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Data explosion due to emergence of IoT-enabled devices is driving the growth
MarketsandMarkets estimates the global operational analytics market to grow from USD 4.65 billion in 2016 to USD 10.93 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.6%. The operational analytics market is growing rapidly owing to the transition from traditional operational Business Intelligence (BI) techniques to advanced BI and analytics techniques, and the massive surge in the volume of business data across industry verticals. Factors such as organizational change and complex analytical process are expected to limit the market growth.
Marketing business function to have the highest growth rate during the forecast period
Organizations across industry verticals are using various tools and systems to collect internal data for analyzing the performance of marketing people and external data for analyzing marketing performance at regular intervals and also in real time. Therefore, marketing departments face challenges in integrating these technologies for obtaining value from all these data sets. Operational analytics helps the marketing department in resolving these issues, allowing them to generate insights as per their convenience. Hence, marketing is estimated to have the highest growth rate during the forecast period.
Energy and utility vertical to have the highest growth rate during the forecast period
Operational analytics solutions have been deployed across various industry verticals, including telecommunication, retail & consumer goods, manufacturing, energy & utilities, transportation & logistics, government & defense, and others. The energy and utility industry vertical is expected to witness the highest CAGR during the forecast period because of the increasing need for managing real-time data of Radio-Frequency Identifications (RFIDs), sensors, Rich Site Summary (RSS) feeds, smart meters, and smart grids.
North America is expected to hold the largest market share
North America, followed by Europe, is expected to continue being the largest revenue generating region for the operational analytics vendors for the next five years. This is mainly due to the presence of various developed economies such as Canada and the U.S. and the high focus on innovations through research and development and technology across industry verticals in the region. APAC is expected to be the highest growing region in the operational analytics market because of the increasing adoption of Internet of Things (IoT) and smart technologies and government initiatives such as smart cities in APAC countries including China and India.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the operational analytics marketplace.
- By Company Type: Tier 1: 22%, Tier 2: 30%, and Tier 3: 48%
- By Designation: C-Level: 30%, Director Level: 45%, and Others: 25%
- By Region: North America: 48%, Europe: 30%, APAC: 22%
The operational analytics ecosystem comprises the following major vendors:
1. IBM Corporation (U.S.)
2. Oracle Corporation (U.S.)
3. Microsoft Corporation (U.S.)
4. SAS Institute (U.S.)
5. HPE (U.S.)
6. SAP SE (Germany)
7. Alteryx (U.S.)
8. Cloudera (U.S.)
9. Bentley Systems (U.S.)
10. Splunk (U.S.)
The operational analytics market revenue is primarily classified into revenues from software and revenues from services. The software revenue is associated with standalone software offerings. The services revenue is associated with managed services and professional services. The professional services comprise deployment & integration, support & maintenance, and consulting services. The market is also segmented by business function, application, deployment model, industry vertical, and region.
Reasons To Buy the report
- To get a comprehensive overview of the global operational analytics market
- To gain wide ranging information about the top players in this market sphere, their product portfolios, and the key strategies adopted by them
- To gain insights about the major countries/regions in which the operational analytics market is flourishing in various industries