The operational analytics market is estimated to grow from $ 4.65 Billion in 2016 to USD 10.93 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 18.6%.
That’s the result of the report Operational Analytics Market by Type (Software, Services), Business Function (It, Marketing, Sales, Finance, HR), Deployment Models (On-Premises, On-Demand), Application, Industry Vertical, and Region - Global Forecast to 2021.
The major forces driving the operational analytics market are data explosion due to emergence of IoT-enabled devices, increasing need for process & operations optimization & control, adoption of advanced data management strategies, and increasing focus on market & competitive intelligence. The operational analytics market is growing rapidly because of the transformation from traditional operational Business Intelligence (BI) techniques for analyzing operational data to advanced techniques and massive surge of structured and unstructured data.
Some of the Prominent Key Players in the Operational Analytics Market are:
• IBM Corporation (U.S.)
• Oracle Corporation (U.S.)
• Microsoft Corporation (U.S.)
• SAS Institute (U.S.)
• HPE (U.S.)
• SAP SE (Germany)
• Alteryx (U.S.)
• Cloudera (U.S.)
• Bentley Systems (U.S.)
• Splunk (U.S.)
The report also encompasses different strategies, such as acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their share in the market.
Marketing business is Number One
Operational analytics tools and services are used for various business functions, which include Information Technology (IT), marketing, finance, sales, Human Resources (HR), and others. Marketing is expected to witness the highest CAGR during the forecast period, among all business functions. Operational analytics provides the marketing team with a consolidated and real-time picture of the customer's buying behavior and preferences. Marketing departments capitalize on this information, which helps in creating campaigns that target the audience more accurately and gain a better understanding of effectiveness of the marketing efforts.
Manufacturing: the largest market size
The operational analytics market is also segmented into various industry verticals. Out of them, the adoption of operational analytics is expected to be the highest in the manufacturing vertical. The benefits of using operational analytics in the manufacturing sector are to create a competitive advantage by improving the efficiency across the product life-cycle and providing a relationship between decision-making and Return on Investment (ROI).
North America to domain
North America is expected to hold the largest share of the operational analytics market in 2016 due to the technological advancements and early adoption of analytics solutions in the region. The market in APAC is expected to grow at the highest CAGR between 2016 and 2021. The primary driving forces for this growth are increasing technological adoption and huge opportunities across industry verticals in APAC countries, especially India, China, and Japan.