Operational Analytics Market Introduction:
Operational analytics is an innovative technology that enables organizations to reduce fraud and risk, achieve better cost efficiency, increase additional transactions, and ultimately increase earnings by reducing cost. The global operational analytics market is growing rapidly due to the substitution from outdated operational business intelligence techniques to advanced business intelligence and analytics techniques and the enormous flow in the volume of business information across industry verticals.
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The key drivers for operational analytics is the increased amount of IT operations data, increasing use of mobile devices, and increasing number of data centers to gather inner data for analysing the performance of marketing department. However, organizational change and complex analytical processes are expected to limit the market growth.
The report segments the operational analytics market growth on the basis of type, business functions, application, industry verticals, and geography. According to the type, the market is classified into software and services (professional services and managed services). On the basis of business functions, the market is segmented into IT, marketing, sales, finance, human resources, and others. On the basis of application, the market is classified into risk management, fraud detection, supply chain management, customer management, asset maintenance, and others. Based on the industry verticals, the operational analytics market is classified into retail, manufacturing, public sector, transportation, energy and utilities, IT and telecommunication, and others. Geographically, breakdown and deep analysis of each of the aforementioned segments is included for North America, Europe, Asia-Pacific, and LAMEA.
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Operational Analytics Market Trends:
- Growing Adoption of Cloud-Based Analytics Solutions: Cloud-based analytics solutions are becoming increasingly popular as they offer greater scalability, flexibility, and accessibility. These solutions allow organizations to analyze large amounts of data in real-time and access insights from anywhere with an internet connection.
- Emergence of AI and Machine Learning: The use of AI and machine learning is becoming more prevalent in operational analytics solutions. These technologies can be used to automate data analysis, provide predictive insights, and improve decision-making.
- Focus on Real-Time Analytics: With the increasing need for organizations to make decisions in real-time, there is a growing emphasis on real-time analytics in operational analytics solutions. Real-time analytics allows organizations to monitor and analyze data as it is generated, enabling them to respond quickly to changing conditions.
- Integration with Other Business Applications: Operational analytics solutions are increasingly being integrated with other business applications, such as CRM and ERP systems. This integration can help organizations gain deeper insights into their operations and improve decision-making.
- Growing Demand for Industry-Specific Analytics Solutions: There is a growing demand for industry-specific analytics solutions that are tailored to the unique needs of specific industries, such as healthcare, manufacturing, and retail. These solutions can help organizations gain insights that are specific to their industry and improve operational efficiency.
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Comprehensive competitive analysis and profiles of major operational analytics market players such as IBM Corporation, Google Inc., Microsoft Corporation, Cisco Systems, Inc., Oracle Corporation, SAP SE, SAS Institute Inc., HP Development Company, L.P., Splunk Inc., and Evolven Software Inc. are also provided in this report.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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