The global operational intelligence market is projected to witness a rapid growth during the forecast period owing to increasing demand for operational intelligence applications. Moreover, growing popularity of industrial operational intelligence solutions and business intelligence services is another major factor driving the growth of operational intelligence market.
The global operational intelligence market by geography is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North America market is expected to witness significant growth in the global operational intelligence market during the forecast period. U.S. and Canada are anticipated to drive the growth of the operational intelligence market in North America owing to the presence of a large number of established key players such as OpsVeda, Inc., Splunk Inc., SQLsteam, Vitria Technology, Inc., Axway Inc., Intelligent InSites, Inc., Starview Inc., Oversight Systems, Inc., and Space Time Insight, Inc. among others. Due to sustainable and well-established economies in the region, the market is likely to show immense growth in the coming future. Additionally, the region also has a well-established infrastructure, which allows a higher penetration of devices and ultimately provides better connectivity. The growth of the market is also attributed to easy accessibility of operational intelligence through mobile applications. Also, growing popularity of cloud-based analytical solutions is another major factor driving the market growth.
The global operational intelligence market is projected to reach USD 3.46 billion at a CAGR of over 12% by the end of the forecast period 2017-2023.
The study of the operational intelligence market is based on deployment, type, vertical, and application. The type-based segments of the market are enterprise operational intelligence software, enterprise manufacturing operational intelligence, enterprise security, and IT service intelligence. The growing significance of operational intelligence in different enterprises can bolster the expansion of the operational intelligence market. The deployment-based segments of the market are on-premise and cloud. The reliability of cloud and robustness of execution offered by cloud are prime causes for the deployment of operational intelligence on cloud.
This can spur the expansion of the market. The application-based segments of the market are assembly line quality assurance, supply chain and logistics, exploration & production optimization, preventive maintenance, smart meter analysis, and others. The growing application of operational intelligence in product optimization and exploration can spur the market rise. The upscaling need for operation intelligence in supply chain and logistics to achieve simplified solution can impel the market growth. The vertical-based segments of the market are healthcare, BFSI, retail, automotive, oil & gas, manufacturing, and others.
The regional segments of the operational intelligence market are North America, Asia Pacific, Europe, and the RoW. North America operational intelligence market is estimated to surge at a decent growth rate. MRFR study reveals that APAC market is expected to attain a considerable share of the global market on conclusion of the forecast period. Asia Pacific operational intelligence market to expedite at the fastest growth rate in the study period. The US and Canada are regions that are likely to thrive at a high pace through the review period. The growth of regional operational intelligence market can be attributed to the availability of technologies and high rate of adoption. The increased rate of cloud computing adoption and growing application of operational intelligence can impel the expansion of the regional market in years to come.
Some of the prominent players in the global operational intelligence market: OpsVeda, Inc. (U.S.), Splunk Inc. (U.S.), Siemens AG (Germany), SQLsteam (U.S.), Vitria technology, Inc. (U.S.), Flexeye Ltd. (U.K), Axway Inc. (U.S.), Intelligent InSites, Inc. (U.S.), Starview Inc. (U.S.), Oversight Systems, Inc. (U.S.), Space Time Insight, Inc. (U.S.), Software AG (Germany), OpenText Corporation (Canada) and VisionWaves B.V. (The Netherlands) among others.
Market Research Analysis
North America is estimated to account for the largest share of the market and is also projected to grow at the fastest rate during the forecast period. The market in North America is witnessing rapid growth due to advancements in technology and rise in demand for operational intelligence solutions across different industry verticals in this region. North America is expected to be the highest revenue generating region globally in operational intelligence market by the end of forecast period. Increasing demand for industrial operational intelligence solutions is another major factor driving the growth of operational intelligence market in the region.
Operational Intelligence Market has 12% CAGR forecast period 2017-2023, Operational Intelligence…
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