Operational Analytics Market 2023 |Splendid Benefits And Trends, Hidden Factros| ($11 Billion Market)
December 10, 2019 by Market-NewsFlash
Global Operational Analytics Market Research Report, By Application (Customer Management, Fraud Detection), by Vertical (Energy & Utilities, Financial Services), by Type (Software, Services) by Deployment (On-Cloud, On-Premise) — Forecast till 2023
The global operational analytics market is expected to grow at a CAGR of ~15%, reaching approximately 11 billion by the end of 2023.
Operational Analytics is a sub-category of business analytics which focuses on improving business operations of any organization by segregating meaningful information from raw equipment data with the help of data analytics techniques. Analytical techniques use tools such as data extraction, mining, and aggregation to churn out useful information from raw data.
Operational analytics enhances the business operations as it provides quick business insights which helps in finding problem areas and quickly addressing the cause of those problems. Utilization of operational analytics is done to increase the production of the organization by reducing operational costs. Operational analytics also helps in improving business stability and avoiding service outages by identifying trends which predict potential issues and help in their proactive mitigation through sending alerts in some case while some get auto-corrected. The operational analytics market owes its growth to the adoption of emerging technologies such as big data, advanced analytics, and Internet of Things.
The operational analytics market is driven by data-based decision making, which is adopted by industries such as finance, manufacturing, and others as the decisions made on the basis of data are supported by facts and figures from the information obtained from company data. Although the market of operational analytics is growing at a rapid pace, the challenge faced is due to huge and complex data patterns, as the data obtained from equipment could be unstructured or semi-structured or structured which makes it difficult to trace the data pattern.
30 October 2017, Vodafone Australia, a global telecom operator, signed an agreement with Splunk Company to centralize and automate their IT monitoring and event management system. The agreement offers machine learning capabilities to IT operation system of Vodafone which helps to overcome the issues related to analysis and data corelation of huge volume of data generated.
5 July 2018, ITRS Groups, a leading real-time service provider of monitoring and IT operations analytics has entered into a partnership with Apica, a leader in enterprise business performance monitoring to deal with operational failures and outages with improved monitoring and testing services.
The prominent players in the market of operational analytics are IBM Corporation (US),Oracle Corporation (US), Microsoft Corporation (US), SAS Institute (US), Hewlett Packard Enterprise (US), SAP SE (Germany), Alteryx (US)., Cloudera (US), Bentley Systems (US), Splunk (US) among others.
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