.
By deployment, the operational analytics market is segmented into on-premise and on the cloud. The increase in the use of web services on the cloud deployment is observing a rising trend as it facilitates collaboration between partners and improves business agility. For instance, Microsoft has come up with its cloud-based analytics program, making pace toward streamline visualization.
The industry vertical is segmented into healthcare, government, retail, manufacturing, financial services, transportation & logistics, and energy & utility. The manufacturing vertical is expected to dominate the overall industry share over the forecast time span. It analyzes and predicts data types to improve manufacturing and supply chain and utilize pre-built data solutions to optimize manufacturing and quality processes. This enhances the efficiency of the product throughout its lifecycle and provides improved products at reduced costs.
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The U.S. operational analytics market is dominating owing to the technological advancement and high focus on innovations by investing huge funds in R&D. The UK will grow at a significant rate due to the improved use of data coupled with C-level banking.
Asia Pacific is anticipated to grow over the forecast timespan due to the rapid urbanization, increasing use of technology, a high adoption rate of the IoT, rising demand for safe & secure services, and government initiatives, such as smart cities.
The players operating in the operational analytics market include Aims, Bay Dynamics, HPE, CA Technologies, Cloud Physics, IBM Corporation, Inetco, Riverbed, SAS Institute, Microsoft Corporation Savision, Solarwinds, and Zenoss.