In 2022, the global operational analytics market was estimated to be worth around 11.85 billion US dollars. At a compound annual growth rate (CAGR) of approximately 16.22% between 2023 and 2030, it is anticipated that the size of the market will increase to approximately 30.651 billion US dollars by the year 2030.
Operational Analytics Market: Overview
Operational analytics is a component of the current and data-driven age that takes advantage of the benefits of advanced data analytics and the technologies that come along with them to get further knowledge or insights. Because of this, businesses and other entities are able to make decisions based on data in real-time or very close to real-time. The ultimate objective is to achieve maximum efficacy and operational efficiency.
The primary focus is on doing an analysis of the operational data that is produced as a result of a number of different procedures, systems, and activities taking place inside an organization. Following the completion of the analysis, the information is used to further improve productivity, further optimize performance, and further streamline processes.
Companies that supply the required tools to put our operational analytics into action are the focus of the operational analytics sector. It encompasses products as well as solutions and services, and the expansion, which has been significant in recent years and will likely continue in the years to come, has occurred across the board.
Operational Analytics Market: Growth Drivers
It is anticipated that the global market for operational analytics would expand as a result of the rising volume of data collected by businesses in all sectors. Some of the places where businesses and companies are accumulating massive amounts of data and information are transactional systems, devices connected to the Internet of Things, social media platforms, and other platforms.
These sources have evolved into an essential component of the company’s overall operations. Companies are investing in measures that can help them survive in the long run as a result of the shifting employment landscape and the dynamics of the financial system. They are doing this in order to generate forecasts regarding the future requirements and trends of the company, and they are utilizing the information that is currently available to them.
Operational Analytics Market: Segmentation
The market for operational analytics on a global scale may be broken down into five distinct submarkets: deployment, application, type, vertical, and geography.
On-premise and on-cloud deployments make up the two primary sectors of the global market, respectively. The on-cloud section of the market saw the greatest expansion, perhaps as a result of the increasing number of businesses that chose for the latter manner of deploying operational analytics. On-cloud solutions provide a number of positive implications and advantages.
Operational Analytics Market: Regional Analysis
North America is expected to witness the highest growth
The global operational analytics market is expected to witness the highest growth in North America with the US paving the way for regional dominance. The high CAGR rate is mainly driven by the existence of a mature market that is highly comfortable with advanced technologies and systems. Every small or large company uses some form of an operational analytical tool within its budget.
The availability of solutions for companies across size groups has further strengthened the hold in this region. Furthermore, the US is home to some of the largest technological giants that have invested in already accepted operational analytics tools across the globe. The giants such as IBM and Microsoft are investing higher than ever in terms of research & development which could further assert regional growth. The availability of skilled analytics professionals has been key to North America’s expansion.
Operational Analytics Market: Competitive Analysis
The global operational analytics market is led by players like:
Tableau Software (acquired by Salesforce)
Pentaho (a Hitachi Vantara company)
Looker (acquired by Google Cloud)
The global operational analytics market is segmented as follows:
Energy & Utilities
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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