Global Operational Intelligence (OI) Market Size, Share and Forecast 2028
The Global Operational Intelligence
(OI) Market size was valued at USD 2.29 Billion in 2021, and it is expected to
reach a value of USD 5.13 Billion by 2028, at a CAGR of 12.20% over the
forecast period (2022 - 2028).
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
Operational Intelligence (OI) Market expansion include the expanding e-commerce
industry and the increasing number of security breaches.
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.
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Top
Players Company Profiles
- Intelligent
InSites Inc. (Infor) (US)
- Starview
Inc. (US)
- Software
AG (Germany)
- Space
Time Insight Inc. (Nokia) (US)
- Splunk
Inc. (US)
- SQLsteam
(US)
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Global Operational
Intelligence (OI) Market Segmental Analysis
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 it is categorized into North America, Europe, Asia-Pacific, South
America, and MEA.
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.
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.
Global Operational
Intelligence (Oi) Key Market Trends
- The IT and telecommunications industries are
expected to have a significant market share in the worldwide Operational
Intelligence (OI) Market. BI is the combination of a business support
system (BSS) with an operation support system (OSS) in the telecom
industry to uncover new business opportunities and anticipate future
results. As the ramifications of the pandemic COVID-19 resonate throughout
the business, the healthcare industry is confronted with new concerns.
However, in the long run, the healthcare business is expected to display
significant tool usage.
- Rapid technical breakthroughs, cloud
computing, and big data analytics have gained traction in recent years.
Cloud computing is seen as an appropriate platform for providing BI
applications, it acts as a repository for organized and unstructured data.
Similarly, big data technology has enabled these tools to analyze vast
amounts of data in order to provide businesses with actionable insights
that help them evaluate opportunities and improve marketing strategies.
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