Dublin, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The "Operational Intelligence Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The Operational Intelligence (OI) market is on the verge of significant expansion, with projections indicating a surge from USD 2.86 billion in 2023 to an impressive USD 5.05 billion by 2028.
This substantial growth, characterized by a Compound Annual Growth Rate (CAGR) of 12.04% during the forecast period from 2023 to 2028, is driven by the increasing need for quality management, data discovery, and visualization.
Key Highlights of the Operational Intelligence Market:
- Dynamic Business Analytics: Operational Intelligence (OI) is a dynamic, real-time form of business analytics that offers insights into both business and IT operations. These solutions streamline data collection and analysis processes, enabling enterprises to monitor, troubleshoot, enhance security, and ensure compliance in real time. This, in turn, accelerates service delivery to customers.
- Big Data and IoT Adoption: The market is propelled by the growing adoption of big data analytics and the Internet of Things (IoT) across various sectors. Big Data and the need for quick, data-driven decision-making have significantly boosted OI and analytics tools' market share over the last decade.
- IoT Revolution: The emergence of IoT has extended digital connectivity to devices and sensors worldwide, enabling data generation and transmission from virtually any device. Real-time data analytics have become essential, driving the OI market's growth.
- Challenges: Challenges such as a shortage of skilled professionals, data complexity, handling business requirements, and high costs have emerged with the rising deployment of operational intelligence. The implementation process is intricate and often incurs additional costs, making OI adoption a costly procedure.
- Technological Advancements: Rapid technological advancements, cloud computing, and big data analytics have gained prominence, especially during the COVID-19 pandemic. Cloud computing provides a platform for delivering Business Intelligence (BI) applications, while big data technology enables the analysis of vast datasets, offering actionable insights to improve marketing campaigns and decision-making.
Market Trends:
- Cloud Deployment Dominance: Cloud deployment is expected to hold a significant market share due to benefits such as cost savings, scalability, and centralized services. The pandemic has accelerated the adoption of cloud services globally, transforming organizations into digital enterprises.
- Asia-Pacific Growth: The Asia-Pacific region is poised for the highest growth, driven by government digitization initiatives and increased investor interest in operational intelligence. Countries like China, India, Japan, and South Korea are experiencing a surge in demand for improved IT services.
Operational Intelligence Industry Overview:
The operational intelligence market features major players like Vitria Technology Inc., Splunk Inc., Starview Inc., SAP SE, and Software AG. These players are actively adopting strategies such as partnerships, innovations, and acquisitions to enhance their service offerings and gain a sustainable competitive edge.
- Partnerships Fuel Growth: In October 2022, Software AG partnered with G42 Cloud, a UAE-based artificial intelligence and cloud computing firm, to enable clients to achieve cloud-hosted digitally connected companies, unlocking new products, actionable data, strategic decision-making, and operational growth.
- Accenture and SAP Collaboration: In May 2022, Accenture and SAP collaborated to assist major organizations in migrating to the cloud and delivering continuous innovation. This joint offering combines the RISE with SAP solution and the SOAR with Accenture services, providing organizations with transformation services and customized cloud solutions.
The global operational intelligence market is witnessing dynamic growth, driven by technological advancements, cloud adoption, and increasing demand for real-time data analytics. As the market continues to evolve, it presents lucrative opportunities for both established players and newcomers.
A selection of companies mentioned in this report includes
- Vitria Technology Inc.
- Splunk Inc.
- Starview Inc.
- SAP SE
- Software AG
- Schneider Electric SE
- Rolta India Limited
- SolutionsPT Ltd
- IBENOX Pty Ltd
- Turnberry Corporation
- HP Inc.
- OpenText Corporation
For more information about this report visit https://www.researchandmarkets.com/r/swzh0r
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
